Mr. Wonderful Asks For 50% of Saucemoto | Shark Tank US | Shark Tank Global

Summary

In this Shark Tank pitch, William Mias, Michael Curry, and Tony La Hood from Cleveland, Ohio, present Sauce Moto, a unique condiment holder designed for cars. The product clips onto air vents and secures dipping sauces, solving the frustrating problem of sauce spills while eating in vehicles. They seek a $45,000 investment for a 15% stake in their company. After discussing their product's potential, viral success, and market value, they secure a deal with Kevin O'Leary, who offers $45,000 for 40% equity, eager to help them expand their innovative idea.

Takeaways

• 😀 The founders of Sauce Moto, William Mias, Michael Curry, and Tony La Hood, are from Cleveland, Ohio, and are seeking a 15% stake for $45,000 in their company.
• 😀 Sauce Moto addresses the age-old problem of handling dipping sauces while eating in a car, offering a practical solution to keep sauces secure.
• 😀 The product is a condiment holder that clips to a car's air vent, holding sauces from various fast food chains in a 5-in-1 aperture.
• 😀 Through extensive testing, Sauce Moto is designed to withstand various road conditions, ensuring sauces stay secure during travel.
• 😀 Sauce Moto is marketed as a solution for avoiding sauceless fries, a common frustration when eating in cars.
• 😀 The product's target market includes car owners who eat fast food while driving, with a study indicating 20% of American meals are consumed in cars.
• 😀 Sauce Moto is priced at $5.75 per unit, with a production cost of about 80 cents each.
• 😀 The founders have sold 12,000 units, generating $77,000 in revenue, and have a background in engineering and product development.
• 😀 Sauce Moto's promotional success includes viral videos with 44 million views on Facebook, indicating strong market interest.
• 😀 Kevin O'Leary, one of the investors (sharks), expresses interest in taking the product public and making a promotional deal with fast food chains.
• 😀 After some negotiation, the founders accept a deal from Kevin O'Leary offering $45,000 for 40% equity, marking a significant step forward for Sauce Moto's growth.

Q & A

What is Sauce Moto?

Sauce Moto is a condiment holder designed specifically for cars, allowing drivers and passengers to securely hold dipping sauces while enjoying fast food, preventing messes and spills.

How does the Sauce Moto work?

The Sauce Moto clips to a vehicle's air vent and has a unique 5-in-1 aperture that holds sauces from various fast food restaurants. It's designed to withstand road conditions, ensuring sauces stay secure even during bumpy rides.

What was the inspiration behind the Sauce Moto?

The inspiration for Sauce Moto came from a personal experience where one of the founders, Tony, spilled sauce in his car during a road trip. This incident led to brainstorming a solution to securely hold sauces while driving.

How much equity are the founders offering in exchange for the $45,000 investment?

The founders are offering 15% equity in their company in exchange for a $45,000 investment.

How many units of Sauce Moto have been sold so far?

The company has sold 12,000 units, generating around $77,000 in sales.

How much does it cost to produce one Sauce Moto unit?

It costs about 80 cents to manufacture each Sauce Moto unit.

What is the price at which Sauce Moto is being sold?

The Sauce Moto is being sold for approximately $5.75 on the company’s website and online platforms.

What promotional strategy has been effective for Sauce Moto?

The company has used viral videos to promote Sauce Moto, with one video reaching 44 million views on Facebook. This strategy has significantly increased visibility and consumer interest.

What are the founders' backgrounds?

The founders have diverse backgrounds: one is a sales engineer in the tire industry, another is a mechanical engineer in product development, and the third owns a couple of bars.

What is the future plan for Sauce Moto?

The founders plan to expand the product's market by exploring promotional partnerships with fast food chains, rental car companies, and sauce manufacturers. They're also considering future products and marketing opportunities.