Investment: Raised $75k for 25% equity from Lori Greiner (which didn’t materialize in this way) ![]() ShowNo Towels at Shark Tank: Season 3, Episode 4 What was ShowNo Towels: A towel shaped like a poncho (with an opening in the middle of the towel for the head) The free publicity could come at the wrong time when the business cannot make good use of it, and the relationship with the investors could turn sour. This, combined with the lack of consensus about the shipping issue, brought Phil to the opinion that the participation in Shark Tank was actually detrimental for the business.Īll in all, ToyGaroo is a great illustration that Shark Tank is not always a home-run for the participants. Which was not what we needed as a sudden influx into a business that depends on stock is not a good thing!”Īccording to Phil, the business would have been much better off growing slowly and organically, as this would have given them more time to deal with some of the sourcing and shipping problems we mentioned above. “Like most SharkTank appearances, we got a spike when the show aired. They wanted to get out of it to deal with the problem, but their newfound investors were against it. This was a problem because they were running a “free shipping” model.
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