Joe Moore Pitches First Defense Nasal Screens On Shark Tank Season 2
Highlights
- Shark Tank season 2 witnessed entrepreneurs bring in diverse businesses, First Defense Nasal Screens appeared on the same season.
- The entrepreneurs were ambitious and they presented their pitch with confidence.
- Four investors proposed an offer to the founder of First Defense Nasal Screens.
Shark Tank Season 2 came on the small screen with the motive to take the show a level higher. A revamped panel of investors and innovative ideas attempted to offer the same to the audiences.
Out of the many businesses that impressed the Sharks and viewers, First Defense Nasal Screens emerged as a notable one. Brought to the show by a cancer survivor, its journey on the show was no less than a rollercoaster. After getting mocked initially, it bagged offers from four judges.
Below is a detailed explanation of its journey on the show and what followed for business after its Shark Tank appearance:
First Defense Nasal Screens On Shark Tank Season 2
Aspiring entrepreneur Joe Moore made his way to the investors with his unique stick-on filters that protected one from germs and allergens. Giving a live demo, Joe placed the filter on both nostrils and claimed it helped against allergies and respiratory issues by removing about 99% of dust, pollen, dander, and allergens.
Seeking $500K for 10% equity in First Defense Nasal Screens, the entrepreneur stressed its helpful medical applications. He reiterated that the product was ideal for people struggling with asthma or other respiratory challenges.
Did First Defense Nasal Screens Get A Deal?
The Sharks did not seem convinced of the idea and mocked the entrepreneur. But their doubts vanished when Joe revealed that he had already sold 1.7 million First Defense Nasal Screens units. On further inquiry, he presented a $8 million contract with one of his UAE clients, which impressed the judges.
Joe then handed out the samples to the judges, who were curious to learn about the patents and the business figures. Barbara Corcoran, though, chose to step out of the deal, citing the high cost of educating users about the product. The others were still in with their offers.
Kevin O’Leary was the first to offer $500K for 20% equity alongside a royalty of 15% until he recouped the invested amount. While he was convincing Joe to accept the deal, Mark Cuban hopped in and asked to make the deal together. Kevin and Mark then made the same offer collectively.
The next offer was by Daymond John, who proposed $800K for 30% equity along with a 10% royalty. While the negotiations were getting intense, Robert Herjavec made a huge offer of $4 million for a 10% royalty. Joe countered with $5 million at a 15% royalty; Robert denied the deal.
In the end, Kevin, Mark, and Daymond decided to make a joint offer of $700K at 30% equity and a 15% royalty in perpetuity. Joe finally made up his mind and took the deal.
First Defense Nasal Screens After Shark Tank Season 2
After his appearance on Shark Tank Season 2, Joe stated that he had no regrets. He managed to bag a deal from three of the judges and walked out with 70% of the company. However, the deal did not close eventually after the episode aired on television. Regardless of the deal’s results, with the great exposure on Shark Tank, First Defense Nasal Screens did quite well after the show.
It gained worldwide licensing, patents, and many new distribution contracts across 50 nations.
Furthermore, it sealed a partnership with an Indian company named Filter Your Life Healthcare Private Limited in 2018. Since then, First Defense Nasal Screens have been selling in the country.
Is First Defense Nasal Screens Still In Business?
First Defense Nasal Screens has been soaring high after its journey on Shark Tank Season 2. Its best-selling period came during the pandemic when demand for the product type was supremely high. Realizing the same, Joe’s company sold the products at a 15% discounted price.
It is because of these reasons, that First Defense Nasal Screens is included in the list of most successful ventures to have appeared on the show. The future, too, seems quite decent for the company as it is currently valued at about $50 million (as of 2023).
Conclusion
After facing skepticism in the initial part of the pitch, entrepreneur Joe Moore managed to win over the panelists and convince them to make a landmark deal on Shark Tank Season 2.
Even though the deal fell through after the show, its continuous success serves as a resilient and innovative example for coming entrepreneurs.
References
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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