Stepping into the Shark Tank, KidRunner founder Will Warne pitched his invention. He offered 20 percent of his company in exchange for $500,000. Warne valued his company at $2.5 million. Warne explained that he rolled out the KidRunner in 2015. At the time of the taping six months ago, he only had a prototype and no sales. His Kickstarter campaign raised only $6,000 to $7,000 which was a far cry from the $100,000 goal.
Warne noted that parents spend $1 billion a year on strollers, etc. His product reduces injury and is high performance.
Robert Herjavec tried it out but was not liking the idea of pulling his kids behind him. Robert wanted to see his kid for long distances. Kevin O’Leary questioned the marketing strategy. The judges were not impressed with the failure to get their Kickstarter campaign to its goal.
Barbara Corcoran said that Warne is a careful plotter that will not get his product out for sales so she was out. Mark Cuban asked if they got any deposits for their orders but Warne said no. Robert was out because he said they need to start taking orders. Mark was out because Warne was too much of a perfectionist. Lori Greiner was also out as she is not a runner.
Kevin’s issue was with getting a costumer so he was out.
Although Warne claimed that he had more than 1,200 prospective buyers who are interested in the KidRunner, the sharks did not buy into that statement.
What did you think of the sales pitch? Did you like the product? Sound off below in the comments section.
KidRunner is the world’s first and only pull style kid jogger. It is hands and arms free, multi-terrain and high performance. It is safe for kids and their parents, reduces running injuries and brings back the joy and freedom of running and exploring with your kids. KidRunner has been designed, tested and used on trails, roads and competitive races.
KidRunner was designed for performance, comfort, safety and beauty. It works by incorporating advanced materials and design to give runners and adventurers hands and arms free bio mechanic efficiency. The patented, ‘Harmonic Damping System (HDS)’ insulates the motion of the runner from the seat to ensure runner comfort and a smooth kid ride.
Shark Tank Social Media Reactions
No sales yet? That’s not what Sharks want to hear. #SharkTank #KidRunner
— Daymond John (@TheSharkDaymond) April 23, 2016
I don"t run and my kids won"t fit in this thing!! What do you guys think? #SharkTank #KidRunner
— Kevin O"Leary (@kevinolearytv) April 23, 2016
I like this #KidRunner good product #SharkTank
— verna harris (@veeh1) April 23, 2016
It"s just too complicated, and highly technical. Very narrow niche market. #kidRunner #nosales #nodeposits #StopTheMadness #SharkTank
— Nicholas Allaham (@NicholasAllaham) April 23, 2016
Lori is right! The poor kid has to stare at Mom or Dad"s butt the whole time. #kidrunner #SharkTank
— Amy Naas (@AmyNaas) April 23, 2016
Ouch! #KidRunner. There"s point when you just shove past your fear and actually sell your product. #SharkTank
— Heidi Rena Norrod (@HRNorrod) April 23, 2016
Say what you want about overplanning/perfectionism, but KidRunner is a beautiful piece of engineering. Cost competitive, too. #sharktank
— Ty Schalter (@tyschalter) April 23, 2016
No deal for kidrunner on #sharktank. $750 price for jog stroller and other concerns the investors had. Unique idea but had 0 sales yet.
— Jake Gillette (@mach3Jake) April 23, 2016
This KidRunner guy is crazy trying 2 charge $750 for that shit & valuing @ 2.5mil on a failed kickstarter campaign & no sales
#SharkTank
— Josh O"Bryant (@joshob1987) April 24, 2016
Don"t most competitors for #KidRunner have it in front? The kid seems like he"d be bored looking at the parent"s back. #SharkTank
— BobAKABuffy (@BobAKABuffy) April 23, 2016
#KidRunner This stroller doesn"t seem very practical. #SharkTank
— Is it just me? (@misnsomething) April 23, 2016
The Sharks are: billionaire Mark Cuban, owner and chairman of AXS TV and outspoken owner of the 2011 NBA championship Dallas Mavericks; real estate mogul Barbara Corcoran; “Queen of QVC” Lori Greiner; technology innovator Robert Herjavec; fashion and branding expert Daymond John; and venture capitalist Kevin O’Leary.
The entrepreneurs who dare to enter the Tank must try to convince the Sharks to part with their own hard-earned cash and give them the funding they desperately need to turn their dreams into million dollar realities. All of the good, bad, emotional and even absurd pitches help showcase the “I wish Ihad thought of that” business ideas and products.
Learn more about the product at www.KidRunners.com.
Photo Credit: Source
Source: B2C
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