Trying to get your dogs water while you’re out and about can be a challenge. Siblings Griffin and Shannon Ross created the perfect solution: a squeezable water bottle with a bowl on top. It seems simple, but their sales say otherwise. Find out more in our
Shark Tank Springer Update
- Entrepreneurs: Griffin Ross and Shannon Ross
- Business: Travel water bottle/bowl for dogs
- Ask: $400,000 for 6% equity
- Result: $400,000 for 10% equity and preferred stock
- Shark: Lori Greiner
Griffin and Shannon presented their pet water bottle and bowl combination well. The sharks were intrigued by their sales numbers as well. In 2020, for instance, they had $1.7 million in sales. The company has been in business for five years and spent most of its profits on IP and branding, as well as marketing.
Mark Cuban was the first to speak up. He didn’t think they had enough sales for a company in business for five years, so he went out. Daymond John had issues with the small equity on offer, so he went out as well.
Robert Herjavec’s concerns were about how they used their money. He thought they were paying themselves first, instead of feeding the company. He went out as a result.
Kevin O’Leary offered $400,000 for 3% equity, with a royalty of $3 per unit until his investment was returned. After, he wanted a $1.50 royalty in perpetuity. The entrepreneurs were not impressed with this offer.
Lori Greiner made an offer, though, $400,000 for 10% equity plus preferred stock options. Though the entrepreneurs countered for 8%, Lori stuck to her guns. They accepted her offer anyway. We’ll explore how they’re doing today in our
Springer is a simple product, but there are a ton of dedicated users already. Our Springer update research revealed tons of happy customers, as well as a few new products (including a Dog & Me water bottle with a more traditional approach).
Before you go, check out our other company updates from Season 13 Episode 23 here:
Don’t forget to check out our other company updates from Season 13. You can find them on our Season 13 products page.