Dawn Myers presents her company, Richualist, which makes The Mint, a hair styling tool for black women, in Shark Tank Episode 1519. Myers, an attorney by profession, was working in a Washington DC law firm when she decided she wanted to wear her hair naturally. The problem is, preparing her hair that way was time consuming and she wanted to streamline the process.
In order to make the Mint hairstyling tool, she liquidated her 401K and sold her house. The technology gently warms liquid hair products between 130 and 140 degrees Fahrenheit which uses less product and makes for healthier hair. There are six attachments for styling and detangling hair of any texture.
While building Richualist, Myers suffered a bout with colorectal cancer that nearly cost her her life. Despite that, she carried on and secured a $1,070,000 from Revitalize Venture Studio, Techstars and Black Star Fund. Now, she sells her product direct to consumer on the company website for $450. She likely wants a Shark’s help with customer acquisition.
Company Information
Video
Posts about Richualist on Shark Tank Blog
Introducing The Mint by Richualist
Richualist Shark Tank Recap
Dawn enters the Shark Tank seeking $150,000 for 10% equity in her company. She shows off her curly hair and tells the Sharks it takes her 3 hours to do her hair. people with highly textured hair have beautiful hair, but it’s complicated. It takes a lot of different products to get the job done.
She pulls out The Mint and says it makes styling textured hair faster, easier and healthier than ever before. load the pod with your styling products and let the Mint gently warm them. Next, apply the product. She says it isn’t just about beauty, she’s solving a deep pain point for 50 million Americans and she wants to make a lot of money while doing it.
Samples and Questions
Emma says she has curly hair (it’s straight) and it took her 6 hours to get the look she has. The product is designed for people with very curly hair. They tend to spend the most on beauty products, but it also works for people with looser curls. Dawn sells the Mint with empty pods and consumers fill the pods with their own products. Kevin wants to know if he can buy extra pods – he can. Dawn says she’s in negotiations with product makers to co-brand the pods.
She sells the Mint for $00; the Sharks are taken aback by that price. The price is high because she only produced 100 units. At 100 units, they cost $120 per unit to make. The next production run has a $60 per unit landed cost. Mark wants to know why she wouldn’t keep the price at $400 if she’s selling them. Dawn wants to focus on the pods and selling them on a subscription basis with product loaded inside.
Inside the Numbers
Dawn spent $1 million in production and testing. Dawn doesn’t come from a beauty or engineering background, she’s a lawyer. Hair has always been an issue for her. Her mom is black, but her step mom isn’t. When she went to dad’s house, she looked great but her dad and step mom didn’t know how to do her hair. She had a ball of fluff at dad’s house. Hair issues like this effect confidence.
Fast forward to 2017 and Dawn is watching Shark Tank. It’s the episode with the Sleep Styler. Dawn thought what if she made a product that addressed her hair pain points. She put together a rudimentary prototype and began entering pitch competitions and applying to business accelerators. Everyone she encountered told her she couldn’t do it. It took 5 years to get it made. She sold her home and liquidated her 401K to get it started. She also raised $1 million for 28% of the company.
Who’s In?
Dawn plans on selling the Mint at $200. She wants to rope people in on the pods. Mark disagrees, he thinks she should keep the price at $400. Kevin says Dawn needs a Shark with hair and goes out. Robert tells Dawn she’s a phenominal entrepreneur, but it’s not his space – he’s out. Lori likes Dawn, but she’s currently in the midst of working on a hair care device and is worried there might be a conflict; she’s out.
Dawn says she’s early stage but she’s talking to Proctor and Gamble and Loreal. She’s trying to do strategic partnerships where those companies will put their products in the Mint’s pods. Emma thinks the co-branding is distracting. Emma thinks Dawn should focus on the Mint, then focus on co-branding. Mark agrees with Emma.
Emma thinks Dawn is fantastic and she really understands the Mint. Emma says she and Mark have been talking and they’ll team up to offer $150,000 for 20%. Dawn counters with 15% and Mark says they can do 15% with 5% advisory shares. Dawn accepts the deal.
Richualist Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The deal with Mark and Emma closed. They’re working with Dawn to shore up her supply chain. As of May, 2024, the product is still only available on a pre-order basis with delivery in September, 2024.
The Shark Tank Blog will follow-up on Richualist & Dawn Myers as more details become available.
