'Shark Tank' contestant fails to get a deal because judges felt that she was too successful
Entrepreneurs on "Shark Tank" usually lose out on deals due to a lack of success. But one entrepreneur failed to get an investment because she had become too successful. This was the founder of 'See The Way I See', Sophie Nistico, who impressed the sharks beyond any bounds. The creator of the inspirational clothing brand that brings mental health to focus found such robust success that she was selling $260,000 worth of items in a day. Seeing her trajectory to success, all five of the sharks backed out of the deal, since they were not willing to steal her thunder.
In the episode, Nistico entered the Tank seeking $250,000 for 10% equity in her company. She started her pitch by emphasizing the need to focus on mental health and highlighted how normal it is for everyone to be sad or overwhelmed. "Kevin, I know you have a tough exterior but you too have shed a tear in the Tank," she said.
She then shared that her mission is to destigmatize mental health because it’s not something that anyone should hide. Thus, she created 'See the Way I See', a size-inclusive mental health awareness clothing brand that places positive affirmations on clothes to allow customers to literally wear their hearts on their sleeves. Apart from clothes, the brand also sells rings, stickers, and keychains that motivate people throughout the day.
After she shared samples with the sharks, Barbara Corcoran asked Nistico how she came up with the idea. The founder explained that she had created an online community on social media where she shared her thoughts and art, as since high school, she struggled with anxiety. Eventually, she started a brand with just $500 in her hands. She bought a sticker machine and started selling stickers of her art, and eventually started making clothing. Coming to sales, Nistico shared that she had sold merchandise worth $260,000 in just 24 hours this year.
Cuban then interrupted Nistico to explain that she did sales drops to reach that feat. Kevin O'Leary suspected something must be going on and asked how much Nistico was spending on advertising. The young entrepreneur said she was spending nothing on advertising, and her sales came with the help of her online community alone. She then told the sharks that she had $450,000 in the bank and received a round of applause from the panel.
Daymond John then asked Nistico why she needed a Shark since she was doing so well. "I'm proud of myself for how far I've gotten, but I have zero background in business. My family has zero background in business, and I just feel like I'm hitting that point where I need a mentor," Nistico said in response.
O'Leary then questioned the $2.5 million valuation, which Nistico justified by saying that the lifetime sales of her company were over $2.3 million and she expected to close 2022 at $1 million and 2023 at $1.75 million. By this time, Mr Wonderful was convinced that Nistico didn't need a Shark. "I don't really buy it anymore I mean you're doing better than 90% of the people that stand in front of me. You're killing it! I don't really know how to help you, so I am out," O'Leary said.
John also applauded Nistico for her great work, and agreeing with O'Leary, he too went out. Lori Greiner also complimented Nistico, saying she was already a good businesswoman, and she wouldn’t feel comfortable taking a piece of her business, so she was out as well. Cuban also followed suit, after congratulating Nistico on making a boatload of money.
Corcoran said that Nistico's greatest strength was her vulnerability, and she asked her what a Shark like her could do for her. Nistico said that maybe wanting a shark is the “overthinker in me,” and with this, Corcoran went out too.
According to online sources, the Sharks turned out to be right. See The Way I See is still going strong with an even larger online community and a wide range of offerings on its website.
