Wisp Industries
Do you think traditional brooms and dustpans aren't getting the job done? The people at Wisp Industries sure don't think so. And to that end, this San Marcos, CA, based company has re-invented the boom to capture even the finest grains of dirt and the dustpan to be manageable without having to bend over.
Rather than long bristles, the Wisp product features short bristles to provide a "seal" against the floor and the dustpan can be easily maneuvered with a person's foot so that a person need not bend over much less perch on ones knees like a fucking servant. And, when those bristles capture cobwebs or other hard to remove detritus, the bristles can be cleaned with a swipe against the side of the dustpan. Naturally, all of this is covered by a series of design and utility patents.
Each Wisp broom and dustpan combination costs $17 per unit to manufacture and retails for $29.95.
In the previous year, Wisp Industries made $1,430,000 in gross sales. However, they lost $600,000 after that revenue, primarily assigning the cause to revenue sharing appearances on some kind of sales show where they lost money even after the sales. In the company's six year lifetime, it has grossed $3,300,000 in total sales.
The business currently has $300,000 of inventory on hand. This is because in the previous year, the product went viral and brought in 110 million views and they company did not have enough inventory on hand to respond. However, the product cooled off before the inventory could sell through. According to the entrepreneur, this has happened several times and is looking for a shark to help him manage the boom and bust cycles.
In the six years since launching the business, the company has raised $2,500,000 from twenty-two investors. The entrepreneur claims that the business, despite this capital, only has $50,000 left in the bank. Kevin estimated that this put the business $2,100,000 in debt. The entrepreneur admitted that Wisp Industries also carries another $250,000 of structured debt.
Because of the financial condition of the business most of the sharks dropped out. However, Mr. Wonderfull offered $500,000 for 50% of the business if the entrepreneur could make it work with his other investors. The entrepreneur accepted but, rather than accepting congratulations from Kevin, he continued speaking with Lori about bringing her in on the deal and Kevin rescinded his offer.
With no sharks left willing to make an offer, the entrepreneur left the tank without a deal.
This deal aired on Episode 10.05.