Boo Boo Goo Update | Shark Tank Season 5
6-year-old Kiowa Kavovit and her dad, Andrew Kavovit, have reinvented the boring old bandage. They’ve invented a paint-on liquid bandage, that comes in fun colors. Will they earn a deal on
Shark Tank Boo Boo Goo Update
- Entrepreneurs: Andrew Kavovit, Kiowa Kavovit
- Business: Paint-on liquid bandages for kids
- Ask: $100,000 in exchange for 17.5% equity
- Result: $100,000 in exchange 25% equity
- Sharks: Kevin O’Leary
Kiowa and Andrew’s patent-pending, paint on bandages were developed after Kiowa was injury. She asked her dad what he would think if she could paint skin over her knee wound. Her family apparently had the resources to hire wound-care chemists to find out, and Kiowa was credited with inventing Boo Boo Goo, the paint-on bandage.
The product came in all the colors of the rainbow, plus different hues to match skin tones. The playful, paint-on application took a little of the sting out of childhood scrapes, and there was no painful adhesive that stuck to sore skin when it was time to come off.
The sharks immediately wanted to know what made the product different from the well-known alternative; a spray-on liquid bandage application that dries clear. Andrew replied that the clear-drying competitor leaves the wound visible through the transparent product. He added that the competition’s formulation made it flammable as well. According to Andrew, 70% of bandage users are kids 3-15 years old. The liquid bandage competition hadn’t yet been able to tap into that market.
Mark Cuban was the first shark out. He said that competitors were long-established, and Andrew would have a hard time getting retailers to make shelf space for their new product. Barbara Corcoran found the whole concept unnecessary, so she went out next. Robert Herjavec also went out, stating it was too early to invest.
Lori Greiner wished the two luck, but said without a solid patent, she wasn’t ready to invest. Kevin O’Leary shared in Lori’s opinion, but made an offer anyway. He offered $100,000 in exchange for 25% equity, contingent on a patent, and Andrew and Kiowa accepted the deal. What happened next? Keep reading our Boo Boo Goo update to find out!
We have sad news to share. After the show, Andrew and Kiowa finalized their deal with Kevin and the company even expanded their product line. Unfortunately, it seems that none of those products ever came to market. The original product was made available for a short time, but the company hit some snags in 2016, and shut down in 2017. This will be our final Boo Boo Goo update.
Would you like to learn about the other companies featured on Season 5 Episode 20? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 5 Products Page!