During Season 11 of Shark Tank, the crew witnessed one of the most unique pitches on the show. 11-year-old Cassidy Crowley and her mom, Lori, launched a 2-in-1 teether toy and spoon for babies. The product was called The Baby Toon, and they struck a deal with Lori Greiner. As of 2024, The Baby Toon is valued at $1 million.
Cassidy Crowley Background
Cassidy was the one who came up with the idea to make baby products. Lori is her main supporter, but her father Will and sisters Ray and Emily also help out from time to time. Their family lives in Honolulu, Hawaii.
At the age of seven, Cassidy, a first-grade student, participated in the Honolulu Regional Science Fair and was tasked with solving a common problem.
The entrepreneurial genius watched her sister grow up and noticed that the baby was becoming more independent and began to eat by herself.
Create Baby Toon
Concerned that hard spoons might hurt babies’ gums, she designed a 100% silicone version, which turned out to be the perfect material for baby-safe toys, too.
Young Crowley had an idea for a product that would be useful for babies all the way through toddlerhood. She came up with The Baby Toon, a multi-functional tool that doubles as a teething toy and a feeding handle.
She enlisted the help of her parents to turn her idea into a real business. Together, they sold their products for $15 each. However, Cassidy had become too busy for her age and wanted to change that.
Shark Tank Appearance
In 2019, Cassidy and Lori hit the jackpot and sold 50% of the company for $50,000. Cassidy hoped a tycoon would buy half of the company so she could focus on school and being a kid.
The sharks were immediately struck by Cassidy’s passion for business and her groundbreaking ideas at such a young age. Although all were impressed, not everyone was willing to bid.
And QVC queen Lori Greiner saw the potential of the startup, so she accepted the initial offer of $50,000 for 50% of the shares, and finally made the deal.
After Shark Tank
After getting what they wanted, the Crawleys did an excellent job growing the business. Although Lori owns half of the company, Cassidy is still considered the current CEO of The Baby Toon.
The company has a licensing agreement with Munchkin Baby Products and sells it on Amazon.com. As a result, their multi-purpose spoon is one of the best-selling products on the Munchkin website. It is also available on Amazon and various retailers in Hawaii and the United States.
They started out selling for $6 a piece, with a 50% profit margin, and after Shark Tank, the company’s valuation grew 10-fold. Today, the company is valued at $1 million.
Categories: Shark Tank
Source: svlsf.edu.vn