Shark tank – Wanna Date – date spread / paste
When i was a kid i loved the date-paste filled cookies. Now i often buy them from a specialty store in my host country, and my wife loves them. For people outside the middle east, dates might not be recognized for the tasty and nutritious value it has to offer.
Date paste recipes are not new, but a Shark tank contestant have the idea of making a date spread, something similar to peanut butter.
I honestly love the idea, unfortunately wasn’t able to find any that i can buy locally. It is an amazing idea, healthy, nutritious.
As a matter of fact, while writing this post, i decided to order 3 kg of dates … So, yeah, i am a big fan.
As for the young lady, Melissa, the entrepreneur behind wanna date, she is a hustler.
The ask $100k for 20%, putting the valuation at $500k.
The product: Vegan and allergen free. They come in different flavors (chocolate, vanilla …).
Sales: $31k in 10 month. 10% through website and 35% through event like markets, vegan fairs etc …
Cost $2.40 per jar, sells for $12.
Damon thinks this product needs education, and the founder should tell the story, hence not easy.
Barbara had an issue with the founder being supported by her dad. Living in New York is expensive, producing this product also costs a lot, thus the founder relied on loan from her dad. Barbara sees this as a sign of a weak entrepreneur.
Barbara thinks that for Melissa succeeding is an option versus a necessity. And that she found that the people that really succeed have a necessity. They have to do it, or the sky gonna fall in.
And then Barbara plunges into a subject i do not agree with. She invokes the security net of rent being paid, and that without it, Melissa would struggle. Maybe true, but i do think security nets are important for entrepreneurs and not all entrepreneurs succeed due to necessity.
Mark Cuban agrees with the value of being backed against the wall, but does not agree with Barbara’s radical approach. Mark makes an offer of $100k for 33%, and Melissa does take the offer.