The Wingman
The Wingman is a small and comfortably wearable lifejacket created by a company from Milwaukee, WI, that is intended to encourage more people to wear them while engaged in boating and water sport activities.
The product, the Wingman, is activated by a ripcord on the harness that users wear. This then activates the CO2 cartridge inside that inflates a balloon to keep the wearer afloat. While it has been approved as safe by the US Coast Guard, because it required manual activation, it is not approved for activities where hitting one's head is a substantial risk, activities such as waterskiing or innertubing behind a boat. Instead, the primary market is kayakers, boaters, and fishermen.
The current iteration of the Wingman costs $65 per item landed and retails for $249. When questioned about the cost, the entrepreneur stated that the product was being ordered from the manufacturer in less than 1,000 item quantities and that it kept the manufacturing costs high.
The entrpreneur claims that the Wingman is covered by patents regarding the placement of the CO2 device and the type and placement of the securing zipper that allows the harness to lie flat.
In ten months, the company has made $120,000 in gross sales.
Mr. Wonderfull, doing what he does, offered the company their requested $200,000 but in exchange for 50% of the business. The entrepreneur wisely declined but left the tank without any deal.
This deal aired on Episode 9.19.