The BoobyPack Before Shark Tank
The BoobyPack is the creation of female entrepreneur, Christina Conrad. She describes it as a ‘fanny pack for your rack’ and the inspiration for this product came about in an unusual way. Christina is a big fan of electronic dance music and found when she attended events or raves she had nowhere safe to place her possessions. So she decided to create the BoobyPack. The BoobyPack is a sports bra with waterproof, zippered pockets that can hold your cell phone, cash and credit cards.
At first Christina was just targeting fans of the electronic dance music events like herself but she soon realized that the BoobyPack is a very useful product for women who want to part-take in sporting activities or have an active lifestyle. The BoobyPack is the perfect sports bra to keep your valuables close to you. At first, Christina opted for a Kickstarter campaign to get the BoobyPack off the ground. She was aiming to raise $15,000 but successfully raised $ 32,725 over the course of the campaign. This funding enabled her to broaden the BoobyPack range and even introduced tank tops to the range. The BoobyPack was being sold online but to really get the product out there, Christina knew she would need some additional funding as well as some business expertise. She decided to take her idea to the shark tank. Will the sharks bite and come on board with the BoobyPack?
The BoobyPack On Shark Tank
Christina enters the shark tank with an assistant who is wearing the BoobyPack for the sharks to see the product. After introducing herself, she explains that she is seeking an $80,000 investment in return for a twenty per cent equity share in her company. The sharks are amused when Christina explains that the BoobyPack is the ‘fanny pack for your rack’. Christina goes on to explain that it is essentially a fashionable sports bra with two zippered pockets that can store your keys, cash, cell-phone or credit cards. She demonstrates this by placing some valuables into the pockets of the BoobyPack. Christina then goes on to explain the added benefit of the BoobyPack is that it is completely waterproof. This means that you can go and enjoy your favorite music festival or gym class without having to worry about your valuables getting wet in the process.
Lori asks if the sharks get to see samples and Christina hands out custom made samples for each of the sharks to take a closer look at the product. Kevin is wondering about size as not one size fits all when it comes to women’s’ sports bras. Christina explains that the sizes of the BoobyPack range from Small to Extra-Large.
Robert is eager to know about the cost of the product to which Christina informs him that it costs $7.17 to manufacture and retails at $55. Robert is genuinely impressed by this piece of information. Barbara wants to delve deeper into what the sales have been like since the BoobyPack was created. Christina explain that BoobyPack began as a Kickstarter campaign in January 2013 and within thirty days, she had more than doubled her goal income of $15,000. When the website launched in June 2014, $10,000 worth of product sold on the very first day. Robert is clearly impressed by this. Kevin asks for the sales figure since the product launched to which Christina replied that total sales of $167,000 had been reached since the launch of the BoobyPack. Robert wants to know more regarding how exactly the product has been sold so successfully thus far. Christina explains that almost all of the sales have been done online and Robert wants to know what her plan is for the product. Christina explains that while she has just sold the product online, it has been easy for her to maintain the identity of the brand. However, now she is ready to take the BoobyPack to the next level.
Barbara is interested to find out exactly how Christina manages to increase traffic on the BoobyPack website. Christina explains that she has used search engine optimization as a useful marketing tool. Further to that she has been using the popular social media platforms such as Instagram, Twitter, Facebook and Pinterest, to showcase and promote the BoobyPack products. When she mentions the social media platforms, Lori is keen to know how many followers the brand has. Christina claims that there are eleven thousand Facebook followers but that figure is growing by four hundred each week.
Mark is interested to know why the sales have not been higher and wonders why exactly Christina has not been using paid advertising online to help her gain more following and thus gain more customers. Christina is erring on the side of caution and has not taken any sort of salary since starting the company. Barbara is interested to know how exactly Christina is supporting herself. At this point, Christina gets quite emotional when she tells the sharks that her father passed away and left her some money. The money was intended for further education but being an entrepreneur himself, Christina is certain that he would approve of her using it to fund her business.
Mark acknowledges the fact that Christina is seeing how difficult it is to get a company off the ground. For him, he does not think there is enough of the product at present. For those reasons, he declares himself out. Christina addresses Mr. Wonderful himself and says she would love to do business with him as he is an expert in licensing which is something that could be of benefit to her and to the BoobyPack. Kevin says he will make an offer. He will give Christina the $80,000 and won’t take an equity, however, he wants $10 in perpetuity per unit sold. Christina seems decisive when thanking Kevin for his offer but claims that as her company grows, the last thing she needs is to be siphoning money away from it. Kevin advises her to wait to see if the other sharks have anything to offer before she decides to turn down his offer.
Barbara takes her turn and commends Christina for being the ‘whole package’. Surprisingly however, she declares herself out claiming that she does not think Christina needs any help. Lori commends Christina’s passion and drive and says it is a feature she loves to see in budding entrepreneurs. Although Lori thinks that Christina is a great position to keep building the company slowly, for her it is just too early to commit. Or that reason, she declares herself out.
Robert is impressed at the amount of work Christina has done in a short space of time. As well as that he admires her relentlessness and decides to make an offer. Robert agrees to give the $80,000 but in return for a thirty per cent equity share in the company. Barbara interjects that Christina does not need Robert and in a surprise twist, Kevin jumps in and says he wants to modify his offer. Kevin offers to give the $80,000 as requested. However, once $320,000 has been made, he will no longer take thee $10 royalty per item sold. Instead, he will then hold just a five per cent equity share in the company.
Christina sticks to her guns and although she appreciates that Kevin has modified his offer, she still does not want to be giving away money as the business is still growing. Christina then turns to Robert and makes a counter offer asking him to consider reducing the equity share to twenty-five per cent. Robert is unwilling to move from his first offer and maintains that he wants a thirty per cent equity share of the company. In another incredible twist, Barbara interjects once more and says she will offer $80,000 for a twenty-five per cent equity share. Christina instantly agrees and the deal is done.
Christina leaves the shark tank incredibly happy that she has Barbara on board. She acknowledges how hands on Barbara is with all of deals she makes in the shark tank and the prospect of working with her and taking the BoobyPack to the next level is an exciting one!
The BoobyPack Now in 2018- The After Shark Tank Update
Since appearing on Shark Tank and doing with deal with Barbara, Christina has seen the BoobyPack become an overnight success. Within the first couple of minutes of her pitch airing on the shark tank episode over $2000 worth of product had been sold online. Since then the sales have escalated due to the media coverage the product received after appearing on the show. Thankfully, most of the traffic to the website has been translated into sales.
As well as that, now that BoobyPack is becoming a well-known product, many women have been coming up with new uses for it creating new target markets for the products. The BoobyPack is now becoming a firm favorite with many mothers who need to carry their possessions on them for handiness while out with their young children. Further to that, some diabetes sufferers have reported that the pockets are the perfect size for their insulin pumps.
Overall, it seems that the BoobyPack has been one of the big success stories to emerge from the shark tank in recent times. There is no doubt that with the help of Barbara, Christina can continue on succeeding and achieve her dream a building a million-dollar business. We wish her and the BoobyPack the very best of luck!