When LaTangela Newsome appeared on “Shark Tank” (Season 8, Episode 13) to pitch her product, she had but to promote a single unit. Although she had no gross sales, Newsome had just lately discovered a producer to make the baggage, and deliberate to promote packs of three for $12.99. Regardless of the excessive worth of the baggage, every set of three would solely price the corporate $2.34. Newsome confirmed the Sharks a pattern of the prototype, displaying how the padding inside absorbed grease that had cooled. Nonetheless, she hoped a shark would make investments $75,000 for 25% fairness in her firm.
A number of of the Sharks discovered points with the product, together with that it was not able to dealing with sizzling grease. Although Mark Cuban, Lori Greiner, Kevin O’Leary, and Robert Herjavec have been out on the invention, Barbara Corcoran supplied Newsome $75K for 50% fairness so long as the founder lowered the worth of the baggage by half. The Grease Luggage inventor took the deal, regardless of that it might sacrifice half of her possession.