First Defense Nasal Screens Shark Tank Update 2023 : Before and After the Show
First Defense Nasal Screens are self-adhesive nasal screens that allow for 100% breathability while filtering 92% of particles in the air. This remarkable shark tank product was featured in the Shark Tank Season 2 Episode 2. First Defense Nasal Screens was founded by entrepreneur Joe Moore in 2011.
In the shark tank, Joe asked for $500,000 for 10% of his company, and after some counter offers, he secured a deal of $750,000 for 30% + 10% royalty in perpetuity with Kevin O’Leary, Daymond John, and Mark Cuban. This article focuses on the company’s Shark Tank experience, their after-Shark Tank progress in 2023, and their impact on the market.
First Defense Nasal Screens Shark Tank Pitch
Moore enters the Shark Tank seeking a $500,000 investment in exchange for a 10% stake in his company. His pitch focuses on the prevalence of commercials to reduce nasal allergy symptoms. He also highlights the millions of people seeking treatment for allergy and respiratory issues yearly. However, the Sharks are initially sceptical.
Mark Cuban is incredulous, while Daymond John demands to know how many units Moore has sold. When Moore reveals that he has already sold $1.7 million units and has a contract for an additional $8 million over six years, the Sharks become more interested.
They sample the product and ask about patents and the use of the investment. Barbara Corcoran bows out due to the perceived cost of educating consumers about the need for the product.
Kevin O’Leary, Mark Cuban, Daymond John, and Robert Herjavec made several offers to acquire the company, with Herjavec eventually making a record-breaking offer of $4 million. Moore declined this and made a counteroffer of $5 million and a 15% royalty. But it was rejected, and Herjavec went out from the deal.
Then O’Leary, Cuban, and John made a joint offer of $750,000 for a 30% stake and a 15% perpetual royalty. Moore accepted after Cuban sweetened the deal with season tickets to the Mavericks.
First Defense Nasal Screens After Shark Tank Update
After the Shark Tank, First Defense Nasal Screens underwent remarkable growth. They expanded to over 50 countries globally and secured patents in key markets, including India, Japan, China, the United States, Canada, and Europe. Joe Moore remains the company’s president and CEO as of 2023. The Shark Tank exposure makes it one of the most profitable ventures to come out of the show.
In 2016, the company was featured in MedicalFairAsia, further solidifying its presence in the healthcare industry. They partnered with Filter Your Life Healthcare Private Limited 2018 to distribute their products in India. As of August 2021, First Defense Nasal Screens is valued at $50 million.
The company’s expansion has been driven by the high demand in the Middle East and Asia, where air pollution is a significant concern. First Defense Nasal Screens are now widely used in various industries, including mining and construction, but most of their customers are individuals with allergies. During the COVID-19 pandemic, their nasal screens served as a valuable alternative to scarce face masks, addressing their limitations effectively.
Who owns the First Defense Nasal Screens?
Joe Moore founded his company in 2011 after a life-changing event. He suffered from allergies that caused him to sneeze uncontrollably while driving, almost leading to an accident. To prevent such incidents from happening again, he created the First Defense Nasal Screen, a practically invisible nasal strip that acts as a filter.
Moore immediately began experimenting with face masks but found them not only uncomfortable, and inconvenient but also inadequate since air could still escape through the edges. After some trials, he came up with a solution: nasal filters. These filters ended up as a multi-million worth business.
Who are the Competitors of the First Defense Nasal Screens?
While First Defense Nasal Screens faces competition in the industry, including companies like Empi, Blickman Industries, and O&P1, their unique nasal filtration technology sets them apart, offering an effective solution for allergy and asthma sufferers.
Conclusion
The story of First Defense Nasal Screens’ appearance on Shark Tank is an inspiring example of innovation, persistence, and achievement. Even though the company turned down a significant offer during the show, it has continued to expand globally, becoming a multi-million worth business.
