Rebecca Rescate, the creator of CitiKitty, has had incredible success since partnering with Kevin Harrington in episode 208 in season two. She did so well she came back a second time with her new idea to pitch to the Sharks with her business partners, Chris and Dana Hindley, and their invention: the Hoodie Pillow. This time she asked for $90,000 for 15% equity in the company.
The Hoodie Pillow is a pillowcase that fits standard sized pillows, made from sweatshirt material, with a built-in hood. The Hoodie Pillow has an oversized hood with a drawstring which provides extra warmth. The hood also blocks out light and sound when pulled up over the ears and eyes. It is also tech savvy with a little pocket for your iPod with a cable channel for ear buds.
Kevin O’Leary bit first and offered $90,000 for 33% with the condition that every time they take money out of the business, he will get 1/3 of it. Daymond also offered $90,000 for 33% but backed out. Barbara offered $90,000 for 40% plus 10 cents royalty on every pillow, but she wanted Daymond in the deal, he agreed to join her. Chris and Rebecca declined. They countered with $90,000 for 20% which broke the deal for Barbara and Daymond.
In the end, Robert Herjavec offered $90,000 for 20% equity in this company. He saw Rebecca’s success with Kevin Harrington and wanted to replicate that with her. If you are anyone you know has an idea and needs help, please contact us at New Product Consulting.
- Sound Bender is music to the Sharks on Shark Tank! (newproductconsulting.me)