'Shark Tank' offers a 6-figure deal to entrepreneur who came up with a special underwear for men
"Shark Tank" is a show where innovative ideas take flight, entrepreneurs from all backgrounds get visibility, and the most bizarre pitches are entertained. But before sharks scrutinize numbers and rip apart business models over the smallest loopholes, they focus on how a product is able to solve specific problems that people face in everyday life. One such product was brought in by Jonathan Diersing who sought to solve a problem that troubled men.
Diersing began his pitch by introducing his innovative men’s padded underwear line called 'Rounderbum.' He explained that his products were designed to enhance physical appearance and boost confidence among men. Seeking an investment of $150,000 in exchange for 10% equity, the young entrepreneur went on to demonstrate the impact of his products. “Everybody appreciates the way they look, and everybody wants to look better,” Diersing said as he brought a male model on the stage. “Not everybody has the time to go to the gym," he added as the model put on a pair of jeans.
Diersing then claimed that many wish they had a little more in the back or up here pointing to his chest. He then flipped the board with another model, an identical twin of the first model coming out, from the back, wearing Rounderbum products. Deiersing explained that the underwear and fitted shirts use “Padded Tech” and “Lift Tech” to strategically enhance the wearer’s backside and front for a more rounded look.
“You can really tell the difference!” investor Robert Herjavec remarked looking at the twin side by side. When asked about sales, Deiersing shared that he launched Rounderbum in 2015, which was only selling online. From May 2015 to the time of taping, the company had made $1 million from sales.
The big number impressed the panel of investors instantly. Herjavec inquired why he had come to "Shark Tank" if he was doing so well on his own. Diersing shared that his line of study was neuroscience and not business. “My mom has multiple sclerosis, and I went to school trying to figure out if I wanted to be a doctor to help her,” Diersing said. However, he said that it was clear to him that he didn't have the same drive as others, so after finishing his course, he worked as a salesman and eventually founded his own company. Hence, he needed more help with the business side of things to take his products to retail and brick-and-mortar stores.
Daymond John was the first Shark to move the conversation in the direction of a deal. John said that he didn't understand the product and cited a conflict of interest with another company he invested in, before withdrawing from the deal. For Mark Cuban, Rounderbum was simply a product that he didn't believe in. “I’ve got to believe in a product — I go commando, so I am out!” Cuban revealed making the sharks cry out loud.
Next was O’Leary who made a real offer. "Mr Wonderful" put $150,000 on the table for a 5% stake in the business. To make the deal his signature, O’Leary threw in a demand for $2 per unit royalty until he collected $300,000. “That’s a dollar for each cheek,” he said. Herjavec also chimed in, offering $150,000 for 20% straight equity. O’Leary immediately labelled Herjavec's offer, “greedy and savage.”
Deiersing countered Herjavec's offer by giving a lower equity, but the investor didn't budge. When the entrepreneur asked him to raise the investment, Herjavec refused again. Thus, in the end, the entrepreneur decided to accept Kevin’s offer instead.
According to Shark Tank Recap, the two did close the deal and their partnership turned out to be fruitful. By 2022, the company was generating $3 million in annual revenue and it had also expanded its product line to boxers, boxer briefs, trunks, and more.
