On the most recent episode of Shark Tank, brothers Brian and Michael Speciale were seeking $50,000 for 20 percent equity in their company, the Original Comfy. Their product is a reversible, oversize sweatshirt that lets customers tuck their legs into the garment and cozy up on the couch.
Almost instantly, the Sharks said it resembled the Snuggie, a similar product that went viral several years ago. The co-founders pushed back, arguing that their invention was different because it covered the whole body and was made from sherpa. The Sharks grew even more skeptical after the brothers said they hadn't sold any products yet.
The Phoenix-based entrepreneurs were in hot water; these factors typically sink other founders who brave the Tank. However, they sought redemption with humor, personal anecdotes, and a good attitude.
Throughout their pitch, the brothers had the Sharks laughing as they sang traditional Christmas songs updated with lyrics about their company. Later, they tugged at the Sharks' heartstrings by explaining that they were both single fathers. Michael moved in with Brian when he was going through a divorce and got the idea for the Comfy after spotting his nephew curled up in one of Brian's sweatshirts.
"You have the worst answers to the questions, but it comes across so nice," Robert Herjavec shouted when the brothers admitted they don't have a final product yet. "Sometimes its OK to be number two or three in a really big market."
Some Sharks pulled out of the deal, insisting that the brothers had more work to do before they would invest. But others admitted they were charmed by the brothers. The co-founders accepted Barbara Corcoran's offer of $50,000 for 30 percent equity in their company.
"You can walk in here with poo poo on a stick, sing a song, and get $50,000 from Barbara," Kevin O'Leary joked as the brothers exited the Tank.