When Darwin-based saleswoman Heidi Loy presented her pitch to the Shark Tank judges, we immediately liked her thinking.
The 53-year-old was a problem solver and a wine drinker, which are two things we can very much relate to.
Her invention? Ice Bucket Skins – which look like a cross between a stubby holder and an ice bucket for a wine bottle.
During her pitch, Heidi explained that her product’s point of difference was its special, water-repellent fabric coating, which gets rid of condensation and prevents the dreaded wet-lap-situation or wet-table-scenario, that we as fellow rosé drinkers are all too familiar with.
“It’s something that’s out there that nobody has realised is a problem. For me going out I sit at a bar or at a table at a restaurant and the water ends up pooling and it ends up in my lap,” she explained.
Watch the moment Heidi uttered the five words that ended her Shark Tank chances:
While the Sharks liked her invention, when it came to Heidi’s business figures, things started to unravel.
Heidi was asking for a $260,000 investment for a 10 per cent stake her company, meaning she valued her business at $2.6 million.
The Sharks found this figure, erm, a little bit unbelievable ¯\_(ツ)_/¯.
After some further prodding, they realised Heidi had only sold 200 out of the 1000 buckets she had made, with another 100 given away as gifts. Revenue wise, this made up a very measly portion of her estimated valuation.
“I understand that you want some help, but how do you value your business at $2.6 million when you’ve sold two hundred [and] given away a hundred?” asked Andrew Banks.
“It’s been going for two years and you’ve still got 700 in stock… Is there something we’re not seeing?”
Then Heidi explained how she came to that figure.
“I’ve been to an accountant,” she said, making the Sharks groan in unison.
Continuing, the saleswoman said her accountant estimated that she could sell 100,000 units in the first year, but as of yet, she had not made any purchase orders.