Just because a company that goes on Shark Tank doesn’t get a deal, doesn’t mean that they aren’t successful. There are many companies that didn’t hook a shark but went on to grow successful companies.
The Best Shark Tank Products That Got No Deal
In this post, we’ll go over the best Shark Tank products that got no deal.
The Bouqs Co.
Entrepreneur and UCLA master of business administration (MBA) John Tabis was hoping The Bouqs Company, his online flower sales business, could get an investment from the sharks in episode 527 on May 2, 2014.
The Bouqs Company claimed to simplify buying flowers online by charging a $40 flat fee for all bouquets with no added delivery charges or up-sells, and adding that “buying flowers online sucks.” The flowers are cut fresh the day they’re ordered and shipped.
John entered the Shark Tank seeking $258,000 for 3 percent of his company.
While the sharks were impressed, Kevin didn’t like the valuation, Mark abandoned when John revealed he had $1.1 million in seed funding from another investor, Lori thought other big flower companies would copy his model if it worked, Robert also cited the high valuation as a reason for dropping out, and Barbara said she hated the name.
Robert Herjavec approached The Bouqs Company three years later for help with his upcoming wedding, and it was revealed that wedding customers could save up to 70 percent on average working with Bouqs than with a traditional florist.
Herjavec then became an investor, Bouqs got another $55 million worth of funding, and it grew to more than 80 employees with locations in Los Angeles, New York, San Francisco, Dallas, Chicago, Washington, DC, and Miami.
In January, 2020, Bouqs earned $30 million from Japanese corporation Yamasa and opened up a Japanese location where $6 billion annually is spent on flowers. As of April 2022, Bouqs now has $59 million in annual revenue.
Jamie Siminoff introduced the Shark Tank to DoorBot, which was advertised as being the world’s first smartphone doorbell in episode 509 on November 15, 2013.
Siminoff also founded Phone Tag, the world’s first voicemail to text application, that he sold to Ditech in 2009, and also sold Unsubscribe.com, an online service allowing people to get rid of unwanted mailing lists in their emails, to Trusted ID in 2011.
Jamie came to the Shark Tank seeking a $700,000 investment in return for a 10 percent stake in the company. Jamie said the Doorbot cost $81 to produce and retailed for $199.
He said that in his first nine months, he did $1 million in sales in online-only, direct sales, with Doorbot soon moving into Staples.
Lori Greiner did not believe Doorbot was unique enough, Mark Cuban didn’t see the progression of the company growing into multi-millions in sales, Daymond John believed security companies would take over the idea and add it to their existing offerings, Robert Herjavec had concerns that the device could be hackable, and only Kevin O’Leary made an offer of $700,000 involving a 10 percent royalty that would drop to 7 percent after his initial investment was recouped plus 5 percent equity in the company.
Jamie made a counteroffer for $700,000 at a 10 percent interest rate and 3 percent equity, but O’Leary did not believe the payout was a risk worth taking. Richard Branson later invested in Doorbot and the company changed its name to Ring.
Ring now has multiple products, and Siminoff sold Ring to Amazon for an estimated $1.2 to $1.8 billion. In Season 10, subtitled “A Decade of Dreams,” Jamie became the first guest shark to have previously sought a deal on the show.
Steven Sashen and his wife, Lena Phoenix, appeared in episode 414 on February 1, 2013. After repeatedly getting injured while running, Steven switched to barefoot running and loved it so much that it led to him creating a thin running sandal.
Based on their theory that it was healthier to run and walk with bare feet instead of shoes, the couple pitched Xero Shoes, their ergonomic shoe company, seeking $400,000 for 8 percent equity. The only offer they received was $400,000 for 50 percent equity from Kevin O’Leary, but they turned it down.
The show’s appearance resulted in 3,000 new orders for the company, and the company website kept crashing because of the high number of customers who wanted to purchase their shoes. Xero now claims that as of March 2020, it has sold over 650,000 items in more than 130 countries.
In December 2020, Xero revealed they planned to form a strategic relationship with private equity business TZP Group LLC. The company was expected to generate $13 million in annual sales by December 2021.
Cameron Smith and Joel Clark pitched their nutritious flapjack and waffle mix on episode 522 on April 4, 2014. They were seeking $500,000 for a 10 percent stake in the company.
None of the sharks agreed with the valuation. Lori and Robert loved the taste of the product, but Mr. Wonderful said people preferred Aunt Jemima’s because it was cheaper per box.
Kevin O’Leary offered $500,000 for 50 percent of the business but later withdrew it after Robert Herjavec called it a deal with the devil. Herjavec put his own offer on the table of $500,000 for 35 percent, but Cameron and Joel wanted to hear from Barbara before accepting.
Barbara made a partial offer of $250,000 in return for 20 percent but said the duo would have to convince a second Shark to invest the other $250,000. O’Leary was willing to go in with Barbara but wanted 25 percent on his $250,000 and again made the total offer $500,000 for 50 percent.
Robert repeated his original offer of 35 percent for $500,000. Cameron and Joel ultimately turned down both offers, feeling the valuations were too low, and walk away with no Shark deal.
In 2016, Kodiak Cakes did $16 million in sales. By 2020, it was a $200 million company with more than 26,000 stores.
In May 2021, Kodiak was acquired by private equity group L Catterton for an undisclosed amount. Kodiak Cakes did $160 million in annual sales in 2020, according to Business Insider.