Coverplay Before Shark Tank
Allison Costa and Amy Feldman are both entrepreneurs, who wanted to create a product that provides a cleaner and safer environment for children to play within the play yard. They both founded Coverplay in 2007, and are hoping to become the leading seller of slipcovers for portable play yards. Amy Feldman states that she used to love putting her twins in their play yards, where they could relax, play together and nap. However, she would always get frustrated with the fact that it took so much effort to keep the play yards clean, which is why she went out to find a solution for this problem.
Allison Costa used to be a footwear designer and a self-proclaimed Fashion Rebel. She also has twin boys, and also experienced the same problems that Amy Feldman was experiencing. Allison Costa states that Amy Feldman is her best friend, which is why she joined up with her, in pursuit of designing a product that could make it easier to keep the children’s play yards clean and fresh. Allison Costa and Amy Feldman successfully started a company and designed products, but they need an investment from the Sharks in order to pay for marketing and make their products known in the world.
Coverplay During Shark Tank
“Amy Feldman and Allison Costa walk confidently and stand in front of the Sharks”
Amy Feldman and Allison Costa start their presentation by introducing themselves to the Sharks, and state that they are there to talk about Coverplay. Amy Feldman states that they are seeking an investment of three hundred and fifty thousand dollars, in exchange for a fifteen percent stake in Coverplay.
Allison Costa continues the presentation by showing the Sharks what a play yard is, and tells them that you can find play yards at home, in daycare and even on cruise ships. She continues by stating that they usually are a disgusting mess.
“Amy Feldman empties a jar of puke-like substance into the play yard”
“The Sharks seem shocked by the way the presentation has started”
Allison Costa states that young children spill their juice and food in their play yards, and sometimes even poop in there. She continues by stating that this typically happens in a play yard, because of the age of the children that are in them.
“The Sharks seem disgusted by all of the details”
Amy Feldman states that they have the only solution to this disgusting problem, which is called Coverplay. She states that Coverplay is the first and only slipcover for play yards.
“Kevin O’Leary asks Amy and Allison if you are supposed to bring the slipcover to wherever you are going”
Allison Costa answers the question by saying that businesses could offer the slipcover for their clients. She gives the example of a hotel, which provides slipcovers for their guests.
“Robert Herjavec asks Amy and Allison who the customer really is”
Amy Feldman answers the question by saying that Coverplay has multiple customers. On the retail level, it is made for parents and grandparents who are watching over a small child. She states that they can also sell it to the hospitality industry, so that they can provide it for their customers, clients and guests.
Allison Costa states that businesses could use Coverplay as a retail outlet as well, because they can over it to their guests for a purchase. Amy Feldman states that they launched Coverplay just a couple of months ago, and that they are already selling their products at Target, which is one of the largest retailers in the United States of America.
“Most of the Sharks seem impressed by the fact that Coverplay is being sold by Target”
“Kevin O’Leary states that he is impressed and asks how much they have sold already”
Amy Feldman answers the question by saying that they have sold two hundred thousand dollars in Coverplay slipcovers so far. Allison Costa states that they have also been able to get into the largest hotel distributer in the world, and that they are selling Coverplay slipcovers at the Hilton, Wyndham, Royal Caribbean and many more.
“Robert Herjavec asks Amy and Allison how much they are making by selling Coverplay products to Hotel chains”
Allison Costa answers the question by saying that they have collectively sold Coverplay slipcovers worth two hundred thousand dollars.
“Daymond John asks if that was the opening order”
Amy Feldman answers the question by saying yes and that they are getting reorders all the time, which is why they need an investment from the Sharks.
“Kevin Harrington asks if Amy and Allison have a patent on Coverplay slipcovers”
Allison Costa answers the question by saying that they have two patents in total.
“Daymond John states that Amy and Allison have distribution, sales and patents and asks them why they need an investment from the Sharks”
Allison Costa answers the question by saying that nobody knows that Coverplay exists, because it is a brand new product. Amy Feldman states that they need more product awareness, which is what their accounts have told them.
Allison Costa continues by saying that nobody is going into a store right now and looking to purchase a Coverplay slipcover for their play yards.
“Robert Herjavec states that he wants to hear a real tangible reason why Amy and Allison need three hundred and fifty thousand dollars, besides for marketing reasons”
“Daymond John asks Amy and Allison to tell the Sharks how they are going to spend the investment, and asks them to break it down real quick”
Amy Feldman answers the question by saying that they need to pay for operation, which includes salaries for their employees and rent for their warehouses.
“Kevin Harrington asks what the age group for the Coverplay slipcover is”
Allison Costa answers the question by saying that the age group is between zero and two.
Kevin Harrington states that this is a concern for him and his business, because he is in television advertising. He states that he cannot afford to buy mass-market television time, just to advertise products for somebody with a zero-to-two year old. Kevin Harrington says that Coverplay is too risky for him and states that he is out.
“Robert Herjavec asks Amy and Allison how much of their own money they have put into their company”
Allison Costa answers the question by saying that each of them have invested about fifty thousand dollars into Coverplay.
“Robert Herjavec asks how long ago this was”
Allison Costa answers the question by saying that it was about a year ago.
Robert Herjavec states that a year ago, Coverplay was worth a hundred thousand dollars, without patents or sales. Now they are offering fifteen percent of Coverplay, in exchange for a three hundred and fifty thousand dollar investment, which also means that Amy and Allison have valuated their company at two and a half million dollars.
“Kevin O’Leary sarcastically says that it is a lot of pipi and poopoo”
Barbara Corcoran states that it is not worth what Amy and Allison are asking. She says that when she looks at Amy and Allison, she sees a lot of spunk, which will help them to ride the train all the way to the finish line. Barbara Corcoran makes an offer of three hundred fifty thousand dollars, in exchange for a forty percent stake in Coverplay.
Barbara Corcoran also states that her offer is non-negotiable, and that this investment will be used in the production and development of the product, and not for salaries or little vacation trips with the families.
Daymond John makes an offer of three hundred fifty thousand dollars, and states that it will be used towards the manufacturing of the Coverplay slipcovers. He states that he is also willing the cover the costs for all the other costs, in order to keep the company afloat. However, he states that he wants a sixty five percent stake in Coverplay.
Robert Herjavec states that there are two offers on the table. Barbara Corcoran’s offer is for a forty percent stake in Coverplay, which also comes with a few problematic conditions on how to use the money. Daymond John’s offer is for sixty five percent of Coverplay, but he is a more strategic partner, because they also get his warehousing, trucking, billing and shipping. Robert Herjavec asks Amy and Allison to go out into the hall and discuss the offers.
“Amy Feldman and Allison Costa walk out into the hall and discuss whether they should accept one of the offers or not”
“The Sharks talk about the Coverplay slipcovers and that it is a very good patent to have”
“Amy Feldman and Allison Costa walk back towards the Sharks and stand in front of them”
“Daymond John asks what Amy and Allison want to do”
Amy Feldman states that they do not want to give away the controlling interest of their company, and that they want an offer which is fairer.
Barbara Corcoran states that she could have asked for a fifty percent stake in Coverplay, but she asked for forty percent instead, out of respect for Amy and Allison’s talent.
Robert Herjavec states that if money is the problem, what if he raises the offer to four hundred and fifty thousand dollars and join together with Daymond John.
Allison Costa states that it is the sixty five percent stake that bothers them.
“Robert Herjavec raises the offer to five hundred thousand dollars”
“Kevin O’Leary tells Amy and Allison to take the money and calls them crazy chickens”
Allison Costa asks Barbara Corcoran if she is willing to lower her percentage to thirty percent, and in exchange she will get a percentage in the patent of the slipcovers.
“Barbara Corcoran looks confused and states that she thought the patent was already included in the deal”
Amy Feldman states that the patent is in Allison Costa’s name, so it is not part of the deal.
“Daymond John, Barbara Corcoran and Robert Herjavec retract their offers”
“Kevin O’Leary asks who owns the patent on the Coverplay slipcovers”
Allison Costa answers the question by saying that she owns sixty percent of it, that Amy Feldman owns a portion of it and that her ex-husband owns the rest of it.
“Barbara Corcoran starts laughing out loudly”
“Kevin O’Leary asks if Allison’s ex-husband is a friendly ex-husband or not, and if the patent will be able to be vetted into the company”
Allison Costa answers the question by saying that her ex-husband is in on the deal, and that they will be able to vet the patent into Coverplay, without having a problem.
Kevin O’Leary makes an offer of three hundred and fifty thousand dollars, and asks to be partnered up with Daymond John and Robert Herjavec, but in exchange, he asks for a fifty one percent stake in Coverplay.
Barbara Corcoran states that men always want the control over a company, and that they will package the deal in a way that makes sense, but at the end, they want the control.
“Amy Feldman and Allison Costa accept Barbara Corcoran’s offer of three hundred and fifty thousand dollars, in exchange for a forty percent stake in Coverplay”
Coverplay Now in 2018 – After Shark Tank Update
The only thing that Amy Feldman and Allison Costa were struggling with was the fact that nobody really knew about Coverplay. That had already made huge deals with Target and many hotel chains, which made them two hundred thousand dollars in revenue. Amy and Allison needed an investment from the Sharks, in order to market their products more and make a name for themselves. There is no mention of Coverplay being the best or worst on Shark Tank. Only Kevin Harrington didn’t want to invest in Coverplay, due to the fact that he felt like he wouldn’t be able to advertise it on television.
At the end of the program, Amy Feldman and Allison Costa chose to accept Barbara Corcoran’s offer, which seems to have really helped them to get Coverplay off the ground. You can now order any of the Coverplay products at www.coverplayard.com. Next to offering slipcovers, they also offer complete play yards. The price for the slipcovers starts at $49,99 and for the play yards it starts at $99,99.
You can read reviews from a lot of parents and doctors on the Coverplay website. The reviews are usually very positive, stating how much they enjoy owning a slipcover, due to the fact that it is easy to clean and the play yard always stays clean and fresh. The doctors are also very positive, especially because the slipcovers is a necessity in protecting children from infectious diseases. It seems like Barbara Corcoran’s investment really helped to get Coverplay some attention, especially considering that there are so many positive reviews about all of their products.