Biz Tips: Shark Tank: Dare-u-Go! Accepts $350,000 From Barbara Corcoran

Biz Tips: Shark Tank: Dare-u-Go! Accepts $350,000 From Barbara Corcoran

Biz Tip:

Shark Tank: Dare-u-Go! Accepts $350,000 From Barbara Corcoran

For mom, Lisa D’Amato, life can be stressful. It’s difficult to be a working mom who wants to feed her kids healthy foods with very little time to meal prep. That’s why Lisa designed the Dare-u-Go! bib. This eco-friendly bib features multiple compartments to fill with healthy snacks for on-the-go eating. The product is an all in one product meaning that it can be used for food storage, a plate divider, and a spork attached in the back. If your child wouldn’t be able to finish the content of the bib, they can seal it right back up in the bib and put it in the fridge. This allows families to save the snack for later without wasting the uneaten food.

Lisa is asking the Sharks for $350,000 for 10% equity in her company. She launched this product approximately 3 months before the time of filming and has generated $100,000. The Sharks are pleasantly surprised to hear that three distribution companies are in a bidding war for exclusivity of the product and that she has a design patent protecting her business from an equal cost competition in the marketplace.

Mark become very upset with Lisa and accuses her of lying to the Sharks about watching the show. He is angry that she doesn’t know (or ignores) some basic business advice that they always reiterate on the show. If she truly watched it, she would know that the path she’s headed on is not recommended. Both Kevin and Barbara like the product but feel that Lisa is too scattered and unable to focus on creating a business strategy. They make her offers that are a combination of cash and a loan to protect themselves as lenders. Dare-u-Go! decides to partner with Barbara Corcoran for a $100,000 cash investment and a $200,000 in a loan in exchange for 35% of the company.

What do you think of this product and deal? Would you have offered this entrepreneur an investment opportunity? Start the conversation in the comments below!

For a full summary of this episode, check out this article. Shark Tank airs on Sundays at 9:00 PM EST.

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