This will be a short blog post, check the video embedded below.
Name & brand: Sliimey Honey , mehh, false advertising, as there is no honey in it.
Logo: No effort put to produce a decent logo.
Story: Mark Lin a 17 year old is pitching his business Sliimey Honey to the shark tank. Asking for $150k for 10%.
His pitch is that he created slime products ( more than a 100 different product) that smell like real food, and thus allow people to play with their food lookalike. His mom a certified accountant is apparently heavily involved in this son-mother business, he also hired 11 of his friends (in rotation) for packing and shipping.
Company offer: Premium slime.
The Pitcher: Mark Lin.
The Problem that needs solving: Absolutely none, useless product.
The ask: $150 k for 10% of the company.
Valuation: $1.5 million.
Defensibly: None.
Sales: In 3 years $1.2 million, 70% margin.
Cost: $2-4 (Produced by the pitcher) Sells: $10-16 +shipping.
Marketing: Tiktok (has a channel with almost 1 million subscriber).
Business model: D2C via Website.
The Sharks offers / deals:
Daniel was out. Kevin offered 150K for 30%. Lorry didn’t want to invest in slime business. Mark Cuban said, it’s wrong to take an investment at this stage. Daymond John offered 150k for 25%. Lin wanted to counter by increasing the capital to $300K for 25%. Later Lin needed to chose between Kevin or Daymond for an investment of 150k for 20%, and chose Daymond ($750k valuation).
Positive aspects of this business:
- Good execution, artistic feel. And the mom did great guiding the business into profit.
- A teen having a business, pitching investors and pursuing education.
Negative aspects of this business:
- Environment unfriendly. A useless product that uses glue as main substance and needs mixing for 40 minutes.
- Dangerous around kids. There is a reason why food aromas are not used in toys. Here we are adding food aroma to glue and other chemical substances.
- Allergies triggering: The product have not been tested against allergies, and uses chemical elements.
- Lawsuits waiting to happen. Due to previous points, lawsuits are bound to happen, especially now that an investor is part owner.
- Main designer is busy: The main designer, is moving to college next year. For a hand made product relying on the designer directly creating these different products, this could signal the end of the business.
- Niche product: extremely niche product.
- 1 Channel marketing: Based more on tiktok influence than possibly the need for the product itself.
- The biggest issue might be that the slime is neither premium nor high end, to be premium or high end, it needs to be safe, whish is not the case of this glue based slime.
