Why Did Shark Tank Pass On Surf Band Pro? Season 14, Episode 15
Why Did Shark Tank Pass On Surf Band Pro? Season 14, Episode 15 The Sharks passed on Surf Band Pro due to concerns about its early-stage status, competitive market, and valuation. Surf Band Pro, an innovative on-the-go sunscreen dispenser, made its appearance on Shark Tank during Season 14, Episode 15, which aired on March 3,…
Why Did Shark Tank Pass On Surf Band Pro? Season 14, Episode 15
The Sharks passed on Surf Band Pro due to concerns about its early-stage status, competitive market, and valuation.
Surf Band Pro, an innovative on-the-go sunscreen dispenser, made its appearance on Shark Tank during Season 14, Episode 15, which aired on March 3, 2023.
The product, designed by Greg Demirjian, is a wearable wristband that allows surfers to dispense sunscreen with a simple press, ensuring they can protect their skin even while out on the water.
Greg sought $150,000 for 10% equity in his company but left the Tank without a deal. The product will retail for $19.95 online directly to consumers. Manufacturing costs are just under $5 per unit. The margins were acceptable, but the big problem for the sharks was the lack of sales.
Barbara Corcoran said the market was too competitive, so she went out. Mark Cuban wasn’t interested in the product, so he too went out.
Lori Greiner felt the product was too niche as is, so she went out as well. Kevin O’Leary and Robert Herjavec went out for similar reasons.
However, the product has continued to grow and find success in the market since its Shark Tank appearance.
The Surf Band Pro is a wearable sunscreen dispenser designed specifically for surfers and other outdoor enthusiasts. It allows users to apply sunscreen easily while out on the water or in other active settings.
While the sharks appreciated the creativity behind Surf Band Pro, they decided not to invest due to the perceived limitations in market potential and scalability.
Here’s why the product did not secure a deal on Shark Tank:
Reasons for Rejection:
- Lack of Sales:
- Early Stage: At the time of the Shark Tank pitch, the product was very new, with manufacturing just starting a month prior to filming. This meant there were minimal sales and little market validation to demonstrate traction or consumer demand.
- Market Concerns:
- Competitive Market: The sharks were concerned about the competitive nature of the sunscreen and outdoor accessory market. They felt the product would face significant competition from established brands and other innovative sunscreen solutions.
- Niche Appeal:
- Target Market Size: Some sharks, like Lori Greiner, believed the product was too niche, limiting its appeal to a broader consumer base. They were concerned that the market for such a specialized item might not be large enough to justify the investment.
- Valuation and Financials:
- High Valuation: The proposed valuation of the company was considered too high relative to the early stage of the business and lack of sales history. This made it difficult for the sharks to justify the investment risk.
- Product Viability:
- Unproven Market Fit: The product was still in its early stages of development and market introduction, which left doubts about its long-term viability and consumer acceptance.
Post-Shark Tank Developments:
Despite the Sharks’ decision not to invest, the Surf Band Pro has experienced some success since the show:
- Sales Increase: The exposure from Shark Tank led to increased interest and sales of the product.
- Partnerships: Greg Demirjian, the founder, has partnered with the United Nations for the United to Beat Malaria campaign, enhancing the brand’s visibility and social impact.
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