Barbara Has Some Tough Words For Wanna Date's Creator | Shark Tank Us | Shark Tank Global

Summary

Melissa Barto, a passionate entrepreneur from New York, presents her company 'Wed Date,' offering natural, vegan, allergen-free date-based spreads. Seeking $100,000 for 20% equity, she highlights the health benefits of dates, their low-calorie content, and various flavors. Despite her initial sales challenges and lack of formal market research, Melissa is determined to turn dates into a mainstream superfood. After a tense negotiation with the Sharks, Mark Cuban offers her $100,000 for 33% equity, which she gladly accepts, demonstrating her drive to prove her critics wrong and work tirelessly toward success.

Takeaways

• 😀 Melissa Barto pitched her business, Wed Date, on *Shark Tank*, seeking $100,000 for 20% equity.
• 🍇 Wed Date is a line of date-based spreads that are natural, vegan, allergen-free, and available in multiple flavors like chocolate, vanilla, cinnamon, and pumpkin spice.
• 💪 Melissa loves dates for their health benefits, energy-boosting properties, and versatility as a snack and ingredient.
• 📦 Melissa sells Wed Date spreads online, at events, and through wholesale channels, with total sales reaching $31,000 after 10 months.
• 💲 Each jar of Wed Date costs Melissa around $2.40 to make, and she sells it for $12, which the Sharks consider high for a new product.
• 🍯 Despite the high price, Melissa's customers have not complained about the price point, which she attributes to strong customer engagement.
• 🤔 The Sharks express skepticism about the product's market potential, especially in terms of educating consumers and competing with established nut butter products.
• 🎤 Melissa shares that she has done informal market research by testing the product on the streets of Harlem and through events, gathering positive responses.
• 📉 Some Sharks, including Barbara Corcoran, express concerns about the lack of urgency in Melissa’s situation, as her father supports her financially, making failure less immediate.
• 🤑 Mark Cuban offers $100,000 for 33% equity, citing the need for significant effort and time to scale the business, which Melissa accepts despite the higher equity stake.

Q & A

What is Melissa Barto's business, and what product does she offer?

Melissa Barto's business is called 'Want a Date,' which offers a line of date-based spreads. These spreads are natural, vegan, allergen-free, and come in flavors like chocolate, vanilla, cinnamon, and pumpkin spice. The product is designed to be a healthier alternative to nut butters or syrups, with only 30 calories per serving.

What amount of investment is Melissa seeking, and for what percentage of her company?

Melissa is seeking $100,000 for 20% of her company, 'Want a Date.'

What are the unique selling points of the 'Want a Date' spreads?

The unique selling points of 'Want a Date' spreads are that they are made from dates, a superfood known for their health benefits, and they are natural, vegan, allergen-free, and come in a variety of flavors. The spreads are also lower in calories compared to typical nut butters and syrups.

How much does it cost to make one jar of 'Want a Date' spread, and what is the retail price?

It costs $2.40 to make one jar of 'Want a Date' spread, which includes the cost of the product and the label. The retail price is $12 per jar.

How has Melissa been selling the product, and what are her sales figures so far?

Melissa has sold approximately $31,000 worth of product in the past 10 months. The sales distribution is as follows: 55% through wholesale, 35% through events like vegan fairs and Christmas markets in New York City, and 10% through her website.

What challenges does Melissa face in scaling her business, according to the sharks?

The sharks highlight several challenges in scaling Melissa’s business. These include the difficulty of educating the market about the benefits of dates as a superfood, the high cost of production relative to the retail price, and concerns about market demand. Additionally, some sharks question whether Melissa’s reliance on her father’s support creates a lack of urgency for success.

What is Barbara Corcoran’s main reason for not investing in Melissa’s business?

Barbara Corcoran’s main reason for not investing is that she believes Melissa’s financial safety net, provided by her father, reduces the urgency needed to succeed. Barbara feels that entrepreneurs who have no fallback are more likely to push their business to succeed, whereas Melissa might not have the same level of necessity.

Why does Mark Cuban ultimately offer Melissa an investment, and what are the terms?

Mark Cuban offers Melissa an investment because he sees potential in her product but recognizes that it will take time and effort to scale the business. He offers $100,000 for 33% equity in exchange for his support in growing the company.

What was Melissa’s response to Mark Cuban’s offer, and what decision did she make?

Melissa counters Mark Cuban’s offer, asking for a lower equity stake, but eventually agrees to his terms of $100,000 for 33% equity. She is excited to work with Mark and believes in the potential of her business.

What does Melissa emphasize about her work ethic and dedication to her business?

Melissa emphasizes that she has never had anything handed to her and has always worked hard to support her business. She carries cases of her product around New York, works events, and manages her website. Despite not being financially desperate, she is committed to making her business succeed and refuses to quit.