BuggyBeds Founders Present Their Pitch On Shark Tank
Highlights
- BuggyBeds is one of the few pitches on the show that bagged a deal from all the investors.
- The product offered a foolproof solution for tackling the issue of bed bugs.
- BuggyBeds has now emerged as a million-dollar empire.
Every year, Shark Tank is flooded with hundreds of pitches. Out of those, only a few fortunate ones get to present the final pitch in front of the panelists. Though the journey is undoubtedly tough, winners like BuggyBeds somehow manage to outdo the competition and leave their mark for years.
Seeking an investment of $125K for 7% equity in their company, BuggyBeds managed to secure a deal with all the judges. The pitch turned out to set an example for future entrepreneurs through different smart tackle points. Here is a complete recap of its journey, along with an explanation of what went right for the pitchers:
Use Of Intriguing Statistics
Female entrepreneurs Maria Curcio and Veronica Periongo approached the investors with BuggyBeds, a cure for the menacing bed bugs. The ladies began their pitch by discussing the global epidemic created by bedbugs and the fact that their infestations had increased by 500% in the past few years.
Further, they claimed that one female bed bug could lay up to 500 eggs and that one single bed could have over a thousand such creatures, resulting in itchiness and lumps.
Giving such massive figures at the beginning of the pitch to emphasize the pain area was a great move. It made the Sharks believe that bed bugs were indeed a menacing problem, which made the product relevant to them and the show.
Detailed Discussion Of Benefits
The most crucial part of any pitch presentation on the show is emphasizing the usefulness of a product/business idea. Failing to do so would lead to investors thinking that it would not offer them any value, and they would not be willing to make any offer from then on.
But the BuggyBeds entrepreneurs made sure that they scored the most points in this part of the pitch. Presenting their product as a potent solution, they elaborately highlighted its functioning and benefits.
The product was a bed bug glue trap, which acted as an early bedbug detection system by trapping the creature with its easy-to-use process. One could simply put BuggyBeds inside mattresses or cushions, which would then attract, trap, and quickly kill the bugs.
Emphasis On Previous Wins
Any business owner pitching their venture on the show should never forget to mention previous sales or revenue figures (if any). Doing so indicates that the business has a certain stability and could hence be beneficial in the future as well. Consequently, the panelists may make an offer.
Maria and Veronica did the same with BuggyBeds. The entrepreneurs then revealed that prior to their appearance on the show, they had been selling their products at Burlington Coat Factory and Home Depot. Plus, in six months, they had made $150K in sales. The investors were amazed to hear this.
The Negotiations
The pitch impressed the Sharks to the extent that each one wanted to make a deal. Seeing it get a bit competitive, Kevin O’Leary asked both the ladies to step out for a while until they had an internal discussion. The entrepreneurs were then called back, and Kevin made an offer of $250K for 25%. He further asked the others to join him.
Daymond John was eager to go ahead with Kevin. But Barbara Corcoran felt a bit sidelined and proposed her solo offer for $150K at 15% equity.
After being silent for some minutes, Mark Cuban stated that they all should go into the deal as a team. Robert Herjavec agreed as well. All four male investors then tried bringing Barbara back to the agreement, which she eventually decided to do.
The offer was then sealed with the five Sharks at $250K for 25% equity.
Success Post Shark Tank
BuggyBeds’s journey after Shark Tank was a successful one. After its appearance in 2012, the company developed many other products, including mosquito repellent bands and flea and tick traps. Its sales, too, reached $1.2 million in months.
As of 2023, its annual revenue touched the milestone figure of $4 million.
To Conclude
The BuggyBeds pitch reflected that if entrepreneurs lay focus on a pressing problem and offer an accurate solution, offers are bound to come by. Veronica Periongo and Maria Curcio made great use of numbers to show the urgency of their product and aptly articulated the benefits.
Their preparedness and ability to hit at the right spots landed them a deal from all the investors.
References
- The 12 biggest Shark Tank success stories, Financial Post
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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