Before Shark Tank
Joe Moore is a man with a vision and a brilliant idea for a product that could make the lives of so many people just a little bit easier. There are millions of people out there who suffer from asthma and allergies, which can make day-to-day life pretty challenging. What Moore wanted to accomplish with his product was to eliminate as many of the factors that could irritate these conditions as he could. So what he came up with was a nearly invisible nasal strip that is placed over each nose hole. The First Defense Nasal Screen is basically a filter for your nose. It clears the air you breath from a good portion of allergens, which in turn lowers the risk of a person having some sort of allergy or asthma attack.
The concept of his product is pretty brilliant, but Moore can’t properly launch is First Defense Nasal Screen all by himself. Without the proper financial backing or connections in the marketing industry, his company would take a considerably long time to really get off the ground. That is why he decided to take his idea to the Shark Tank, a place known to either make or break a new business. Moore was hoping that at least one of the Sharks would see the potential in his innovative new project and give him the offer he needs to get this product out on the market.
First Defense Nasal Screen on Shark Tank
Moore enters the Shark Tank seeking a $500k investment in exchange for a 10% equity in his business. According to him, there are so many people who seek nasal treatment due to breathing contaminated air and that 1 out of 5 commercials aired on television is an ad for nasal treatment. As a result of its high demand, he took it upon himself to create his own treatment brand to put out there on the market. What he ended up inventing was the first lightweight, no insert nasal screen that has been clinically proven to reduce the inhalation of allergens, pollen, pollutants, and pet dander by almost 99%.
After finishing his pitch, Moore open ups the floor for any questions the Sharks might have. Mark Cuban is the first to say anything by asking “are you kidding me?”. This seems to stun Moore, because he stumbles over his words before finally saying he knows how big this product could actually be. Next to speak and to actually ask a real question is Daymond John. What he wants to know is how many sales he has made so far. When the Sharks hear his answer, they are all genuinely surprised. Since Moore has introduced his product to the market, he has sold around 1.7 million units and they were sold at $.60 each. These sales will actually be generated through a 6 year contract he made with a company that will end up paying him $8 million in total. Moore even brought the contract with him to provide the Sharks with proof of the deal.
All of the Sharks appear to be more attentive to what Moore has to say now that he’s pulled out the contract. Kevin O’Leary is curious about whether or not the First Defense Nasal Screen is supposed to be popular in other countries where it is more common for people to wear face masks. Moore agrees wholeheartedly that this will end up being a worldwide product. His nasal screen has been proven to reduce the risk of nasal infections and respiratory problems because 90% of the air we breathe is through out nasal passages as opposed to through our mouths.
With the money he would receive from making a deal with one of the Sharks, he would put that towards the production of more units so that he would be able to fill the order in the contract. Robert Herjavec wants to know why he wouldn’t just license this to one of the larger drug companies out there, but Moore tells him that he already tried that. When he attempted to make a deal with a drug company, they told him that the product idea would be shelved because they would rather treat the issue for $14 dollars instead of putting out a prevention for it for $1.00. So far, Moore and his friends and family have invested nearly $1 million into the company, which is why this is so important to him. He wants to get this business running because all of the time and money they have put into it.
Barbara Corcoran seems to have a minor issue with the nasal screen though. According to her, it’s pretty hard to tell what the product is actually for unless there were to be pictures of noses plastered on the packaging. It is her belief that the cost of educating people on what the use of the product is for outweighs the benefits, and for that reason she can’t invest into it. O’Leary speaks next and decides to give Moore and offer. In exchange for the $500k, he wants a 15% royalty on each unit sold until he makes his money back on top of a 20% equity in the company. After trying to convince Moore that he needs to take this offer because none of the other Sharks are interested, Cuban speaks up and decides to go in on the deal with O’Leary. However, John too is interested in making a deal.
John puts an offer on the table for $800k, so long as he gets 30% equity into the business and a 10% royalty on the items sold. O’Leary then makes a hasty offer of $1 million for the entire company, which is quickly turned down because Moore believes that this is a billion dollar industry. However, Cuban asks him if there was a number he would be willing to take in trade for the entire company. He thinks about it for a moment, but Moore ultimately decides that he would like to stay a part of the company because he has received testimonials from people saying that he helped to change their lives and he wants to be included in that revolution.
Taking this into consideration, John decides to offer him $1 million for the same arrangement, 30% equity along with 10% royalty until he makes his money back. After John places his revised offer, Herjavec decides to offer $2 million in exchange for the entire company, but Moore would also get a 10% royalty on each unity sold. So collectively, there are three offers on the table for him to choose from.
He is quick to turn down Herjavec’s offer, but then the $2 million is bumped up to $4 million. Before he can reconsider, O’Leary chimes in a begins to explain to him why he should take their original deal. However, things divert back to Herjavec and when Moore asks for $5 million to sell his whole company, the offer is dropped entirely. That leaves only two offers left for him to decide between, but O’Leary asks Moore to step outside for a moment while he, John, and Cuban discuss among themselves.
When he returns back to the tank, there is a new and final offer that has been composed between the last three sharks. For $750k, Moore would have to give up 30% of the company and a 10% perpetual royalty. He attempts to change the terms of the deal by asking for $1.2 million so he could fill the order of the contract, but all three Sharks assure him that they would put in the money towards sorting out any potential issues. With that in mind, he decides to accept the offer and go into a partnership with the Sharks.
First Defense Nasal Screen – 2022 Update
First Defense Nasal Screen is still going strong. Shortly after appearing on the show, they updated their website and used their funds to fulfill their orders, which went up significantly following their television appearance. They even filmed a a short video showcasing all the benefits of the product, which has since been viewed more than 101,000 times.
As of 2022, the nose filters are available in over 50 countries worldwide with patents issued in the US, Canada, Europe, Japan, China, and India. If anything, demand for the product is especially high in Asia and the Middle East, where air pollution is a major issue.
Not only that, but the nasal screens are also popular among those working in the construction and mining industries. Having said that, the majority of their sales are still from those who suffer from allergies.
Many individuals also turned to First Defense Nasal Screens for protection during the initial months of the COVID-19 pandemic when face masks were scarce (many wore the nose filters with face masks for extra filtration). This led to a noticeable increase in sales.
How much is the company worth now? It’s hard to say as they haven’t disclosed their financial reports but many online sources have estimated their net worth to be around $50 million, which is a significant increase from when they appeared on Shark Tank.
For those who are interested in trying out the nasal screens, you can purchase them from their online website. You can get a pack of seven for $9.98, a four-pack for $35.99, or a 12-pack for $99.99. They also offer monthly subscriptions (28 sets of screens) for $35.99 a month.
Alternatively, you can get them from Amazon. Looking at the reviews on the site, most of them are positive. With that said, there have been complaints about the adhesive not sticking properly, however, it doesn’t seem to be a stand-out issue.