"No. Never. No. I'm out" — When Shark Tank investor Kevin O'Leary brutally rejected Beddley

Lola Ogden appeared on Shark Tank season 11, episode 18, which aired on April 3, 2020. She sought $150,000 for 10% of her business, Beddley, which sells hassle-free duvet covers. Although a useful product, the company's sales made the Sharks apprehensive. Consequently, they started bowing out of consideration one by one. Kevin O'Leary, who was the sole Shark remaining, said:

"No. Never. No. I'm out."

While speaking to the Shark Tank cameras, Lola expressed that the investors were "hung up" on her sales numbers. However, she believed she needed "one breakthrough" to push her brand "into the millions." Meanwhile, Kevin told his co-panelists that it was the first time in the history of the show that he became speechless.

"All I could think of was no," he added.

Although Lola left the Tank empty-handed, Beddley's numbers improved after the episode aired. By mid-2021, the business had $4 million in lifetime sales. In the following years, Lola also resolved her supply chain issues.

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"Self-awareness is key" — Shark Tank investor Mark Cuban advised Beddley's founder not to lie to herself

While demonstrating her product, Lola stated she created "the easiest, fastest, and most user-friendly" duvet cover ever known. Beddley's innovative covers came with a three-sided opening that made inserting or removing the duvet hassle-free.

The Shark Tank investors, after reviewing the packaging, immediately raised concerns, saying it did not do a good enough job explaining the product to the customer. Although Beddley's official website had a video demonstrating how the duvet worked, the packaging itself failed to highlight its purpose.

After Lola shared her background and how she got an MBA from Columbia University, Shark Tank panelist, Daymond John inquired about the cover's cost and selling prices.

"Right now, it's made in the U.S. So, our costs are very high and I know I can get that down drastically," Lola said.

She then revealed that it cost $57.50 to make and sold for $130-$140 on average. When Robert Herjavec asked her about her sales, Lola urged the investors not to judge her by her sales, before stating that Beddley made $28,000 last year and about $12,000 in 2019, year-to-date.

While the investors were surprised and unimpressed by the numbers, Lola continued with her pitch, requesting them to see the potential of her business. When Robert asked why her product did not sell, the entrepreneur said she had done "a lot of marketing" and got Beddley into two Macy's Pop-up Shops. She also mentioned that she had QVC "interested."

Shark Tank investor Lori Greiner was the first Shark to bow out of investing, saying it was not a product for her, despite being a "quality" one. Lola continued about the importance of brand awareness and using the money for marketing but the panelists remained unconvinced.

Daymond believed she would struggle with marketing even with the money if she had not already figured it out. Although he thought it was a "genius idea," he refused to invest in the business. Robert followed suit, saying Lola was in love with the "romantic idea of starting a business." He also removed himself from consideration unsure if an investment in Beddley would be wise.

Mark told Lola that "marketing dollars never build brands," but product satisfaction and execution did.

"Lola, self-awareness is key for every entrepreneur. We all lie to ourselves, some more than others. But you're in the more category right now and you've gotta get to the less category. I'm out," he added.

Ultimately, all heads turned to Kevin, the sole investor left to speak on the matter. He refused to explain his decision and rejected Beddley with a "no."

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Shark Tank season 16 airs new episodes on Fridays at 8 pm exclusively on ABC.