Lipstix Remix
Lipstix Remix is a company from Knoxville, TN, that makes a kind of mold that women can put the last bit of lipstick into from several different tubes. See, that last bit can't be applied because of the way lipstick tubes are designed. But with this mold, women can mash together several different left over bottoms of lipstick and form a new thing that can be applied. Essentially, it's a device that wants to help people reduce waste.[1]
Once the old lipsticks are in the mold, all someone needs to do is nuke it in a microwave to melt it all together and then freeze it.
The entrepreneur behind Lipstix Remix sold 800 units locally and another 200 units specifically mentioned for $6,000. Lipstix Remix needs money to do a test on a local market to see how popular it might be, then wants to do an infomercial, and hopefully then see it into retail locations.
Kevin Harrington and Daymond John partner up to make a deal with Lipstix Remix, though the cost of their coming on board is an additional 20% in equity, essentially making them 50/50 partners with the entrepreneur. This results in a fairly substantial bite of $140,000 off the $350,000 value but Lipstix Remix is now $105,000 more capitalized than before and with two sharks as a partner.
Notes
- ↑ In general, devices that help people get the most out of what they've already bought are a great idea. In Season Ten we saw Flip-it!, a way to get the most out of a condiment bottle. Unfortunately, the sharks didn't see the value in that product.