If you’ve ever dropped a small object between the seat and mid console in your car, you know what a pain it can be to retrieve it! That’s why Jeffrey Simon and Marc Newburger have created a device to stop this from happening. Will it earn them a deal on
Shark Tank Drop Stop Update
- Entrepreneurs: Jeffrey Simon and Marc Newburger
- Business: Barrier for the gap between car seat and mid console
- Ask: $300,000 for 15% equity
- Result: $300,000 for 20% equity
- Shark: Lori Greiner
Jeffrey and Marc brought their patented Drop Stop product to the tank. It used a flexible foam and fastening device, to install in between the car seat and mid console to catch debris.
Drop Stop provides 100% Gap Coverage in front of, surrounding and behind seat belt catch. Drop Stop attaches to the seat belt catch via built in slot; moves with the seat and no need to readjust or reinstall.
Mark Cuban chuckled at the funny, punny presentation, then kicked things off by asking about sales. Jeffrey and Marc said that they had sold 260,000 units, which resulted in $1.3 million in gross sales since 2009. Through various retail commitments, they expected to bring in another $500,000 in the immediate future.
Lori Greiner asked where the Drop Stop was sold. The guys shared that it was sold on their website, in catalogs, and on QVC. They were, in fact, slated to appear on QVC that very day, but said
At this point, Robert Herjavec admitted he didn’t understand the need. In response, Jeffrey pivoted and spoke on the safety merits of the Drop Stop. He shared a US Department of Transportation statistic that said 500,000 collisions and 5,000 fatalities annually, were due in part to driver distraction.
Robert would be first to go out, repeating that he didn’t understand the need for the item. Daymond John stated that he wasn’t right for the investment, and was next to go out. Mark said that he would be customer, but felt that Lori was the right partner, so he too was out.
This left Kevin and Lori. Kevin jumped in first, and offered $300,000 for no equity. In addition, he would collect a $2 royalty on every unit sold in perpetuity. Jeffrey was not pleased with the offer, and that’s when Lori threw in her offer of $300,000 for 20% equity. To make things interesting, Kevin tried to negotiate his royalty down, but it didn’t matter. Jeffrey and Marc accepted Lori’s deal.
How did it go after the tank? Keep reading our Drop Stop update to find out!
We have great news to share in our Drop Stop update! Jeffrey and Marc would appear on The View and sell another $120,000 there. Before long, Drop Stop became the number one selling automotive accessory on Amazon. As promised, Lori helped them roll out into retailers like Bed Bath & Beyond, WalMart, Staples, and more. According to an update segment aired in Season 9 of
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!