No investors back local man’s product
NEEDHAM, Mass. — When they say people are “in the tank” on the reality series “Shark Tank,” that’s no joke.
A panel of very hard-to-please potential investors hear pitches from entrepreneurs looking for the backing of their business or product.
A Needham man got his chance to make a deal on the show with a product called Morninghead. He said the unusual item solves a universal problem.
On “Shark Tank” the response from the panel of investors about Morninghead was initially not overwhelming.
“It’s a diaper on your head,” said one panelist.
“It’s a shower cap,” said another panelist.
Not so, said Max Valverde, in his high-energy pitch of the ultimate solution to bed head. He introduced Morninghead to the sharks on the show Shark Tank on Friday night.
He said he sells Morninghead for $7.99 on his website, but wanted to bring down the cost, which would make the profit margin huge.
His idea grew out of being a person who showers at night, then wakes up to major bad hair day and doesn’t want to take a second shower. The result was a lot of people’s dilemma — “bed head.”
“So it’s a fun product that cures bed head in seconds, and it’s perfect for people who shower at night, or basically any time you have bed head without the need or time for a shower,” said Velverde.
It’s a simple idea that Velverde said fills a big need.
“It’s just getting the most water on to your hair without it dripping down your neck. And it was one of those things that was just a necessarily evil that I didn’t see as so necessary,” said Velverde.
So he put the idea up on the internet fundraising site, Kickstarter, and raised $6,300.
“We’ve sold over 8,000 in 45 countries. And with the ‘Shark Tank’ airing, we are going national with Morninghead,” said Velverde.
He told the sharks he’s made $36,000 on the product sales since the company began 18 months ago.
However, his sales pitch just wasn’t enough for investors to send money his way.
In the end, none of the panelists invested and Velverde walked away empty-handed.
Velverde said whether he made the deal on the show or not, it was a win-win situation.
“At the end of the day, it’s 7.5 million viewers. It’s marketing you can’t pay for,” he said.