BevBoy, a unique floating cup holder, was born from the creative mind of Kevin Waltermire. Designed to prevent spills while enjoying a drink in the water, BevBoy was a promising invention that caught the attention of many. However, its journey has not been smooth sailing. This article takes you on the twists and turns of BevBoy’s odyssey.
The BevBoy Pitch and Deal at Shark Tank
BevBoy, designed to keep your drink safe from spills in the pool, was more than just a floating cup holder. Made of foam and using a counterweight for stability, it was Kevin’s solution to a common poolside problem. The name BevBoy was a tribute to a fictional American River Otter superhero, adding a whimsical touch to this practical product.
When Kevin presented his pitch on Shark Tank, he was seeking $50,000 for a 15% stake in his business. He had already sold 2,500 units, generating $10,000 in revenue. His production cost per unit was a mere $2.00, selling wholesale at $5.00, and retailing at $9.99. However, the Sharks had mixed reactions to this product.
Sharks Mark Cuban, Kevin O’Leary, and Robert Herjavec didn’t bite. Lori Greiner was interested but wanted 40% equity and a guaranteed purchase order from a big store. On the other hand, Daymond John saw potential and made an offer similar to Lori’s, but without the contingency. Ultimately, Kevin struck a deal with Daymond, agreeing to $50,000 for 35% equity.
BevBoy Is Gone Out of Business
Yes, Bevboy is going out of business. Despite the initial excitement and the promising deal with Daymond, things did not pan out as expected. The deal with Daymond fell through post-Shark Tank, leaving BevBoy in troubled waters. The company struggled to maintain momentum and unfortunately, went out of business in 2014.
What Was BevBoy’s Net Worth?
Given the sales before Shark Tank and the retail price, BevBoy had demonstrated potential for profits. However, with the failed Shark Tank deal and subsequent closure, BevBoy’s net worth plummeted. The exact figures remain undisclosed, but it was clear that this innovative product’s journey had ended abruptly.
Impact of Shark Tank on BevBoy
BevBoy’s appearance on Shark Tank certainly brought visibility and recognition. The show provided a platform to showcase the product to millions, creating a buzz around BevBoy. However, the ultimate success of a business hinges on much more than a successful pitch, as was the case with BevBoy.
Where Is BevBoy Now?
After the closure in 2014, BevBoy disappeared from the market. Despite the innovative concept and initial interest, it couldn’t sustain its momentum. BevBoy serves as a reminder that while Shark Tank can provide an incredible platform for entrepreneurs, it doesn’t guarantee success.
Business Overview
BevBoy was an innovative concept that addressed a common problem. Its fun design and practical use made it an attractive product for pool owners. However, despite a promising start and a seemingly successful Shark Tank pitch, the company could not keep afloat. Various factors, including the failed Shark Tank deal, contributed to the downfall of this potential game-changer in the beverage holder market.
Conclusion
The story of BevBoy serves as a stark reminder that entrepreneurship is a journey of highs and lows. From its promising start to its unfortunate closure, BevBoy’s journey was a rollercoaster ride.
However, Waltermire’s resilience and willingness to learn from his experiences offer valuable lessons for aspiring entrepreneurs. As we conclude this BevBoy Shark Tank update, it’s evident that while BevBoy may no longer be afloat, its legacy continues to ripple in the entrepreneurial world.
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