That episode happened last week, April 10th. Wondering about what went down?
First, Budsies owner Alex made his investor pitch in front of the investors. See for yourself here: https://youtu.be/4mXglQes6bU
In an article published on emptylighthouse.com, contributor @augdog provided details on what happened during the entire episode, including Budsies’ Founder, Alex’s pitch.
Here’s an excerpt from the article:
Alex Furmansky, while watching his little sister play with her stuffed animals, was inspired with an idea. That idea being to bring child drawings to life. For the price of $69 you can upload a drawing and the Budsies team will personalize a designed stuffed animal for you based on the drawing.
The company is only existent online but there could be a market beyond just personalized toys. Budsies is a rising brand and company with a possibly interesting concept for the world of retail.
Budsies was Seeking : 100k for 5% equity
How it Went Down: The sharks quickly got down into the business of the product and found that the company has been around for 7 months but has only made around 39k in revenue.
Mr. Wonderful was worried that the product was priced way too high. Each plush toy takes about 4 weeks to make and Lori was the first to jump away from this company because she didn’t think it couldn’t grow into a big company.
O’Leary didn’t make Alex suffer any more and decided it was time to make an offer. But it was a bit of an insult, 100k for 50%. That didn’t slow down Alex though and he kept promoting and selling. He even brought out Budsies versions of the sharks.
Daymond was extremely hesitant at the offer Alex came into the tank with, the equity was simply too low. Herjavec was the next to drop out because the owner really didn’t show the sharks what his short time growth plan was.
Daymond made an offer of 100k for 40% but Alex wasn’t even in the same ball park. He eventually turned down both offers because he truly believed his company will grow.
~ o ~
With lots of creative kids (and kids at heart) out there, plus the fact that Budsies are absolutely adorable, we’ve no doubt that the company will surely grow.
Here’s our mascot, Nimble, again as proof of how cute Budsies plush toys can be: