Shark Tank US | Will This Couple Be Able To Sell Their Cincha Travel Product?

next in the tank is a better way to travel in [Music] style hi sharks my name is Ashley Sharma and this is my fiance and co-founder James Baker we're from Oakland California and we're seeking $2,000 in exchange for 15% of our company sharks do any of you Remember The Perils of commercial travel mile long Sprints through the terminal to make your flight heavy bag on your shoulders and back weighing you down or death gripping your luggage and bag handle to try to keep it all balanced together not to mention I keep my prize possessions in my personal bag and let's just say I have a lot of prize possessions but do I have to carry this huge bag through the airport all day naturally my practical lovely lawy your fiance suggests a boring bungee strap looking thing to take the load off no thanks those things do not make me feel fo together and they definitely don't go with my airport outfit if only there was something functional and stylish for the modern traveler out there well now there is introducing the cined travel belt the world's most stylish and functional addab bag strap that secures your personal bag to your carry-on luggage the travel belts take the weight off your shoulders make your trips more comfortable and Chic as you get from gate to get away and Back Again using the travel belt really is as simple as slide cinch and go so sharks who's ready to help us literally and figuratively but mostly literally secure the bag so we have some product in front of us here hang you have an assortment of our best-selling products we actually monogrammed our money maker for you wow it's very heavy duty it's very quality it reminds me almost of like a seat Bel in a car totally it's that thick and heavy and and durable will you tell us a little about your background it's a bit about me I grew up to start homeless I'm the oldest son of a family of six uh you work successful if you didn't go to jail and you got a job any job would do you were a success amazing what I did have was uh two parents who never let me feel sorry for myself because of my circumstances they never let me use that as an excuse for my behavior for my appearance or for my ambition I literally went from uh 16 we had just got off the streets into Section 8 housing 18 I was in college the first of the family to go and then by 21 I was at Harvard Law School my for do that as well Flash Forward C years I'm working as an attorney at a great firm and I'm stable I'm comfortable but in the back of my mind I'm thinking you know what my parents never had the luxury to take any career risk to take risk at all every decision they made was how do we pay the bills today to feed our kids and I thought you know what I can take a chance and still hopefully land on my feet afterwards you know this started out as a box of belts you know but every day developing the business seeing the pride Ash had for it uh was really motivating and and kept us going Ash what's your background my background so I grew up in San Francisco um from two immigrant parents we lived in a one-bedroom apartment for most of my childhood because they thought investing in our education was the most important thing unfortunately I wasn't that great at school I was thinking in Spanish and speaking in English so I struggled the fact that I'm here like presents in and speaking out loud is like such a pinch me moment because I I hated raising my hand in class so I knew things weren't going to come as easy I knew that I was going to have to hustle so fast forward I went to college to study marketing and since then I've been working at some cpg Brands uh many of them which are startups and that startup experience has really helped while we were trying to build our own company tell us what your sales were since you started give us kind of a rrap uh so 19 we had 5,000 in sales 2020 we had 32,000 in sales then travel shut down 2021 we finished with about 250,000 in sales and then year to date we are at 830,000 in sales where are you selling are you direct to consumer or are you in your D Toc only yes so walk us through the stack what does it cost you to make what is your customer acquisition cost what do you sell it for i' I've looked at all the pieces beautifully made by the way stylish really kind of fits with my Persona fashion so you know wears the same suit every single show it's yeah so for our Flagship product the travel the original travel belt uh we make it for $461 landed at the warehouse we sell it for $40 what's the customer acquisition cost yeah so the customer acquisition costs very between 2750 and 29 bucks on an average order value of about $61.50 so it's high it's definitely something we want to get down but we've still been able to grow what is your strategy in terms of channels are you going to go into wholesale like how do you envision growing that's why we're here um we want to to get into retail we want to get into airport Stores um are you the only team members we are the just us Just The Two Of so it's just us two work still working full-time to pay the bills and also prove that if we're hungry enough to grow this thing with jobs we can grow even further without those jobs I would just like to say like I'm super impressed with what you guys have built but it's a little out of my wheelhouse as an investor I think I'm out but I just I love you guys thank you appreciate congratulations on what you've accomplished I I think it's an amazing business it just doesn't fit really to my strengths so for those Reasons I'm out thank you Mark congrats we appreciate you blow me away and amaze me you've done a fabulous job it's great quality thank you but I actually have a a partner in a business that makes something that is similar but I wish you the best of luck I'm sorry I'm out thank you Lori appreciate it uh what I've come to so much appreciate about any hardship uh is they make the best entrepreneurs yep I could remember in uh grammar school not being able to learn to read myself myself till I was barely starting in seventh grade I sometimes even think my whole career has been one long attempt to prove I'm not stupid as insecure as that might sound but what a gift it is to have an early struggle to come through it and then to play it out in the real world I think you have the ambition and the knowhow to take it where you wanted I think you're already past the first hump which is the hardest hump in building a business I got I got to say Barber I don't know that it first is the hardest we could Contin continue stumbling forward and be successful at some level but I do know that the right partner can make the difference in years of mistakes pitfalls and slower growth what we need more all right all right you saw me I'm going to make you an offer you're a good talker I'm going to give you $200,000 but I'm going to give you half of it in a credit line half of it in cash up front for 33% of your business okay thank you for the offer that smile just dropped really really quick can talk the same time well there is one shark left so yes there is uh iaha exactly I've been wanting to say that I find your model right now really attractive so here's my offer I'll do the 200,000 I want 20% but this is definitely a royalty deal because there's no other way to get my Capital back but the royalty is going to be $4 a unit till I get my Capital back okay then it drops to 50 cents in perpetuity you can count to coun yeah um thinking would you do 25% with the same terms otherwise well let me ask you would Ashley throw in James as my third husband after you take him remember that's a term Ashley that was fast a deal damn it do we have a deal or not do we have a deal for 25 for 25 we have a deal we have a deal and chances are based on an age difference that you might not even have to make good on that deal there you go come here PR girl yeah yeah thank you so congratulations thank you so much congratulations congratulations you guys good luck bye we got a deal with Barbara we love Barbara love Barbara so I have to give my fiance away but it was worth it was worth the equity was worth the equity

Channel: Sony Pictures Television

Views: 77,506

Keywords: Shark Tank, Shark Tank US, Shark Tank USA, Shark Tank America, American Shark Tank, Shark Tank Pitches, Shark Tank bad pitches, Shark Tank Best Pitches, Shark Tank Covid, Shark Tank Season 12, Mark, Blake Mycoskie, Kevin, Lori, Daymond, mark shark tank, kevin shark tank, lori shark tank, daymond shark tank, mr wonderful, shark tank moments, shark tank deals, shark tank pitch, shark tank best pitch, kevin oleary, mark cuban, lori greiner, Barbara Corcoran

Id: YhajrVViT7c

Length: 10min 1sec (601 seconds)

Published: Mon Jan 15 2024