So I know you all have been dying to find out how I feel about the outcome from Shark Tank. There is only one answer - ELATED!
I know people think getting a deal is the biggest thing on the show, but indeed it is not. When I was approached initially by the Shark Tank producers I was very hesitant for many reasons. I wasn't a start up and I had....well....baggage and I knew it. But I decided to go in and give it my best shot and let the chips fall as they may. The worst case scenario I could picture for myself was not NOT getting a deal, it was them ripping me to shreds, which did not happen thankfully. What the Sharks had to say to me in the tank was honest and a big eye opener and an even bigger learning experience! I made immediate changes straight out of the tank that could make my company stronger and better. I have never shied away from a learning experience, even a hard one, without taking what I learned and putting it to good use.
Getting a deal from a shark is one thing, but deal or no deal, the exposure that a product garners after it airs can not be discounted in any way shape or form. Not to mention if I do decide to take on an investor it will be a well thought out process, not something I need to decide on the hot seat with the 24 second clock running (Great tactic though by Mark Cuban I have to admit).
I will confess, when I went into the tank I really wanted to partner with either Damon or Barbara. But I can not say I left dissapointed when either of them declined. I was prepared, I was ready, I presented myself well, I believed in myself and the product and was not prepared to give any more than 25% away - which would not have been the case if a real offer was made and I knew that - especially after the "poo poo" started flying and the over 70 pocket diapers using my intellectual property was brought to the tank.
It is important to me to be able to keep the integrity of this company how I want it, I am not ready to give that away and let someone only concerned with the bottom line and profits call the shots - although I have to say that is one thing I think cost me the deal - but that is ok. I never make excuses for my integrity, business ethics or what I have done in the past. It is a part of who I am.
My company was born out of a need and a true passion to make a difference in all of the lives that it touches from baby to consumer to retailer to my own employees and family. And while I have a huge buffet plateful of things to do now post Shark Tank - sacrificing my business philosophy for the sake of the almighty dollar is not one of them!
I have a lot more to write about this - so stay tuned for the next blog. "Intellectual Property and why it should be respected" Yes...you will be hearing a lot about this in the coming weeks.
What kind of companies are stealing your IP? I am confused by all of this. There are a lot of pocket diapers out there. Which ones do you think we should be avoiding?
ReplyDeleteI am not saying avoid any of them. I would rather people support FuzziBunz for many reasons, most being that they are the best, most innovative diaper on the market with a customer service and warranty that out competes all of them. That is what people should choose a product based on, it is not the consumers problem to be in the middle of an IP mess. Hopefully in a few months I will have a list of companies that did the right thing and signed a license deal so we can all co-exist and grow the market to meet the bigger picture but do it legitimately and legally.
ReplyDeleteI own some fuzzibunz, and i wasnt aware of this issue when i started cloth diapering. so i do own some other pocket brands, but i wish i never bought any of them as NONE of them even come close to fuzzibunz. So i will be sticking to those for now on :). i was pretty surprised that none took you on.
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