Pitching a product called "Boobypack" to a female investor may sound like a tough sell, but founder Christina Conrad was up to the task on Friday's episode of Shark Tank.
Pitched as a "fanny pack for your rack," Boobypack is a fashionable sports bra with zipper pockets on either side that can hold valuables like keys, cash and cell phones.
"It’s the ultimate cheeky solution to the stash-your-stuff dilemma," Conrad said.
The company launched on Kickstarter in January of 2013 and has generated nearly $170,000 in sales. Conrad came to the tank seeking $80,000 for 20 percent of her company, which attracted mixed responses from the sharks.
“I can tell that you’re relentless, which is a good thing, but one of the challenges right now is, it’s still more of a product than a company," said Mark Cuban. "From what you’ve presented so far, I don’t see it as a company that’s going to scale, so for those reasons, I’m out.”
Shark Kevin O'Leary offered $80,000 for no equity but instead a $10 per unit royalty deal in perpetuity, which Conrad quickly declined. Robert Herjavec made the first equity offer, asking for 30 percent of the business for $80,000. Conrad countered by offering to give up 25 percent, but Herjavec didn't budge.
After listening to Conrad's counter offer, shark Barbara Corcoran--who had already passed on investing--had a change of heart.
"I think you’re a great entrepreneur in every way," she said. "You’re the whole package."
Corcoran took the $80,000 for 25 percent deal that Herjavec declined, giving Conrad the business partner of her dreams.
"I’m so excited to start my partnership with Barbara. She was the shark I was gunning for from the beginning," Conrad said. "I know she’s so hands on with all of her deals. We're going to take BoobyPack to the next level."
Stay tuned for more recaps every week.