Shark Tank – Noggin Boss : Huge Hats
Noggin Boss pitched on shark tank (Shark Tank Season 13 Episode 16).
Their product huge promotional hats that are at least 3x the size of a normal hat.
Their funding ask was modest, $50K for 20% of their company.
Sales wise they did 30k in 4 month before the Covid global lock-down.
These big hats have a huge potential, especially in sport games, hence huge branding potential.
The cost to produce such hats is $20, and the sell price is $65 +.
The real reason, the founders decided to pitch the shark, is that they can not fulfill the demand, as 95% of the demand is for branded hats, and the founders need a shark that can help them in the license lane. Sharks proposed that this could be a possible sub-license to a company that already have NBA license for hats.
Daymond offered 50k for 30%, Mark said he would let them put these in the maverick’s shop, and see if they sell, but without investing. Daymond pressured them hard, not allowing them to hear the other sharks, thus they decided to accept Daymond’s offer.
From what i understood, this is not patent-able, thus competition can pop up if there is traction. A 65$ hat is way too expensive, Chinese copies will be on the market in no time.
It’s a nice item, for fun, but i wouldn’t pay more than 10$ for such a hat, thus their cost is way too high.
Branding: Name too complicated, logo ok.