One Year Since Shark Tank
For PhoneSoap, appearing on Shark Tank was something of a milestone. Not only did give the product a large amount of exposure, but the entire experience was also very validating. Our appearance wasn’t just a rejection or an offer, it was somewhere in the middle, and we had to fight our way through the episode.
At first our strategies for using the product were criticized by some of the hosts, and Mark Cuban even made us an offer after some of these criticisms. However, his offer was very narrow and required us to give up more than we were willing. That’s a tough thing to do in that situation, but it wasn’t what we wanted, and so the decision was as simple as that. Plus, Mark was also the person telling us that our product would never work, and then made the first offer. If that’s not an obvious negotiation tactic, then I don’t know what is.
We held out, and it was the smart thing to do. Lori Greiner ended up making us a much better offer just a few moments later, and we happily accepted. It was a risky thing to do, but when you own something, and you really love it, it’s not actually that hard to stick to your guns and protect your brainchild.