Sleeping Duck is a Australian Shark Tank Featured product. In 2017 the co-founders of sleeping Duck Pitched their business to Australian.Here is the full story.
Winston and Selvam, founder of sleeping duck
Founders,Winston Wijeyeratne & Selvam Sinnappan are pitching ‘Sleeping Duck’. Sleeping duck is basically a mattress which anyone can customise as per their wish to suit anyone’s unique sleep needs. These founders are seeking an investment of $500,000 in return for a 10% equity stake.
Taking time to impress the judges
Winston leads the pitch by describing the features of the sleeping duck, stating that it customisable abilities to meet anyone’s unique sleep needs.
He explains that the mattress is risk-free as they offer a 100-day trial to customers and it is delivered to customers in a box far smaller than the king-sized bed.
Winston shows sharks that they offered a 100-day trial to their customers and showing that The bed was delivered in a box that’s smaller than the size of a king sized bed.
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Average of 4.9/5 reviews
When Selvam mentions that the mattress has an average of 4.9 out of 5 from over a thousand reviews,Sharks were impressed.
Why $500 000
Selvam explains that with the $500 000, they would increase their marketing and accelerate their growth. He proceeds to ask the sharks to jump into bed with them.
Andrew and Glenn examine the sleeping duck together.
The two founders show Janine how the bed fits into the small box and mentions that it takes 48 hours to come to its full size.
Andrew asking about their revenue in the last three years and was impressed with their response as he affirmed, “that’s pretty good!”.
While engaging them in a conversation, Andrew got a bit concerned about the stall in their growth rate for the next year as he says it should be accelerating instead.
They’ve hit a wall in sales.
Andrew explains to them that they have to admit that they’ve hit a wall in sales and assures them that it’s okay, and he can help them fix it. He makes them an offer of $500 000 staking 25% of their company.
They reject the offer right away.
Janine makes them the same offer hoping they would want her more than Andrew, but they still stood their ground.
Andrew revises his offer staking 20%, but he wants 20 dollars for every mattress sold.
Glenn and Naomi step out.
Steve offers $500 000 staking 15%.
Three sharks out. Steve and Andrew remaining.
The two founders excuse themselves, after a word with each other. They come back with a counteroffer of 10% for $500 000.
The two sharks refuse to step down on their offer.
What happened to the sleeping duck after Shark Tank?
The two founders reject the offer, hoping to figure it all out on their own, or perhaps they just wanted free publicity.
Company website: sleepingduck.com