Seriously Slime Before Shark Tank
Slime has been around since 1972. The oozy material was introduced by Mattel to the world and the world has not looked back since then. Slime is today one of the most popular play toys that there is. Children like molding it into a variety of shapes and when the slime is available in a variety of colors that can be mixed; it’s nothing but beautiful mixtures for the group playing with it.
The first slime was made using Guar Gum but other manufacturers soon found other ways of making slime. Shannon Valko and Sarah McDermott wanted to improve the slime that they had seen to improve the experience for children. They created Seriously Slime which was a company that made slime and provided people with it during events.
Seriously slime differentiated itself from other slimes because of its wide variety of colors and the beautiful patterns that were created when those colors were mixed. The Seriously Slime Company also made bags in which people could carry their slime.
When seriously slime was started it made slow progress but things changed when they opened their shop. However, they wanted some help with improving their pace. They reached out to Shark Tank to see if any of the sharks was up for a partnership.
Shannon and Sarah were on the 19th episode of season 11 of the show. They were not the only guests on the show. Daniel Lubetzkly, the founder of Kind LLC was also on the show but as a guest shark instead. Let’s see how it went down.
Seriously Slime on Shark Tank
When the Seriously Slime founders, Shannon Valko and Sarah McDermott went onto Shark Tank they sought $90,000 and were giving 15% of their business. This was them giving their business a valuation of $600,000. Their presentation was all about showing the sharks what seriously slime was about. After explaining, they wanted a shark to test the slime with them and Robert was invited. Robert was glad to test it.
The slime was prepared by Robert and the children. The other sharks were given some samples to test. After he had examined his sample, Kevin said that there is a lot of slime on the market. Shannon said that they had a different sales model because they partnered with parties. Trying to get it, Kevin asked if their sales model was to make slime that was sold at parties. Shannon said that it was.
Shannon also told the sharks that they were located in Chicago and that they wanted to license the product. Robert had to confirm if they had licensed it yet and Shannon told him that they had not yet licensed it because they were such a new company. The business had only been in operation for 7 months.
Kevin shared his concern over them being able to achieve their goals. He thought that they would need more brand recognition because that was what people looked for. Mark Cuban thought that it was achievable one day but they were not yet there on that day. He then asked them where they were at that time.
Shannon said that they had been doing mobile birthday parties. They had also opened a Seriously Slime shop. They had also gone through all the paperwork to establish a licensing deal and had also made very many requests. Mark Cuban wanted to know more about the events sector of their business so he asked them how many events they had done and the revenue they had generated.
Shannon said that they had generated $28,000 in revenue. $23,000 of that money had been from when they opened their shop 2 months ago. This was because they could supply more events with their content. They had only made $5,000 before they opened their shop. Robert asked how much they charged per party and he was told that they charged $300-$350.
Lori asked if the price included the product and she was told that it did. Robert then asked how they would make it a bigger business. Sarah said that there was a lot of interest in slime and in the previous year slime videos had accrued 25,000,000,000 views.
Kevin agreed that the slime material did have potential. However, nobody would give them $90,000 for 15% of their business because they had not made any money yet. He also didn’t like the product so he left.
Daniel said that he had been to parties where children were taught how to make slime and he had also bought slime for his children. He thought there was a lot of slime in the market and he wondered how Shannon and Sarah planned to differentiate themselves from the others in the market. Shannon said that slime was already very popular and it was the only one sold through that channel. Mark Cuban objected to her statement because he thought that anyone could then come and take their position in the market.
Sarah said that anyone could create slime. However, if people wanted to create businesses, they would work with them. Robert could not understand how this would be done since they were not yet a brand. Shannon said that it was the reason why they needed the sharks’ help. With a shark’s investment, they could go out and start creating brand awareness.
Mark Cuban then said that he wanted to know if they could make money from just a shop. Shannon and Sarah both said that they could. Shannon then said that they had not invested anything beyond $500 and they were the only employees.
Mark Cuban then left. He said that the business was not for him but he thought that the business would do well. He also thought that malls were one place where they could find business. Robert also left. Robert didn’t think that the business had a good plan but he also thought that if they could increase their retail locations the business would be more successful.
Lori thought that Shannon and Sarah could have a great business but it was not investable for her so she also left. Shannon then showed the sharks some bags they had made for carrying the slime balls. Daniel said that he could not allow slime in his home anymore because of how hard it was to wash out the slime. He, however, thought that the bag was a great product. However, he was not going to invest so he left.
Shannon said that they would continue to bring the joy of slime to children, one slime at a time.
Seriously Slime Now in 2023 – The After Shark Tank Update
Seriously Slime did not get a deal from any of the sharks when it was on the show but they have continued to bring the joy of slime to children as they pledged to. Unfortunately, it does look like business slowed down so much that they are no longer having a website. Seriously Slime operated the website www.seriouslyslime.com but it is no longer in operation. The site will redirect to Erin Lives Whole which is a personal blog.
Seriously Slime has a Facebook page that was last updated in January of 2021 and it only has 778 followers. It also has an Instagram which was also last updated in January of 2021 and only has 344 followers. The low social media numbers would indicate that the business did not successfully create an online revenue stream.
When it was on the show, the sharks consistently pointed out that they did not seem to have a strong sales model. The slime market also had many other products so it would have been hard for them to get to a certain level because of the level of competition.
In such a situation, a business could maintain a consistent profit with more effort being put in and the established businesses would also copy your product making it hard to stay relevant. Seriously Slime offered a great product and hopefully, the others in the market will fill the space left by them.