'Shark Tank' contestants creep out the judges with bugs on set — still end up with a $500,000 deal
There are a number of ways to attract investors towards one's ventures and product on "Shark Tank," but bringing bugs to the studio isn't one of them. The founders of "Slick Barrier", Aaron and Tony Gonzales, made a bold move when they did so at the risk of leaving the sharks repulsed. To demonstrate the efficacy of their innovative clear coating that kept pests out of homes without the use of pesticides, the duo brought cockroaches and scorpions to the show. They even made Kevin O'Leary test out the product before striking a $500,000 deal with Lori Greiner.
Aaron and Tony entered the 'Tank' seeking $500,000 for 10% of their company. During their pitch, Aaron explained that he came up with the idea for Slick Barrier when he moved into his dream home and found it to be crawling with scorpions. He then noticed that the dangerous bugs couldn't climb smooth surfaces, and thus, with Tony, he created a clear coat that smoothened surfaces and entry points for bugs into homes. Thus, with the Slick Barrier, homeowners can stop the pests from climbing into homes without using pesticides.
To demonstrate the product, the two brought out a container filled with cockroaches and two bricks coated with Slick Barrier. They invited Mr. Wonderful to come stand on the bricks and check if the pests made it to him. "Even though he has a special relationship with him, they're not getting up," Tony remarked. O'Leary also noted that he was impressed by how the bugs were unable to climb up the bricks. To further prove how effective their product was, the duo explained that Texas A&M and Mexico State University held independent studies of their product, and both studies found the product to be 100% effective.
While the product was impressive, the Sharks had to press the entrepreneurs hard to find out the numbers. Aaron and Tony shared that apart from selling the coating, the company also offered an installation service in a few states for $1,400. With this, the pair revealed that they grossed $180,000 in sales in 2020, while generating roughly $650,000 in revenue during 2021. In 2022, they told the sharks that they were making roughly $50,000 per month.
While the numbers were satisfactory, the Sharks did not find much confidence in the company's business model. One after the other, all judges except Lori Greiner dropped out. The 'Queen of QVC' decided to make a long shot with the company, offering $500,000 for 15% equity but with a contingency. "I'm going to give it to you a hundred thousand up front, and the rest is a loan," Greiner added. After a brief discussion, the two entrepreneurs accepted the deal.
According to a report in Home Digest, Slick Barrier witnessed great success shortly after the episode aired. In just the first week following the airing, the company did $100,000 in sales. The company remains a Shark Tank success as it appears to be still in business, selling online to both professional pest control companies and homeowners.
