'Shark Tank' offers a life-changing deal to founder whose pitch was about an edible paint
Over the years, weird products have appeared on "Shark Tank" paired with creative pitches. But edible paint is probably the most palatable one, and it was the founder of "Noshi Food Paint," Tomo Delaney, who brought the unique item to the table of the Sharks and left everyone impressed. While his product and licensing deals were amazing, his numbers were rather modest. This is why Delaney had to go down to the last Shark, Mark Cuban, to finally get his $250,000 deal.
In the episode, Delaney entered the Tank seeking an investment of $250,000 for 17% of his company. He started his pitch by shouting “no, no, no, no," which he heard a lot of being a stay-at-home dad. "It's the one superpower that kiddos can wield over their parents from a really young age," he said. Thus, to cope with his picky eaters, Delaney came up with the idea of edible paint that kids can use to decorate their food.
"With Noshi edible organic food paint and condiments, kids can turn any Meal Time into an art class," he added. He further explained that his products, Crayola, Sketchup, and others had no preservatives, no artificial colors or flavoring, and were all natural and organic. With samples in front of them, the Sharks start playing with their food. Kevin O'Leary recognized the Crayola brand, after which Delaney revealed that he had several licensing deals. Coming to the numbers, he shares that a container sells for $5.46 and costs $2.72 to make. However, the wholesale rate was $3.70, which was terrible according to Mark Cuban.
Furthermore, Noshi didn't sell online as Delaney was a one-man show running the company. However, Delaney reasoned that he had been alone with the kids for the past couple of years as his wife moved back to England. He explained that his wife couldn't work anymore, so it was on him to make the company a success. He added that his products were in 370 Walmart stores, and the item, Sketchup, was going to be in 1500 stores.
While the Sharks sympathized with his story, it wasn't enough for them to make a deal. O'Leary was concerned about the low sales and that Delaney was a one-man show. "I am not looking for a job. I am an investor. If any other Shark wants to take that journey with you, but I am out," he said.
Barbara Corcoran also dropped out after citing problems with the positioning of the product. She felt it needed to be a gifting item, and it didn't belong in a condiments aisle. Lori Greiner also complimented the idea, but pulled out since there wasn't enough for her. Meanwhile, Daymond John saw it as a novelty product, which hurt the sales, so he was out too. It all came down to Cuban, who was at a crossroads with the product.
He thought the Crayola was great, but the packaging of the other items wasn't up to the mark. He saw the product's potential to do well online, so he asked Delaney if he planned to do so. The entrepreneur assured him that he would make it happen, and Cuban offered him $250,000, but for 25%. Delaney accepted the deal in a heartbeat.
According to the Food Republic, the deal closed, and Noshi Food Paint saw incredible success.
