We’re all experiencing a little more anxiety than ever before. That’s probably why Michael Malkin and Luce Fuller’s business, Calm Strips, has been extremely successful. What did the sharks think of these anxiety-reducing strips during
Shark Tank Calm Strips Update
- Entrepreneurs: Michael Malkin and Luce Fuller
- Business: Textured strips to calm anxiety
- Ask: $250,000 for 10% equity
- Result: $250,000 and $2.50/unit until $250,000, then $1.50/unit until $750,000
- Shark: Robert Herjavec
So what are Calm Strips? Before we dive into your Calm Strips update and recap, let’s take a look at the product.
Calm strips are a textured surface (available in two textures) that helps calm anxiety. The strips are reusable and stick to most surfaces. You can rub, scratch, touch, or pick at the textured surface to help reduce anxiety and improve focus.
When Michael and Luce finished their pitch, some of the sharks looked a bit lost. Once they told the sharks about their sales, they were definitely on board. Calm strips launched the year before filming and already had $2.5 million in sales.
The sharks were thrilled with the numbers, but there were some concerns. Daymond John just didn’t get it, so he dropped out. Mark Cuban foresaw scaling issues, so he went out as well.
Robert Herjavec, on the other hand, stated that several of his family members were autistic. Tactile objects helped them calm down. He was on board and believed in the company, so he offered $250,000 for 35% equity.
As Luce stated, “That’s a lot of percents!” They asked if they could counter, but Kevin O’Leary made an offer before they got a chance.
Kevin offered $250,000 with no equity. Instead, he wanted $2.50 per unit until he recouped $250,000. After that, he’d get $1 per unit in perpetuity.
This caused Robert to revise his offer to $250,000 with no equity. He wanted $2.50 a unit until $250,000 was paid back, then $1.50 per unit until $750,000 was paid. The entrepreneurs wanted to see if Lori had an offer, which caused Robert to drop out. He thought his terms were better than Kevin’s, so he didn’t understand why they wouldn’t take it.
After Robert dropped out, they asked if he would do $250,000 for 20% equity. He refused. After some back-and-forth negotiating, they managed to get him to agree to his revised deal after all. Let’s catch up with Michael and Luce in our Calm Strips update.
After appearing on
Further, with Robert on their team, Michael and Luce should be able to get Calm Strips into more school systems the help students focus while learning. When we get more news on a Calm Strips update, we will be sure to let you know.
Check out the other company updates from Season 13 Episode 14 below:
For more company updates from Season 13, make sure to stop by our Season 13 products page.