Entrepreneur Strikes Deal Despite Being Called a "Liar" by Cuban
Winner of America’s Next Top Model: All Stars, Lisa D’Amato was a surprise contestant on Episode 17 of Season 10. Lisa accompanied by her two sons, delivered a sassy pitch on her product Dare-U-Go, an eco-friendly food bib for kids. Being a model while raising two boys is no easy feat, especially when it comes to feeding them meals. Dare-U-Go is worn around the neck and functions as a plate divider with 3 compartments and comes with a spork. If kids are unable to finish their meals, the bib’s compartments can be sealed airtight making it a handy food storage container. Clean ups are made easy as it is also dishwasher friendly, making the overall ordeal of feeding children more seamless and convenient.
Having invested $250,000 of her own money into Dare-U-Go, Lisa was seeking $350,000 for 10% of her company. The Sharks noted the selling price of $22.99 with cost being at $2.68 and were impressed by the $100,000 in sales while only being in business for three months. Lisa had also secured a design patent while claiming 3 retailers were in a bidding war over the exclusivity of her product. The model explained the size of the global baby market which is projected to reach 121.5 billion dollars in 2020 with the bib industry making up 15 billion dollars of that total. Mark snapped his jaws at Lisa claiming she had lied to the Sharks about being an avid fan of the show. He criticized her approach of trying to wow the Sharks on the size of the market, a mistake the Sharks have previously warned bidding entrepreneurs on and thus, saw himself out.
Kevin tabled an offer of $100,000 for 15% with $250,000 in debt. Lori then stepped out as she felt the business plan lacked conviction prompting Kevin to increase his equity claim to 20% in his initial offer. Barbara put out an offer of $350,000 but for 50% equity citing Lisa’s need of a partner. The war between the two Sharks ensued with Kevin upping his offer to 25% in equity. Robert exited the deal without an offer inducing Kevin’s offer to rise another 5%. Barbara then modified her offer to 35% in equity for $150,000 in cash and $200,000 in debt. Having to give up 5% more equity for an extra $50,000 in cash was deemed as the viable choice for Lisa as she accepted Barbara’s offer.
Barbara had noted the eating disorder Lisa had endured and was firm that all great entrepreneurs she has worked with have overcome struggles in their life. As far as the product goes, a quick online search shows the product listed on Amazon with a 4 star rating and is also now available on the shelves of retail giants Walmart and Kmart. This places it in front of millions of parents who could deem it a viable option when it comes to feeding time, in or out of the house. The gross profit margin is in a great range at 88% per unit and with Barbara at the helm, growth is a certainty. Some users have complained the bib can be unfastened if the child is too aggressive which could prompt a potential redesign. Ultimately, with an increasing world population, there is no end in sight for target users as long as Dare-U-Go is able to establish a trustworthy reputation amongst parents.