![]() Jon is asking the Sharks for $200,000 for a 5% ownership of his company. RewardStock is an automated travel advisory service that takes accrued frequent flyer miles, hotel points, etc and with your input and interests, converts them into inexpensive and affordable vacations. Princeton graduate, Jon Hayes, left his career as an investment banker on Wall Street to start his company RewardStock. RewardStock Solidifies a Deal with Mark Cuban The Handbag Raincoat ultimatly leaves the tank without a deal. ![]() There is also concern that the current margins are not sustainable and that it would be very difficult for a Shark to make back their investment. The presence of persisten t competition, especially from a major corporation, is a scary and costly venture for the Sharks. There is concern among the Sharks that although The Handbag Raincoat has been given a lot of opportunities, the company has not grown. They currently own about 84% of the company and are looking for strategic partners for growth capital.Īlthough the Sharks are impressed with their pitch and enthusiasm, they begin to evaluate their business and quickly begin declining to make an offer. “It looks like Hurricane Barbara is about to hit the tank!” – #SharkTank /xz4dVYWfUqĪlthough the company has not done formal marketing, they also appeared in Oprah’s magazine which lead to airtime on “The View.” Presumably because of their promotion and design, The Handbag Raincoat has seen some competition pop up in the market, including a very prominent handbag manufacturer, which has caused them to have to spend money on legal proceedings to shut them down. They currently have $125,000 in sales year-to-date and are running test markets with Bed, Bath and Beyond, Nordstrom and The Container Store. After working in this industry and seeing a clear need for this product, Morgan and Arley purchased shower liners and hook and loop closure to make the first prototypes of their product from their living room. This product is designed to protect one of a woman’s most expensive accessories, her handbag, during rain or weather events. Morgan and Arley Sarner entered the Shark Tank seeking $ 300,000 for 25% ownership of their company, The Handbag Raincoat. The Handbag Raincoat Fails to Catch a Deal Tune In Sun 11/18 at 9/8c on ABC #SharkTank /MDrT763ATI History in the Tank TONIGHT – “1st Time” Women outnumber the Men!!Īlso featuring one of My follow ups…it made me cry! The Handbag Raincoat, RewardStock, WISP and The Kombucha Shop all came to the tank seeking deals from Lori Greiner, Mark Cuban, Kevin O’Leary, Barbara Corcoran and guest Shark, Sara Blakely. This is the first time in Shark Tank history that the female investors outnumbered the men. In a historical night for the Shark Tank, four businesses entered the Shark Tank looking to strike a deal with a group of Sharks that was predominately female.
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