Nathaniel Wellen Presents The Duo On Shark Tank
Highlights
- The Duo was brought to the Shark panelists by Nathaniel Wellen, a teen entrepreneur.
- The umbrella product managed to secure a deal from a key figure on the Shark Tank panel.
- As of 2024, The Duo’s growth after Shark Tank seems promising, with orders from big retail players.
Through its many seasons, Shark Tank has proved that entrepreneurial success depends the most on an inventive idea. If the business idea manages to captivate Sharks, they do not shy away from investing, regardless of the entrepreneur’s age. ‘The Duo’ reiterated this in Shark Tank season 15.
Nathaniel Wellen, a 15-year-old entrepreneur, made his Shark Tank appearance along with his mom and sister in 2018. The teen entrepreneur tried to leave a mark on the Shark investors with his pitch for his umbrella business named ‘The Duo.’ Impressed by Nathaniel, a prominent Shark locked a deal with The Duo umbrella.
Here are detailed insights into the pitch by Nathaniel and how the Shark investors were engaged by The Duo umbrella. There is also a section discussing the final deal and if it is a worthy investment.
The Duo Umbrella: Shark Tank Pitch
Aspiring teen entrepreneur Nathaniel Wellen, along with his mother and sister, presented ‘The Duo,’ the latest product of his family business, on Shark Tank Season 15. Seeking $100K for 10% equity, the entrepreneur explained that his umbrellas had a dual handle to avoid getting wet in the rain.
According to Nathaniel, during its Shark Tank appearance, the patented ‘The Duo’ umbrella was not in the production stage. But through a live visual demonstration with his sister, the entrepreneur claimed that it was the first umbrella for two people with 2 handles at 2 different heights.
Available in compact stick umbrella styles, Nathaniel’s products came with a 54-inch larger canopy. This is how The Duo umbrella allowed two people to comfortably fit underneath it.
The Duo Umbrella: Shark Tank Negotiations
Once the presentation was done, Nathaniel’s mother and sister left the stage, and he offered the prototype samples to the judges. During the questioning round, the entrepreneur revealed that The Duo was a pre-revenue company. He received a utility patent for his idea of two handles.
When the Shark investors got to know that he was just 15, they were blown away. Nathaniel then revealed that he had prepared the prototype, developed its design, and applied for the utility patent when he was only 9.
After this, Nathaniel brought the Sharks’ attention to Shed Rain, a leading umbrella brand in the company. He stated that he was the grandson of one of the founders of the company. During his Shark Tank appearance, Shed Rain owned 49% of The Duo.
According to the entrepreneur, when the production for The Duo umbrella would have started, Shed Rain would be creating it and handling the distribution as well.
The Duo Umbrella: Final Deal
All the Shark investors were thoroughly engaged by the 15-year-old’s pitch presentation with The Duo umbrella. But each of them walked out of the deal citing different reasons. Barbara Corcoran felt his association with Shed Rain was already a great partnership. So, she exited the deal.
Mark Cuban wanted 50% ownership, which was not acceptable to the entrepreneur. Kevin O’Leary opted out as he felt Nathaniel would not be able to give his entire time to The Duo. As a result, none of the two made an offer.
The only Shark investor who proposed a deal was Robert Herjavec. His offer was $100K for 20% equity. Lori Greiner felt it was a decent offer, so she walked out of the deal as well.
Nathaniel countered Robert’s offer with a 15% equity. The latter said he would do it for 18%, which the entrepreneur agreed to. So, the final deal for The Duo umbrella was $100K for 18% equity.
Is The Duo Umbrella A Worthy Shark Tank Investment?
The Duo appeared in the fifteenth season of Shark Tank early this year. A lot of questions were raised regarding its worth and whether it was a good investment by Robert Herjavcec or or not. The deal has closed, but Nathaniel’s business is still in its early stages. So, commenting about the deal can be a bit hasty.
However, if one were to compare The Duo’s position before and after the Shark Tank deal, the positive developments cannot be ignored. The teen entrepreneur’s brand was featured in an update segment in the same season. During it, Nathaniel stated that there was still no competition for The Duo umbrella as no other business had thought of coming with 2 handles.
During its Shark Tank appearance, the umbrella company presented prototypes to the judges. But currently, it is doing a production of about 10,000 units. Additionally, The Duo has received orders from Target, Nordstrom, Macy’s, and REI. Nathaniel also plans to launch the product on Shed Rain’s website and Amazon.
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Conclusion
The journey of The Duo umbrella after Shark Tank is less than a year old. So, it might be a bit early to rightly assess if it was a worthwhile investment in the show. But teen entrepreneur Nathaniel Wellen’s ingenious idea for his umbrella product has already started gaining attention.
Its current rise in production and orders from leading retail players indicates that with Robert Herjavec’s investment and guidance, the umbrella brand could become a great success.
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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