Byoot Company Before Shark Tank
Byoot Company is a swimsuit startup company that creates easy access swimsuits that make using the restroom less of a struggle. More specifically, the company makes one-piece fashionable swimsuits that have a side-snap button to unfasten the suit. Byoot Company swimsuits are made using spandex and nylon; 14% spandex and 86% nylon. These materials not only make the suits stretchy and easy to put on, but the materials are also high-quality, making it keep its shape and last long. Furthermore, these swimsuits are available in a variety of bright colors such as red, navy, and black; however, they’re also available in stripes and florals as well.
Byoot Company was started in January of 2018 by Elyce Billany. Before she started Byoot Company, Elyce studied at Ashford University; in 2012, she graduated with her bachelor’s degree in health care management. A year later, she went on to work in sales for almost three years, with two different companies. In 2016, Elyce job a job as a corporate development specialist for Genesis Health System for a year, before she switched to being a development director at UnityPoint Health. Now, Elyce has a few jobs. She works as a sales and marketing consultant for BARE Investments; she owns Byoot Company, and she is the director of marketing at Fortress Bank.
Elyce got the inspiration to start the Byoot Company during a trip that her and her husband, Nathan Billany, took to a beach in Jamaica. While they were there, Elyce experienced the struggles of trying to use the restroom while wearing her swimsuit. At first, Elyce searched online for solutions to this problem, but there were no swimsuits that could make this struggle easier. This made her determined to create a swimsuit that had a more convenient way of being removed, hence the Byoot Company swimsuits.
After speaking to many potential manufacturers of swimsuits, the founder finally found one in New York. In August of 2018, Elyce launched a Kickstarter campaign, where she raised $30,000 for the Byoot Company. This was quite helpful in getting the business up and running. In fact, many women quickly started buying swimsuits due to the comfort and convenience of them. Byoot Company was also recognized by New York Lifestyles Magazine, where they had positive reviews of the swimsuits published. Now, Elyce would like to take her chances on the Shark Tank, in hopes of a shark wanting to invest in their business.
Byoot Company on Shark Tank
Elyce Billany and her husband, Nathan Billany, appeared on Shark Tank in search of a $50,000 deal in exchange for a 30% equity in her swimsuit business, Byoot Company. Elyce and Nathan introduce themselves to the sharks before they begin telling them about the Byoot Company swimsuits. After that, the sharks had a chance to analyze the swimsuits; they all seemed to like the suits and the business. Each swimsuit costs anywhere between $29 and $35 to make, and they’re later sold for between $49 and $120. Since the Byoot Company was launched, Elyce has only made $10,000 from two orders. The first order was for $6,000 and the second order was for $4,000.
The first shark to drop out is Barbara Corcoran, who states that the swimsuit is too difficult. Lori Greiner follows behind shortly after. While she likes the swimsuits, she doesn’t feel that Byoot Company is a good investment for her. Mark Cuban and Kevin O’Leary back out as well, as this isn’t the right investment for them either. This leaves the guest shark, Kendra Scott, as the only remaining shark in on the deal. Fortunately, she likes the business idea, and she wants to offer Elyce and Nathan $50,000 in exchange for a 5% equity and a 10% interest on the loan. Given that this is their only chance of getting a deal, Elyce and Nathan accept the offer.
Byoot Company Now in 2023 – The After Shark Tank Update
Since Elyce and Nathan Billany appeared on Shark Tank and landed a deal with the guest shark, Kendra Scott, Byoot Company seems to be doing well. As of March, of 2023, it is unclear whether the deal between the shark and entrepreneur has closed or not; however, this business appears to have expanded greatly. The founders did launch another Kickstarter campaign with a goal to reach $35,000 in funding, but they only reached $1,622. Due to this, it is believed that the deal with the shark may have been dropped. Meanwhile, there have been mentions that this business may not remain open in the next few years due to them not receiving many sales on their website. Furthermore, the last update on this company is the new product launch by Elyce, which is a children’s book called Mama Bean Has a Dream. She launched her book in July of 2022 and has it being sold at $16.99.