The American business reality show, "Shark Tank" has unlocked a platform for aspiring entrepreneurs to secure funds, but it also provides exposure and lessons for those who fail to do so. One of the key attractions of the show is its ability to offer a second chance to those who failed to make a first impression. This is what inventor and entrepreneur Les Cookson got for two different inventions. While his first product was laughed out of the show, Cookson made a remarkable comeback more than a decade later, with a revolutionary "Lucy Drawing Tool" that helped him finally clinch a deal.
Cookson first appeared on the show in season 2 of the show to pitch his product "Carsik Bib". It was a bib designed for kids who get carsick. The product essentially served as a vomit bag that attached to the neck of kids.
Due to its impracticality and ick factor, all the Sharks backed out from a deal and Cookson had to walk out of the Tank empty-handed. Cookson, who lost funding but didn't lose heart, came back 11 years later and shared that he relentlessly studied successful pitches on the show, breaking down lessons he could apply himself. He also spent four years developing his new product Lucy Drawing Tool for his company, LucidArt.
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An Ancient Tool Reinvented
Cookson explained that the tool is a modern reimagination of the camera lucida, an ancient device that helps artists draw realistic sketches by projecting views of real objects onto paper. Cookson asked for $300,000 in exchange for a 10% equity stake in LUCIDArt. He even called Kevin O’Leary to use the product and sketch a shark. The entrepreneur emphasized that he had learned from his mistakes and this time he had commercial success to show.
He shared that the company had made $10 million in sales, and thousands of customers were loving the product. However, Cookson added that he was spending $70,000 per month on advertising to new customers and despite bringing in $3.7 million in sales last year, he only made $2.3 million in profit.
“You’re giving up half your profit to acquire the customer,” Kevin O’Leary observed. “So now, I understand your problem," he added. This is when the Sharks started dropping out again. Despite the initial enthusiasm, most sharks gradually backed out. Mark Cuban was the first to leave the deal saying he isn't excited about the product. Robert Herjavec followed with the same reason, and soon Lori Greiner was also out.
Mr Wonderful dropped out as well saying Cookson did not need a shark for his business, leaving only Daymond John in the deal. Unlike other Sharks, John saw potential in the product and the entrepreneur behind it. He was blown away by the numbers and when Cookson said he had emails of 70,000 customers, John was convinced to make a deal.
After an intense negotiation, the two eventually agreed on a $300,000 deal in exchange for 15% equity. Cookson’s comeback underscored his growth as an entrepreneur and resilience. “If you have an idea that doesn’t work out, take it behind the barn and shoot it because you are more than the ideas you have. You can create something bigger, something better, and start over. And that’s what America is about," he said at the end.
Since appearing on Shark Tank, LUCIDArt has introduced various versions of its product and it seems to be going strong today. Their products can be found on the website and Amazon.
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The LUCY has also appeared as a prop in films of several big productions, including Disney and Paramount, as per Shark Tank Update.
