"Ruined you" - When Shark Tank investor Mark Cuban rejected Zorpads

During their 2019 Shark Tank appearance, Harvard Business School graduates Taylor Wiegele and Sierra Smith pitched their shoe odor elimination product, Zorpads. They sought $150,000 for 8% equity at a $1.875 million valuation.

After presenting their NASA-tested technology and revealing $103,000 in sales since August 2017, the founders explained their traditional retail marketing strategy. Mark Cuban immediately challenged their approach.

"Guys look absolutely Harvard Business School ruined you. I’m out…Nobody has put traffic to their odor products on in traditional retail and big box retail. So where are you going to spend your money to create a brand and drive traffic where nobody is interested and nobody goes? That's why I'm out," Cuban stated.

While Cuban rejected the deal, Lori Greiner and Charles Barkley later invested $150,000 for 22.5% equity.

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Zorpads faces Cuban rejection but secures Greiner and Barkley deal on Shark Tank

Wiegele and Smith walked into the Shark Tank carrying their signature product, a shoe odor elimination pad priced at $4-5 per pair. The adhesive inserts utilized specialized carbon fabric, a technology Wiegele discovered while he worked as a chemical engineer. Their presentation highlighted the product's 60-wear lifespan and minimal size, making it more practical than existing market options.

The Shark Tank company founders explained their development process at Harvard's Innovation Lab. Each Zorpad contained three distinct layers: moisture-wicking material, odor-absorbing carbon fabric, and an adhesive base. The carbon layer's surface area matched that of a tennis court, creating significant odor absorption capacity.

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Sharks' reactions

Cuban expressed strong concerns about their Harvard Business School approach to the market. Cuban pointed out that typical consumers did not browse retail aisles specifically for odor-control products. He questioned their decision to invest in retail brand building where product demand remained limited.

Cuban stated their academic background had affected their market understanding. After this assessment, he became the first Shark to withdraw from investment consideration. After Cuban's departure, the remaining Sharks showed strong interest in Zorpads.

Lori Greiner initiated negotiations by partnering with guest Shark Charles Barkley. Their opening offer stood at $150,000 for 30% equity. Greiner emphasized her QVC distribution capabilities and mentioned Barkley's potential as a product ambassador with his size 17 shoes.

Kevin O'Leary quickly provided a competing offer of $150,000 for 20% equity. Robert Herjavec matched O'Leary's terms, creating a three-way bidding situation. The founders attempted to negotiate with Greiner and Barkley, proposing $150,000 for 20% equity. When this met resistance, a final agreement emerged at $150,000 for 22.5% equity with Greiner and Barkley.

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Post-deal developments

The months following the appearance brought significant changes, per the Shark Tank Blog. By March 2020, company operations had shifted substantially, and Taylor Wiegele stepped away from his role in the business. During the same period, Zorpads announced a charitable initiative, directing 10% of profits to No Kid Hungry during the COVID-19 pandemic.

The business partnership structure changed when Lori Greiner withdrew from the deal. Charles Barkley maintained his involvement as an investor. The company faced operational challenges, experiencing supply chain disruptions during spring 2021. Their website indicated shipping delays, with orders paused until June 2021.

Despite early hurdles, Zorpads established strong market performance through digital sales channels. The company's presence on the Amazon marketplace grew significantly. By 2023, they achieved an annual revenue of $4 million, and their product availability expanded to major retailers like Walmart.

The business encountered additional inventory management challenges in April 2023, leading to another brief pause in order fulfillment. These issues were resolved by October 2023. Through various operational adjustments and market changes, the company's total lifetime revenue reached $4 million, marking substantial growth from their initial Shark Tank appearance.

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