Remember Laid Brand? The hair care products line that claimed to be infused with pheromones? If the name rings a bell, it’s likely because you saw founders Adam Rauch, Derek Shaw, and David L. Hensley make their pitch on the popular TV show, Shark Tank. Their unique business idea, its journey, and ultimate fate make for a fascinating tale in the world of entrepreneurship.
The Laid Brand Pitch And Deal At Shark Tank
Laid Brand, founded by Derek Shaw in 2010, aimed to revolutionize the beauty industry with their hair care products enhanced with pheromones. The trio spent three years developing a product line that included a volumizing spray, hair oil, and a detangler. The use of pheromones, secreted by mammals to express emotions, aimed to elicit a positive social response, increase the user’s attractiveness, and boost their confidence. The products promised not just healthier hair, but also a unique selling point that set them apart.
On the season eight finale of Shark Tank, the founders sought an investment of $30,000 for a 30% equity stake in their business. Despite an enthusiastic pitch and promising pilot results from one salon – $27,000 in sales within six months – the Sharks were unimpressed. They questioned the product’s uniqueness, scalability, and the lack of substantial sales, noting that the concept of adding pheromones to products was not new or proprietary. Unfortunately, the founders walked away without a deal.
Is Laid Brand Gone Out Of Business?
Following their appearance on Shark Tank, Laid Brand faced difficulties gaining traction. The business, despite its promising start and innovative idea, struggled to scale and attract a large customer base. The high cost of the products – each costing $2.50 to manufacture but retailing for $24.99 – may have also played a part in keeping potential customers away. The sad reality is that Laid Brand ceased operations in December 2018.
What Was Laid Brand’s Net Worth?
Despite some initial success with the pilot test in a single salon, Laid Brand’s broader market performance was less than stellar. The company’s net worth, unfortunately, was not publicly disclosed. However, given the closure of the business in 2018, it’s safe to say that the financial prospects of the company were not promising.
Business Overview
Laid Brand started as a bold venture, aiming to combine beauty and biology to create a unique product line. The founders’ passion and dedication were evident. However, their journey underscores the challenges that entrepreneurs can face when trying to introduce a novel concept to a saturated market. Despite a promising concept, the lack of a unique selling proposition, competitive pricing, and substantial sales ultimately led to the demise of Laid Brand.
Conclusion
The story of Laid Brand serves as a poignant reminder of the harsh realities of entrepreneurship. As we look back at their journey, from the development of their product line to their hopeful pitch on Shark Tank and their eventual downfall, we learn that even the most innovative ideas need a solid business strategy for success.
This ‘Laid Brand Shark Tank Update’ serves as a case study for budding entrepreneurs, highlighting the importance of market research, understanding consumer preferences, and developing a product that is not just unique but also scalable and profitable.
