Entrepreneur Megan Cummins pitched her soap line during
If you’re short on time, here’s a quick overview of what happened to Uprising Food after
Megan Cummins appeared on
|Robert Herjavec||Accepted deal for $55,000 for 20% equity and $50,000 salary|
|Mark Cuban||$55,000 for 20% equity|
|Barbara Corcoran||$55,000 for 30% equity|
|Kevin O’Leary||No offer|
|Daymond John||No offer|
Shark Tank You Smell Soap Update
- Entrepreneur: Megan Cummins
- Business: Luxury soap
- Ask: $55,000 for 20% equity
- Result: $55,000 for 20% equity and $50,000 salary
- Shark: Robert Herjavec
Megan Cummins walked into the tank and introduced the sharks to her line of luxury soaps, You Smell Soap. The You Smell Soap venture started in college for Megan, when she was taking a package design class.
You Smell Soap comes in various fragrances, with eye-catching and charming packaging. Although the soap market can be hard to make it in, she’s hoping to stand out.
During her school project, she had 1200 bars of soap made in two custom fragrances which included Lemon Verbena and Lavender Mint. She then did a trial run of these, to test the market and see how the bars did, before investing anything more into the company.
She gave samples to the sharks, and told them that she was still pre-venture, which Kevin O’Leary immediately honed in on. Megan explained that she’d made bars, and sold them directly to various companies to see how they would perform.
She found that they ended up getting sold between $7 and $12 per bar by the companies. Additionally, she’d had interest from various big brands, including Urban Outfitters.
However, she plans to wholesale the bars for $0.80, and they would retail for around $2.25.
We’ve partnered with six companies to put together a Shark Tank Stocking Stuffer Box that’s worth $100! Here’s everything that’s in the box:
- Sheets Laundry Club Travel Packs x2
- Honey Bee Bars - 12 Pack
- Snactiv Finger Chopsticks
- FryAway Cooking Oil Solidifier
- Pizza Pack
- Nature’s Wild Berry Sampler Pack
Further, she has a paper soap product, that comes in a package which looks like a pack of gum. You simply remove a paper, and add water, and you have instant soap.
She envious the paper soap product to ultimately be sold at registers, as an impulse buy.
Kevin thought Megan’s planned margins sounded appealing, and Daymond John said he liked the business. Mark Cuban said he would demand a lot of hard work, but wanted to know what she would use an investment for.
She explained that it would primarily be spent on developing the product, and making it ready for the market.
Daymond went out. It wasn’t a business he was interested in developing for his portfolio, so for this reason, he was out.
Kevin also went out, because he couldn’t see how altogether, it would make him a lot of money.
Despite there being two sharks out, Mark eventually offered the ask of $55,000 for 20% equity.
Then, Barbara Corcoran offered $55,000 for 40%, along with a royalty per bar of $0.10.
Robert Herjavec offered $55,000 for 20% equity. Further, he also offered a $50,000 salary for the first year.
At this point, the competition made Barbara edit her offer to $55,000 for 30% equity.
With three offers on the table, Megan had to pick one. She ultimately ended up taking Robert’s offer of $55,000 for 20% equity and a $50,000 salary.
Do you think she thrived following
Our You Smell Soap update reveals that the deal with Robert was never finalized. He attempted to make another offer for 50% of the company, but that was not in the cards for Megan.
After spending some time working full-time on the product, she sold the company. However, the products are no longer available.
This will be our final You Smell Soap update.
Would you like to see how the other companies that appeared on Season 3 Episode 3 did in the tank? Follow the links below to find out the details.
For even more on companies and products, be sure to stop by our Season 3 Products Page!
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!