Coordinates Entrepreneurs Present Their Shark Tank Pitch In Season 16
Highlights
- Aaron Ross and Sanya Richards-Ross pitch ‘Coordinates’ in Shark Tank Season 16 Episode 7
- The husband-wife duo seeks $100K for 10% equity in the company.
- The Shark investors appreciate their sports background but are concerned about their low sales.
Overview
| Category | Details |
| Name | Coordinates |
| Founder | Aaron Ross and Sanya Richards-Ross |
| Industry | Fashion |
| Product | Pajama and Loungewear |
| Funding | Self-funded |
| Investment Ask | $100K |
| Equity Offered | 10% |
| Valuation | $1 million |
Aaron Ross and Sanya Richards-Ross, a husband-wife duo, appear on Shark Tank Season 16 along with their mothers and kids. Their pajama and loungewear company, Coordinates, makes daily moments become lasting memories. The idea is to make families dress up in coordinated clothes.
Their focus is on the Christmas collection, which brings the ‘swag’ in Santa. Some of their other notable collections include their ‘Team USA’ range, designed for the Olympics coming back to the US.
Born in Kingston, Jamaica, Sanya is an Olympic veteran who has previously won a gold medal in the 400-meter race. She is an American record holder with a time of 48.7 seconds. On the other hand, Aaron was born in Texas and has been a champion football player and a winner of two Super Bowl games.
The two entrepreneurs met at the University of Texas and together held four Olympic gold medals.
Coordinates: What Happened In Shark Tank Season 16
Aaron and Sanya approach the Shark investors seeking $100K for 10% equity in their apparel company. Amazed by their backstory, the Sharks take a close look at the sample products. Daymond John is impressed with the quality of the clothes. Their story of color coordination amuses Mark Cuban since college.
Robert Herjavec reminisces his previous investment with Tipsy Elves from season five of Shark Tank. He wants to know if Coordinates is selling on the online mode only. Sanya replies with a ‘yes’ and adds that they launched last year with their Christmas collection.
Lori Greiner wants to know about the sales. The entrepreneurs say it is $25K in one month. The Shark panelists are not happy to hear this. Aaron adds that with their USA collection, they made $55K in three months.
Robert inquires about the cost of the clothes. The set that they have come wearing on Shark Tank costs $89, and it cost them $27 to make it. Lori thinks the price is not bad.
Robert then explains how Sanya got the license to prepare their new collection for the Olympics.
Sanya called the CEO of USA Track & Field, who put her in touch with the USOC. She then convinced him to give them the license.
Sanya claims Coordinates is the ‘exclusive loungewear and pajama partners of team USA through 28.’ Robert thinks this is a huge feat for the entrepreneurs, but he is confused about what the brand actually stands for. Mark, too, feels the term ‘Coordinates’ could ‘mean a thousand things.’
Sanya reacts, saying that their idea is to allow families to wear a coordinated cloth collection. Mark feels the brand needs a lot of explanation. Daymond and Lori agree.
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Did Shark Tank Invest In Coordinates?
Kevin O’Leary, who appears silent throughout the pitch, says he is impressed by their Olympic story but that the business is not a good fit for him. So, he opts out of the deal. Mark says he is ‘in the same boat.’ Describing himself as a ‘fashion icon’ but non-clothing guy, he, too, exits the deal.
Lori also chooses not to invest for the same reason and thinks Robert or Daymond can be better choices for the deal. Daymond believes that Aaron and Sanya have only tapped a small amount of their IP value.
Plus, he feels ‘Coordinates’ is ‘worth millions of dollars’ and the amount the entrepreneurs are asking for on Shark Tank ‘is an insult’ to it. Daymond makes his way out of the deal, saying that Coordinates is in its infant stages and that there is ‘way more value on the other side.’
Robert is the only Shark left who feels the Ross’ story is ‘authentic.’ But then he puts on his glasses and reads out some terms labelled on one of their collections. These terms were focus, resilience, courage, and excellence.
Robert thinks one of these terms should have been the brand name, not ‘Coordinates.’ Daymond feels Robert has made a good point here. While answering Robert, Sanya becomes teary-eyed and says they have been athletes for the past 20 years; business is a new concept for them.
The entrepreneurs think they can ‘figure it out’ if they have the right partner. Robert wants to know why Sanya has gotten so emotional. Aaron replies, saying that his wife ‘wears her heart on her sleeves’ and that she is a ‘go-getter.’ The Shark investors seem touched by his response.
Aaron feels ‘it is not about the money’ but about the relationship and mentorship for them at Coordinates. Robert interrupts him and says, ‘It is about the money’ and that they should ‘never sell themselves short.’ Although he is confused about the brand and is apprehensive about their sales, he makes an offer of $100K for 25% equity.
Sanya counters with $100K for 20% equity. Daymond says he would do the deal. The fellow Shark panelists are shocked at him getting back in the deal. Saying that he has been ‘living this space’ for 16 years, Robert agrees to Coordinates’ counteroffer of $100K for 20% equity.
More products from this episode! Check out other businesses that participated alongside Coordinates.
