Shark Tank aired last Friday with a Holiday Themed episode and the big winners of the night were the owners of, Tipsy Elves. Evan Mendelsohn and Nick Morton confessed that they had gotten a little tipsy one night and decided to design the most visually offensive Ugly Christmas Sweaters ever made. They walked in front of the Sharks asking for $100,000 for a 25% stake in the company.
The funny and tasteless holiday sweaters give consumers an option without resorting to eBay or Etsy. Apparently, there is a strong national interest in these outlandish holiday sweaters. The company sold almost one million worth of products last year.
First to make an offer was Mr. Wonderful. He wanted $2 per $60 unit once he recoups his $100,000 investment, then it drops to $1. Robert offered $100,000 for a 10% stake. Daymond reviewed both offers and conveyed that the product is too seasonal causing him to back out.
In the end, Mendlesohn and Morton accepted Robert’s offer and they left Shark Tank with the best deal of the night. If you or anyone you know has an invention idea and needs help, please contact us at New Product Consulting.