Summary

Pink Picasso, a modern-day craft kit, seeks a deal on Shark Tank. The entrepreneurs, Ashley and Britney Silfies, ask for $400,000 in exchange for 5% equity. They have achieved impressive sales and are looking for a mentor to help them expand into big-box retailers and secure licensing deals.

Highlights

💡 Pink Picasso offers a craft kit with a high-quality canvas, paint, and brushes.

💡 The kit includes templates and allows anyone to create their own masterpiece.

💡 Ashley and Britney started the business after blowing up their lives and needing to provide for their children.

💡 They have achieved significant sales, including winning Oprah’s Favorite Things.

💡 The entrepreneurs are seeking a mentor to help them expand into big-box retailers and secure licensing deals.

Key Insights

🔍 Pink Picasso has achieved rapid success, with $1.3 million in sales in their first year and projected sales of over $5 million in 2021. This demonstrates the strong demand for their product.

🔍 The entrepreneurs have a strong profit margin, with a cost of $4 to make and a wholesale price of $19, which resells for $42. This indicates the potential for high profitability.

🔍 Ashley and Britney are seeking a mentor to help them navigate the challenges of expanding into big-box retailers like Michaels and securing licensing deals, such as with Disney. This highlights their ambition and desire for strategic guidance.

🔍 While Barbara suggests they don’t need a shark and can hire the right people to execute their plans, the entrepreneurs ultimately choose to accept an offer from Lori and Daniel, recognizing the value of their expertise and connections. This decision shows their willingness to leverage the resources and mentorship of experienced investors.

🔍 The entrepreneurs’ story of starting the business after major life changes and their determination to provide for their children adds an emotional aspect to their pitch, which resonates with the sharks and viewers. This highlights the power of personal narratives in capturing attention and building rapport.