An investor on a business reality show talks about a deal he wishes he would have made.
FUBU founder and Shark Tank investor Daymond John opened up on the Drew Barrymore Show about one investment opportunity he regrets missing on his show.
“Is there anything you’ve ever missed on Shark Tank that you wish you got?” Barrymore asked him.
“I usually say no,” John said in response. “But the company that I have to regret is one I lost the bid on. I lost it against Lori (Greiner), and it is a stupid looking little sponge. And every time I go in the store there’s a Scrub Mommy, Scrub Baby, Scrub Daddy. And they’re smiling at me. And Lori’s like, ‘aha, look what happened.’ And it burns me.”
“@TheSharkDaymond reveals which #SharkTank deal still haunts him to this day,” tweeted @DrewBarrymoreTV.
The Drew Barrymore show is distributed by CBS Media Ventures, owned by Paramount Global (PARA) – Get Free Report. Shark Tank is a business reality television series on ABC, owned by Disney (DIS) – Get Free Report.
Scrub Daddy, the cleaning product company known for its sponge made with a smiley face on it, was pitched by CEO Aaron Krause in 2012 on the Oct. 25 episode of Shark Tank.
“Aaron’s infomercial-like presentation grabbed the attention of celebrity ‘Shark’ and prolific inventor, Lori Greiner, who secured the winning deal,” Scrub Daddy’s website explains.
“Exposure from national television was colossal and as a result, the company quickly outgrew its rented space,” the website continues. “A larger facility was purchased and the crew relocated to its current residence in Folcroft, Pennsylvania. The move fostered even more growth, allowing the development of powerful partnerships with leading retailers such as Bed Bath & Beyond (BBBY) – Get Free Report, Walmart (WMT) – Get Free Report, Home Depot (HD) – Get Free Report, Kroger (KR) – Get Free Report, Target (TGT) – Get Free Report , QV C (QRTEA) – Get Free Report, Meijer, and many more.”
The ScrubDaddy sponge is made of a polymer, which changes texture. It is firm in cold water and soft in warm water.
The company explains what happened when Krause discovered the sponge’s unique usefulness when cleaning furniture with it.
“It worked shockingly well and didn’t scratch,” its website said. “As he continued cleaning, Aaron noticed the cold air temperature was causing the foam’s texture to change, becoming firmer. The more rigid consistency delivered an extra oomph of scrubbing power. Each time he then dunked the foam back into the soapy water, it softened and conformed more easily.”
“After the furniture was clean he brought the scrubber into the kitchen sink,” the company continued. “With little effort and some running water, the mucky scrubber looked practically unused sparking its next test subject, the dishes. It was a match made in heaven. A smiling mouth was added to better clean utensils opening the door for another patent.”