Just to state up front, your Stats Shark thinks long and... ahem... hard about how to categorize the deals that appear on Shark Tank. The show doesn't categorize deals so we're often left on our own to decide which deals are most like in terms of deal type and product or service being pitched. Most often, we try to categorize deals according to how the entrepreneur pitches it to the sharks but, sometimes, we feel that we must step in with our editorial voice. In this case, it's assigning this deal the category of a Gag product because... well... read on...
LoveSync is a product and a company from Cleveland, OH, that wants to help couples not feel embarassed about wanting some sexy-time. Why would two adults feel embarassed about wanting to have sex with one another? Because, apparently, it seems that there's nothing more embarassing than wanting to have sex, broaching the subject, only to then be rejected and fall asleep without any nooky.
To combat this scourge, LoveSync was introduced. LoveSync is a pair of buttons each person can keep on their bedside table. If both people hit the button (a button press indicating that sex is desired) then LoveSync will let both people know that they're down to get down. But should only one person be interested, it will show nothing so as not to embarass the horny member of the pair. The husband and wife entrepeneurs call this "privacy."
The genius behind this product was the husband of the entrepreneurial couple who wanted "sync" his wife with his pink torpedo but decided that he wasn't up for trying to convince her to put out. When they apparently talked about this later, the wife had what she described as a "lightbulb moment" as far as making a product went. The two of them have, as of the airing of the episode, been using it now for months.
LoveSync raised an astonishing $25,000 on Kickstarter which funded 400 units that have been fulfilled. They are now selling for $60 per unit and LoveSync costs $22 per unit to manufacture for the first 1,000 units. The entrepreneurs believes they can get these costs down to $14 with the next order. They also have plans to expand into an app version.
The husband is, unsurprisingly, a robotics engineer and the wife is a counselor who believes that their product makes communication between couples easier. However, Lori disagrees, stating that she believes it would actually make things more awkward and hurt communication, that it's anything but sexy or romantic.
The husband member of the entrepreneurial couple says that sexual desire is a spectrum from ice cold to red hot and that LoveSync helps couples navigate between these ranges.
Kevin states that he hates that they want to move the product into being an app because of the customer acquisition costs. Mark then steals from Mr. Wonderful's thing and says that he hates that LoveSync does have any additional sales since the Kickstarter campaign.
Daymond maybe reveals more than he realized and states that his favorite part is telling his wife what he's going to do. He says that he usually then falls asleep but at least knows that his wife knows he loves her. He drops out and so does Barbara.
Kevin sums things up by saying that the couple did a poor job presenting their idea to the sharks and is out, leaving LoveSync without anyone touching its button.