When Mohamed, Mohamed, and Anthony got together, they decided they were sick and tired of washing themselves with traditional soap. Why? Bar soap contains animal fat. As vegans and Muslims, they are opposed to using animal-based products. Thus, The Mad Optimist customizable soap was born! Did the sharks agree that their bath time products needed an updated ingredient list? Find out in our
Shark Tank Mad Optimist Update
- Entrepreneurs: Mohamed M. Mandi, Mohamed A. Mandi, and Anthony Duncan
- Business: Customizable vegan soap and body care products
- Ask: $60,000 for 10% equity
- Result: $60,000 for 20% equity
- Shark: Mark Cuban
The Mad Optimist’s soap boasts several credentials other soap brands cannot: vegan, cruelty-free, non-GMO, and gluten-free. Customers go to their website, choose the body care item they want, and start selecting their preferences. First, they choose the scent, then add-ins, and finally the packaging.
Customers even get to decide what they can afford to pay for the product on the sliding price scale, which was a first for
After the presentation, Kevin O’Leary and Mark Cuban immediately had questions. Why they would individualize each product instead of manufacturing products in large batches? Further, they asked about the sliding price scale. Anthony explained that the soap costs $4.50 to make and the scale ranges from $6-$16, with the average selling price being $8.50. Profit margins sat at about 50%, according to Anthony.
With recent sales being pretty low, Kevin called them insane and went out first. Guest shark Daniel Lubetzky was the next shark to go out, wishing them the best of luck. Lori Greiner explained she loved the entrepreneurs but didn’t believe in the product. Robert Herjavec agreed and followed suit, dropping out.
Mark advised they start other businesses to focus on specific markets. He then made an offer of $60,000 for 25% equity and stated he would not negotiate. The entrepreneurs countered with 18% and Mark came back with 20%. Mohammed M. explained they needed to have a contingency of donating 100% of the proceeds of the day the show aired for Ashura. Mark agreed and they made a deal.
So, where does that leave us for our
The Mad Optimist is still selling products on its website and on Amazon. Currently, they are bringing in about $1 million in revenue yearly, which is a vast improvement for The Mad Optimist update from their pre-Shark Tank days.
Since you’re here, don’t forget to check out our other company updates from Season 11 Episode 24:
After that, check out the rest of our