"See this as a side hustle" — When Shark Tank's Barbara Corcoran rejected Yono Clip

Michael Green and Bob Mackey entered Shark Tank season 12, seeking $150,000 for 15% equity of their business, Yono Clip. The entrepreneurs showcased their suction-cup hook device designed to keep bags off the floor. At the time of their presentation, they had completed a Kickstarter campaign, raising $9,857 in July 2020, and had generated $4,500 in sales within their first two months.

Manufacturing remained in-house, with all units assembled manually in their workspace. Each Shark provided specific feedback during the evaluation. When it came to Barbara Corcoran, she stated:

"You know, I think you have a lot of heavy lifting ahead of you. I really do. I think it's clever. I think it's a cluttered market, very competitive, and I don't think it's going to sell well enough for you to make an occupation out of selling it. Not much more important skills that changes the world in a much more meaningful way. So I would see this as a side hustle and keep it that way. But those reasons, I'm out.”

While four Sharks passed on the opportunity, Daymond John offered $150,000 for 30% equity, which the founders accepted.

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Yono Clip gets Daymond John deal on Shark Tank after Barbara Corcoran rejects pitch

Green and Mackey entered Shark Tank with physical demonstrations of the Yono Clip. The product displayed its 15-pound weight capacity using the DURAFLEX® suction mechanism on various surfaces. At the time, their manufacturing process relied on 3D printing technology in their garage workspace.

Each unit cost $10 to produce and retailed for $20. The founders sought a $150,000 investment to purchase manufacturing molds, which would reduce production costs to $5 per unit.

They presented all six color variations: blue, green, pink, black, white, and red. Green highlighted his background as "Michael Green the Science Machine" from his shows at Six Flags Georgia, The Steve Harvey Foundation, and The Atlanta Braves.

Their Shark Tank presentation included specific examples of use cases, from gym bags to everyday carry items. The Yono Clip's creation stemmed from Green's observations at local gyms. The final design merged function with sustainable materials. Each unit featured both a retractable hook and a carabiner clip, maximizing versatility.

The team selected biodegradable components for the main structure. Their packaging utilized recycled materials, supporting environmental responsibility. The product specifications met commercial durability requirements while maintaining user-friendly features.

During the evaluation, Barbara Corcoran pointed to the crowded market conditions and recommended maintaining the business as a supplementary venture. Mark Cuban expressed concerns about sales potential, citing possible market resistance. Kevin O'Leary declined due to his existing investment in Deskview, a similar product space.

Lori Greiner questioned the product's market differentiation and opted out. Daymond John initially expressed concerns but ultimately offered $150,000 for 30% equity. He stated:

“I'm on the fence because here's the biggest challenge. You're asking $150,000 for 15%. You're basically saying this is a million-dollar company, and you absolutely are nowhere at the moment...I don't want to get to work on this thing, but I want to support you."

The founders took several minutes to consider the increased equity demand before accepting. While John's offer doubled their initial equity proposal, it provided the necessary capital for manufacturing expansion.

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Post-tank developments

The Yono Clip business reached $400,000 in annual revenue following its Shark Tank appearance. However, the COVID-19 pandemic created significant supply chain complications, and market competition intensified as similar products emerged. Multiple knockoff versions appeared on Amazon and other retail platforms.

The company's original manufacturing transition plans faced implementation delays. Production costs remained higher than projected. Additionally, the Shark Tank company stopped maintaining its social media presence, with its last Instagram post dated October 5, 2022. Michael Green's LinkedIn profile no longer lists the business among his ventures.

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Shark Tank season 16 is airing on ABC network.