Emotional Pitch Brings the Sharks to Tears | Shark Tank US | Shark Tank Global
The Young Family's Pitch for Cupboard Pro
Introduction to the Business
- The Young family introduces themselves and their business, Cupboard Pro, seeking $100,000 for 10% equity. Their father, Keith Young, invented the product but passed away before pitching it on Shark Tank.
Legacy of Keith Young
- Kayla shares that they are continuing their father's legacy by presenting his invention. A video featuring Keith demonstrates how to use the Cupboard Pro effectively.
Product Demonstration
- In the demo video, Keith explains how easy it is to use the Cupboard Pro for cutting vegetables without needing a separate bowl for scraps. He emphasizes its simplicity and efficiency in kitchen tasks.
Personal Story Behind the Invention
- Kayla recounts her father's journey with the invention, including personal challenges such as their mother's battle with cancer which delayed development. She highlights her father's resilience and inspiration during tough times.
Emotional Connection and Product Features
- The family discusses the quality of the Cupboard Pro made from bamboo and its unique design features like a patented tongue-and-groove system that directs juices efficiently while cooking. They also mention honoring firefighters through design elements related to 9/11.
Sales Strategy and Financial Overview
Initial Sales Performance
- The Young family reveals they launched their online store three weeks prior and have sold 300 boards at $40 each from an inventory of 2,000 units priced at $12.50 each to produce. They attribute sales success to social media marketing efforts and personal touches like thank-you notes with orders.
Funding Utilization Plans
Negotiating a Unique Deal
Initial Discussion and Offer
- The conversation begins with a request for a private discussion in the hallway, indicating the seriousness of the negotiations.
- There is an acknowledgment of existing inventory that could be sold off quickly, suggesting confidence in the business's potential.
- A heartfelt moment occurs as one participant expresses pride in their father's legacy, emphasizing emotional ties to the product being discussed.
- The sharks collectively decide to collaborate rather than compete against each other, which is noted as a rare occurrence in such negotiations.
- An offer is made: $100,000 for 20% equity, with each shark contributing $20,000 along with their expertise.
Charitable Commitment
- The sharks commit to donating any profits from their share to a charity supporting firefighters affected by 9/11, highlighting social responsibility alongside business interests.