Entrepreneur Bags 5-Figure Investment on 'Shark Tank' at the age of 82; Here's All About His Product
In the fast-paced world of entrepreneurship, where young blood is being propped up as the future, an 82-year-old entrepreneur is proving that age is indeed just a number. Bob Legg, the co-founder of hunting gear manufacturer Air Boss Outdoors, recently showcased his innovative product, the Krapp Strapp, on ABC's hit show "Shark Tank" and walked away with a five-figure investment offer.
What's the product?
The Krapp Strapp is a weatherproof strap designed to enhance the outdoor experience for hunters, campers, and adventurers. Made entirely in the United States, this unique product addresses the common challenge of answering nature's call in the great outdoors. Keith Lindsey, Legg's business partner, explained on the show that users can simply attach the strap around their waist, secure it to a sturdy structure like a tree, and comfortably relieve themselves by leaning back and squatting down.
The #1 necessity for doing #2 outdoors! The Krapp Strapp is the most fun gift to give this season to anyone you know who is ever in the outdoors…hiking, fishing, camping, hunting etc. Could be a real life saver! Special #SharkTank discount here: https://t.co/767FTjdwAd 😉 pic.twitter.com/yd9mVm8h0G— Lori Greiner (@LoriGreiner) November 4, 2023
What were they gunning for?
Legg and Lindsey, both seasoned entrepreneurs, sought a $65,000 investment in exchange for a 10% equity stake in their Jacksonville, Texas-based product. Their primary goal was to boost advertising efforts for the Krapp Strapp. Lindsey candidly admitted on the show that their attempts at marketing, e-commerce, social media, and advertising had faced challenges, prompting the duo to seek a strategic partnership.
Mark Cuban, known for his keen business acumen, playfully demonstrated the Krapp Strapp by affixing it to an indoor tree. Despite the unconventional nature of the product, judges expressed their admiration for the sale of 4,000 units in just four months, without spending a single dollar on advertising.
View this post on Instagram
The money talks
The Krapp Strapp's success story was further highlighted by its revenue of around $200,000 during that short timeframe, thanks in part to a viral Facebook post. Lindsey's post, which garnered over 1 million views in a matter of days, demonstrated the power of social media in propelling their product into the spotlight.
While judges Robert Herjavec and Kevin O'Leary acknowledged the product's potential, they opted not to invest, believing that other sharks might be better suited for the deal. Cuban, too, commended the entrepreneurs but insisted on making an offer only if the others presented unfavorable terms.
View this post on Instagram
The pivotal moment arrived when Lori Greiner, a seasoned investor known as the "Queen of QVC," and Daymond John, the founder of FUBU, offered $65,000 for a 35% stake in the Krapp Strapp. Negotiations ensued, with Legg countering at 25%, and Greiner settling at 33.3%. Ultimately, the deal was struck, and Legg and Lindsey walked away with a valuable partnership and investment.
As the duo exited the stage, Cuban, known for his straightforward and often humorous remarks, exclaimed, "Bob, you're a star, buddy!"
More from MARKETREALIST