Yahoo Finance Will The Next Squatty Potty Or Scrub Daddy Come From A Kid? 15-Year-Old Entrepreneur Strikes $100,000 Dual-Person Umbrella Deal On 'Shark Tank'
Nathaniel Wellen, a 15-year-old innovator, clinched a $100,000 investment offer on ABC’s “Shark Tank" for his Duo umbrella. Designed for two people of differing heights, The Duo received acclaim from the judges.
Wellen’s journey into entrepreneurship began at age 8 when the seed of The Duo umbrella concept was planted in his imaginative mind. Fast forward to his teenage years, and he, alongside his father, had brought the idea to fruition, securing a utility patent and producing prototypes. Armed with ambition and innovation, he stepped onto the “Shark Tank” stage seeking $100,000 for a 10% stake in his company, despite being prerevenue at the time of filming. The Duo features a dual-handle design, with a second handle that comes out of the base of the primary handle and is perfectly positioned for children.
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The judges responded to the ingenuity of The Duo but also to Wellen’s enterprising spirit. Lori Greiner hailed him as “a great example for kids out there who want to be entrepreneurs” while Mark Cuban applauded his determination.
However, Wellen’s partnership with Shed Rain, an established weather accessories brand, raised eyebrows. Although impressed by his initiative in forging the alliance, the investors cautioned against diluting his equity, urging him to maintain control over his company’s destiny. Wellen talked about the positives of the partnership. "They own 49% of the company," he said. "They're going to help us [with] prototypes, manufacturing, distribution. ... They're going to get us in stores like Target, Walmart, Kroger and Costco."
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Wellen faced rejection from seasoned investors like Kevin O’Leary and Barbara Corcoran.
"I'm very impressed with your presentation, but I have a basic rule: I have to be able to call my CEOs 24 hours a day," O'Leary said. "I don't like the fact that you're in school. What's your teacher going to say when I call your cell and you're in class? They're not going to let you answer, and that really pisses me off."
Wellen’s perseverance paid off when Robert Herjavec recognized the potential for success. Herjavec’s offer of $100,000 for 20% of the company sparked negotiation. Wellen settled at 18%, marking a triumphant moment for the young entrepreneur.
Wellen’s success story is an inspiration for aspiring young entrepreneurs worldwide. And perhaps his product will reach the heights of other "Shark Tank" products. Among the most successful is the Scrub Daddy, a sponge that adapts to various cleaning tasks, generating over $200 million in sales. Another standout is the Squatty Potty, revolutionizing bathroom habits with its ergonomic design and amassing more than $222 million in revenue. Additionally, the Ring Video Doorbell, enhancing home security, was sold to Amazon.com Inc. for $1 billion. These products epitomize the show’s transformative impact, catapulting entrepreneurs to unprecedented heights and reshaping industries with their innovative solutions.
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