Kevin & Mark Unleash Wrath On Nicepipes | Shark Tank Worst Pitches

Summary

In a pitch for her activewear brand, Nice Pipes Apparel, CEO and founder Lisa Bindo seeks $100,000 for 10% equity. She shares her origin story as a yoga teacher and the need for better leg and arm warmers. Despite criticism for her business valuation and CEO skills, she remains confident. Offers vary, with one investor requiring a partnership with Grayson Lace, a successful leggings company. Ultimately, Lisa declines all offers, believing in her product's potential and her ability to succeed independently.

Takeaways

• 🧘 Lisa Bindo is the CEO and founder of Nice Pipes Apparel, seeking $100,000 for 10% of her business.
• 👚 The product is a new addition to activewear, offering style, color, and functionality to workout wardrobes.
• 📈 Lisa's business has done $80,000 in sales, but she values it at a million dollars, which is contested by the investors.
• 💡 The origin story of Nice Pipes involves Lisa's personal experience as a yoga teacher and her dissatisfaction with existing leg warmers.
• 🔥 The investors question Lisa's self-assessment as a 'great executive' and her ability to manage people, calling it too generic.
• 💸 One investor criticizes the high cost of starting the business, suggesting it indicates a lack of business acumen.
• 🚫 Some investors opt out due to the valuation disagreement and Lisa's perceived overconfidence in her business's worth.
• 🤝 An offer is made by one investor on the condition of partnering with Grayson Lace, a successful leggings company.
• 🔄 Lisa is urged to decide quickly on the deal, but she is hesitant to give away 40% of her business.
• 💪 Despite the pressure, Lisa decides to stick to her guns and rejects the offer, believing in her ability to succeed.
• 🚀 The script ends with an encouragement for Lisa to prove her success and the rejection of the deal as the 'golden ticket' goes elsewhere.

Q & A

Who is Lisa Bindo and what is her business?

Lisa Bindo is the CEO and founder of Nice Pipes Apparel, a company that produces leg warmers and arm warmers made from the same fabric as yoga pants.

What problem did Lisa Bindo identify in the market that led her to start her business?

Lisa identified a problem with existing leg warmers being itchy, not staying up, and not keeping her warm after a yoga class, which led her to design her own version of leg warmers.

What is the unique selling proposition of Nice Pipes Apparel products?

Nice Pipes Apparel products are unique because they add style, color, and functionality to every workout wardrobe at an affordable price.

What was Lisa Bindo's initial request for investment on the show?

Lisa Bindo initially asked for $100,000 for 10% of her business on the show.

What was the main criticism from the investors regarding Lisa Bindo's valuation of her business?

The main criticism was that Lisa's valuation of her business at a million dollars was seen as unrealistic and incomprehensible by the investors, given the business's actual revenue.

What was the nature of the disagreement between the investors and Lisa Bindo regarding her role in the company?

The disagreement was that while Lisa considered herself a valuable executive, the investors felt her self-assessment was too generic and lacked specificity about her core competencies.

What advice did the investors give Lisa Bindo regarding her business strategy?

The investors advised Lisa to focus on sales, suggesting that she should be out there selling and taking orders because they believed in the potential of her product.

What offer did one of the investors make to Lisa Bindo and what was the condition?

One investor offered $100,000 for 40% of the business, with the condition that Grayson Lace, another company in which the investor had an interest, would agree to partner with Lisa on the deal.

Why did the investor want Grayson Lace to be involved in the deal?

The investor wanted Grayson Lace involved because they were a successful leggings company that could bring valuable expertise in social media sales, which could benefit Lisa's business.

What was Lisa Bindo's response to the investor's offer and why did she decline it?

Lisa Bindo declined the offer because she was not willing to give away 40% of her business. She expressed her belief in herself and her determination to figure out the right path for her business.

What was the final outcome of Lisa Bindo's pitch on the show?

The final outcome was that Lisa did not accept any of the offers from the investors and decided to continue with her business independently, aiming to prove them wrong with her success.