15-year-old entrepreneur, Nathaniel Wellen, pitched his innovative umbrella during
If you’re short on time, here’s a quick overview of what happened to The Duo after
Nathaniel Wellen appeared on
|Accepted deal for $100,000 for 18% equity
Shark Tank’s The Duo Pitch
- Entrepreneurs: Nathaniel Wellen
- Business: Sharable Umbrella
- Ask: $100,000 for 10% equity
- Result: $100,000 for 18% equity
- Shark: Robert Herjavec
Nathanial Wellen created an innovative, new kind of umbrella. Because sharing an umbrella is difficult, especially with two people of different heights, he created The Duo.
The Duo is large enough to share and has an extendable handle that pulls down from the bottom of the umbrella. This means, that both people can hold the umbrella handle, no matter their height difference. Overall, it’s a game-changer and the first of its kind.
With a 54-inch canopy, The Duo protects two people comfortably. It comes in two styles which include the Compact Duo or The Stick Umbrella.
At the time of the pitch, Nathaniel presents prototypes to the sharks. His company is pre-revenue and holds two patents.
One of his utility patents on The Duo covers the two-handled umbrella design. Additionally, he also has another utility patent pending which covers the locking mechanism inside the handle.
The sharks are very impressed with the young entrepreneur and want to know more about him. He shares that he designed the umbrella when he was only 9 years old.
He eventually got invited to the Henry Ford Museum, to compete in the National Invention Convention. Unsurprisingly, he won the award for “Most Original Invention”.
Nathanial also reveals that he has partnered with Shed Rain, the leading umbrella company on the market. Although Shed Rain owns 49% of the company, it sells 15 million umbrellas every year and is the perfect partner.
With this partnership, Shed Rain will handle the manufacturing and distribution. Additionally, they have promised Nathaniel that they will get his products into places like Target, Walmart, Kroger, and Costco.
There are two SKUs for the product. The Compact costs $4 to manufacture and will wholesale for $10 and retail for $25. The Stick Umbrella costs $8 to manufacture and will wholesale for $20 and retail for $50.
Barbara Corcoran is the first to drop out. She thinks that Nathaniel already has the ideal partner with Shed Rain.
Kevin O’Leary is very impressed with Nathaniel’s presentation, however, he doesn’t like that he won’t be able to get in touch with him while he’s in school. For this reason, he is also out.
Mark Cuban thinks that Nathaniel is a great example for other young entrepreneurs. However, since he only maintains 51% of the company, he doesn’t want to take anything else away from him, so he goes out.
Robert Herjavec thinks there’s great potential for Nathaniel to get bought out by the manufacturer. So for this reason, he offers him $100,000 for 20% equity.
Like Barbara, Lori Greiner doesn’t really think that Nathaniel needs a partner. So, she is also out.
Nathaniel counters Robert for $100,000 for 15% equity. However, Robert comes back with $100,000 for 18% and Nathaniel accepts! Keep reading The Duo update to find out what happened following
Shark Tank The Duo Update
While it’s too early to report on how the
Our The Duo update research found that pre-orders for The Duo stick umbrella are currently available on the Shed Rain website for $55, and products are expected to ship beginning in the summer of 2024.
Once the dust from airing settles, we will circle back for a The Duo update to see how Nathaniel and Robert are doing!
In the meantime, you can check out our other company updates from Season 15 Episode 11, by following the links below!
For even more on companies and products, be sure to stop by our Season 15 Products Page before you go!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!