ENTREPRENEUR: Ginelle Mills
PITCH: COOL WAZOO
ASKING FOR: $65k for a 25% stake
BEST PART OF THE PITCH: Ginelle created her product after her young daughter got burned on a swing. The product is a cover that redirects heat back to its source while serving five different functions. It is a swing cover, high chair cover, shopping cart cover, car shade and a changing pad all- in-one. The product has been seen on The Today Show. She got a lot of orders after that, but 85% of her inventory had to go back to the factory due to defects. She was later on The Doctors where she gave away her product to the studio audience for free. She's had $20,000 in sales over the last 12 months, but has had no inventory. She's moving her manufacturing overseas because it costs $30 to make just one. It'll be a little over $11 to do it in Hong Kong.
DO THE SHARKS BITE? The sharks are shocked to learn that Ginelle has lost about $96,000 with her venture. Robert thinks Ginelle is on a long road, but he doesn't want to join her on the journey. Kevin wants to know how he's supposed to know what this product is. He's out, too. Daymond doesn't feel he can add any value here, so he's out. Lori thinks Ginelle is great, but this product won't be her hero in her future. Mark can't give her money to help with her learning curve.
THE RESULT: The fact that all the sharks are out reduces Ginelle to tears. She's worked so hard on this product. Her story touches Lori to the point where she comes back in to give her what she originally asked for. She promises Ginelle that they will figure out a way to make this thing work.