During a recent Shark Tank episode, Boona co-founders failed to secure a $400,000 investment deal for 10% equity. The sharks cited concerns about the brand’s ambitious expansion plans, questioning the feasibility and sustainability of their business model.
Boona was established in Seattle by Brett Skaloud and Jeff Feiereisen, who left their engineering jobs three years ago. They launched an inventive product, the “Tandem” showerhead, transforming traditional showers into a space friendly to couples.
Despite positive social media attention and promising revenue projections of $5 million annually, the sharks criticized their plans to expand their product line. The entrepreneurs were urged to revise their business plan and consider a more conservative expansion approach.
The investors emphasized a focused application approach. Kevin O’Leary stated that many successful Shark Tank deals were where entrepreneurs maximized a product’s potential rather than rapid expansion. Mark Cuban, Barbara Corcoran, Lori Greiner, and Daymond John echoed this sentiment, advocating for product perfection, implementation strategy, and commitment. Robert Herjavec underscored the importance of perseverance and dedication.
Three sharks — Corcoran, Herjavec, and Greiner — quickly pulled out from the potential investment. Despite considering a $400,000 investment with a $40 royalty per piece, O’Leary also stepped back from the deal. After Cuban withdrew from the negotiations, it was down to John, who initially proposed an offer but ultimately decided not to invest.
Despite this setback, Boona’s founders expressed gratitude for the feedback, indicating a commitment to restructuring their strategy based on the sharks’ recommendations.
