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Fifteen-year-old innovator Nathaniel Wellen has landed a $100,000 investment offer for ABC’s “Shark Tank” duo umbrella. His duo, designed for two people of different heights, received high praise from the judges.
Wellen’s journey into entrepreneurship began at the age of eight, when the seeds of an umbrella concept called The Duo were planted in his imaginative mind. Back in his teens, he was working with his father to realize ideas, obtain utility patents, and manufacture prototypes. Armed with ambition and innovation, he went on stage on “Shark Tank” asking for his $100,000 for a 10% stake in the company, even though at the time of filming he still had no income. Duo features a dual handle design, with his second handle emerging from the base of the main handle and positioned perfectly for children.
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The judges responded not only to The Duo’s ingenuity, but also to Wellen’s enterprising spirit. Lori Greiner praised him as “a great role model for kids who want to become entrepreneurs,” and Mark Cuban praised his determination.
But Wellen’s partnership with Shedrain, a long-established weather accessories brand, raised some eyebrows. Although investors were impressed by his initiative in forming the partnership, they cautioned him against diluting his stake and urged him to remain in control of the company’s destiny. Mr. Wellen spoke about the benefits of the partnership. “They own 49% of the company,” he said. “They will help us [with] Prototyping, manufacturing, and sales. …They’re going to take us to stores like Target, Walmart, Kroger, Costco. ”
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Wellen faced rejection from veteran investors like Kevin O’Leary and Barbara Corcoran.
“I was very impressed with your presentation, but I have a ground rule: You must be able to call the CEO 24 hours a day,” O’Leary said. “I don’t like the fact that you’re at school. What will the teachers say if you call your cell phone during class? They won’t let you come out and it really pisses me off.”
Wellen’s perseverance paid off when Robert Herjavec realized the possibility of success. Negotiations were triggered by Mr. Herjavek’s offer of $100,000 for 20% of the company. Wellen settled for 18%, a triumphant moment for the young entrepreneur.
Wellen’s success story is an inspiration to ambitious young entrepreneurs around the world. And perhaps his product will reach the heights of other “Shark Tank” products. One of his most successful products is his Scrub Daddy, a sponge that adapts to a variety of cleaning tasks, generating sales of over $200 million. Another standout product of his is his Squatty Potty, which revolutionized bathroom habits with its ergonomic design and generated over $222 million in revenue. Additionally, Ring Video Doorbell, which enhances home security, was sold to Amazon.com Inc. for $1 billion. These products embody the show’s transformative impact, elevating entrepreneurs to unprecedented heights and reshaping industries with innovative solutions.
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This article Will the next squat toilet or scrub dad come from a kid? 15-year-old entrepreneur lands $100,000 two-person umbrella deal on ‘Shark Tank’ first appeared on Benzinga.com
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