Biz Tips: Shark Tank Deal: Twist It Up Comb Accepts $225,000 From Mark Cuban and Daymond John

Biz Tips: Shark Tank Deal: Twist It Up Comb Accepts $225,000 From Mark Cuban and Daymond John

Biz Tip:

Shark Tank Deal: Twist It Up Comb Accepts $225,000 From Mark Cuban and Daymond John

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Noel Durity came to the Shark Tank to pitch his company, Twist It Up Comb, in hopes of acquiring $225,000 and a strategic business partner in exchange for 15% equity in his company. Noel’s company is addressing a common grooming problem with afro-centric hair. Because afro-centric hair grows up and not down, it requires strong chemicals or painful hair picks to maintain it on a daily basis. The Twist It Up Comb does the opposite of a hair pick and allows male and female hair to be combed to and embrace the consumer’s natural hair.

Currently, the patent-pending Twist It Up Comb is being sold 70% online and 30% wholesale. Sales for 2018 were predicted to close around $500,000. Because of the success of the product and long lead times from the overseas manufacturer of the comb portion of the product, Noel is having difficulty keeping enough inventory. He has completely depleted his stock 7 times and would like to use some of the monetary investment to acquire additional inventory to keep up with demand. He also is in need of a mentor to help him run his business. He just recently hired someone to take care of his accounting, but the Sharks fear that the back end of his business may be a mess. He also is in talks with Sally Beauty Supply and CVS about retailing his product and would like assistance from a Shark on how to venture into retailing his product.

Mark Cuban and Daymond John decide to split the risk and mentorship and go in on a deal together for Twist It Up Comb. They offer Noel $225,000 for a 25% share in his company. He accepts and is excited to have the opportunity to work with both Sharks.

What do you think of Mark and Daymond’s investment in Twist It Up Comb? Would you purchase this product? Sound off 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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