Shark Tank Update: BrilliantPad By Erica Abbott

BrilliantPad

Company: BrilliantPad

Founders: Alan Cook and Brett Shorenstein

Season: Appeared on season 9 in the week 6 episode

BrilliantPad is a self-cleaning puppy pad and potty for small dogs who go to the bathroom indoors. The automatic, mess-free solution handles both liquids and solids and seals the waste away in a container. A timer releases a clean, fresh pad.

According to their website, each roll contains 27 sheets, which allow for clean disposal. The BrilliantPad costs $149.99, while the roll starts at $19.99. Cleaners and transition pads for dogs less than 25 pounds are also available.

When Cook originally appeared on “Shark Tank,” he came in asking for $500,000 for five percent equity. Kevin O’Leary worried that the BrilliantPad would smell very unpleasant after a month, however, he was convinced otherwise when he smelled a used roll. He offered $500,000 as a loan at 11 percent interest for 10 percent equity. Lori Greiner jumped in with an offer as well at $500,000 for eight percent with a $5 royalty until the investment is repaid, which she changed to $500,000 for five percent with the $5 royalty. Ultimately, Greiner accepted Cook’s counteroffer of $2.50 per unit with a line of credit.

Cook spoke with Business 2 Community about BrilliantPad’s experience on the show and what their next steps are. Take a look at the Q&A below:

Q&A with BrilliantPad’s Co-Founder Alan Cook

What was your strategy for navigating “Shark Tank”?

My goals were to deliver a solid pitch, demonstrate the product and convey how well BrilliantPad locks away odor. I couldn’t have been more pleased that Mr. Wonderful sniffed a loaded roll and exclaimed on national TV that he was surprised and impressed the soiled roll was clean and fresh.

How has BrilliantPad changed since the episode was first recorded? Since it aired?

We started shipping product after the episode taped and before the episode aired. We saw a significant increase in sales the week immediately following our “Shark Tank” airing. Then after things settled down, our daily sales were higher than before the show aired.

Is there anything you would have changed about your time spent in the tank, including your pitch and valuation?

I am very pleased how everything turned out.

Do you think “Shark Tank” was the right move for your business?

Absolutely! It has helped us build awareness and credibility with consumers and retailers.

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What are BrilliantPad’s next steps?

We are working to increase our awareness and distribution. BrilliantPad will be available for sale in several countries outside North America later this year.

Where do you see this industry in 5-10 years?

People love their pets and the pet industry has grown consistently for many years. We continue to be impressed by the industry’s robust grow and we look forward to bringing more innovations that sustain this growth.

What would you say to people who want to start their own business?

Be explicit and articulate the problem you are solving. Ensure your business model is as good as your product or service. Then surround yourself with great people that can help you implement your idea and business plan.

What advice would you give to entrepreneurs who want to make it on “Shark Tank”?

Do your homework, know your numbers, develop a strategy and be prepared for a wild ride. The Tank is exciting, surreal and a little chaotic. Most of all—have a good time.

Responses have been lightly edited for clarity and length

via Technology & Innovation Articles on Business 2 Community http://ift.tt/2nBtOpt

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