Barbara Corcoran’s Best Shark Tank Investments
Barbara Corcoran actively preaches the importance of having the courage to go after your goals, and of not being fearful of failure. Believe it or not, Corcoran was initially rejected by ABC producers when they were deciding upon the coveted investor spots for Shark Tank. However, rather than simply move on to something else, Corcoran says she “sat down and wrote the best email of [her] life”. This immediately changed the minds of the show’s producers and, subsequently, Corcoran has gone on to have incredible successes as an investor on the show, investing in about 16% of the pitches she’s heard. Here are some of her best investments on Shark Tank:
Grace and Lace
In 2013, during Season 5 of Shark Tank, husband and wife team Melissa and Rick Hinnant presented Grace and Lace, and their gorgeous frilly leg warmers. Barbara Corcoran loved the fashion company and offered a $175,000 investment for 10% of the business.
Grace and Lace made $1 million in sales within five days of appearing on the show. And after a feature in Cosmopolitan magazine, Grace and Lace made approx $6.5 million in 2015. This grew to over $15 million by the end of 2016.
The couples have gone on to use their profits to open two Indian orphanages, which house 100 children. Rick has fondly said about Corcoran “We don’t feel like she’s an investor. We feel like she’s part of the family.”
Pork Barrel BBQ
Senate Hill staffers Brett Thompson and Heath Hall began their business, Pork Barrel BBQ, when they ordered bland take away food while working late and found themselves craving barbeque ribs like “back home” in Missouri. They subsequently developed their range of BBQ sauces, dips, and rubbing herbs and spices, of which Barbara Corcoran took a 50% stake for a $50,000 investment, back in Season 1.
Since appearing on Shark Tank in 2009, Pork Barrel BBQ has grown successfully. They went on to make $4.1 million in revenue in the year after airing, and by mid-2015 had generated over $10 million in sales.
Cousins Maine Lobster
Cousins Sabin Lomac and Jim Tselikis appeared before the Sharks during Season 4 of the show. Their business was a high-end food truck, which served fresh lobster in a variety of styles. Like the cousins, Corcoran saw the gap in the market and made a deal them, investing $55,000 in exchange for 15% of their company.
Since their appearance on Shark Tank, the company has grown quickly, bringing in over $8 million in revenue in 2014. Today they have around 20 food trucks, a restaurant in West Hollywood, California, and an online distribution which serves the entire United States.
Daisy Cakes is an online bakery set up by Kim Nelson in 2009. In 2011, she took the idea to the Shark Tank. A skilled baker, Nelson’s cakes were a hit and received a $50,000 investment from Barbara Corcoran for 25% equity in the business.
Daisy Cakes exploded in popularity after appearing on Season 2 of the show. However, as each cake is made by hand, with love, by Nelson there is only so much one person can do. So she is now also considering franchise options for her business. Incredibly though, by the end of 2015, the company had brought in over $1.1 million in revenue, which had grown to $5 million by mid-2017.
The company Pipcorn, offering gourmet mini-popcorn packs, was the brainchild of siblings Jennifer and Jeff Martin from Brooklyn, New York. Featuring flavors such as truffle or organic butter ghee, Pipcorn delighted the Sharks in Season 6, especially Barbara Corcoran. The Shark made a deal with the duo, handing over a $200,000 investment for 10% of the business. In the year since their 2014 Shark Tank appearance, they had generated $2.4 million in revenue, which totaled over $3 million by the end of 2015.
Already discussed on this site, Buggybeds was a product which received investment from all five Sharks present. The product is an early detection and prevention system for bed bugs. For a five way split of a $250,000 investment for 25% equity, the company went on to have sales of over $1.2 million in the year after the Shark Tank pitch.
Ava the Elephant
Ava the Elephant appeared on the very first episode of Shark Tank back in 2009. The idea was beautifully innovative. Invented by Tiffany Krumins, Ava the Elephant is a cute, talking medicine dispenser for babies and small children. For $50,000, Corcoran invested in the company, in return receiving a 50% stake.
In the year since the Season 1 episode aired, the brand made $1 million in revenue and has developed a range of innovative tools that administer medication to little ones, and are now even available in hospitals across the US.