Spending the day out with your little one can be a fun experience until it's time to change their diapers. Babies and changing tables don't always get along. The Dingle Dangle is a toy that parents can wear on their heads to distract their children during diaper changes. Its creators, Mark Hamilton and Stewart Gold, pitched the product on Shark Tank and struck a deal with Kevin O'Leary. Dingle Dangle is currently valued at approximately $1 million.
Founder's story
The Dingle Dangle is a uniquely designed play set that has three main uses, the main one being an assistive headband for changing diapers. The toy can also transform into a simple rattle or a portable mobile phone that can be attached to prams and cribs.
Mark Hamilton, owner of an investment banking recruiting services firm, was the one who came up with the idea. During a trip to Spain, Hamilton had a rough time with his 7-month-old. When they got home, he promised himself he would find an easier way.
He created his first prototype using a coat hanger with keys hanging from the hook. While it was working, Mark knew it needed some improvements, but he needed help. He got it from attorney Stuart Gold, who had moved into the apartment upstairs. The two gentlemen hit it off immediately, and it wasn't long before they joined forces.
Create Dingle Dangle
The pair spent about 16 months perfecting the design. During this time, Stu gave birth to his second son and served as their guinea pig to test their model. In September 2020, the final version of the Dingle Dangle playset was released.
They reviewed the product with the help of Plan A product development company and adhered to UK and US market standards. From this, Mark and Stuart’s idea was launched on two continents, which is a huge achievement for a start-up company.
Dingle Dangle was named one of the best new products by the British Baby Products Association. Just weeks after launching the toy for kids aged 13 to 18 months, Stu launched a crowdfunding campaign on the Indiegogo platform, raising more than $5,000. They applied for “Shark Tank” and heard back within days, but it took about a year to get on the show.
After Shark Tank
Mark and Stu had just appeared on Shark Tank, and they were gearing up for a big jump in sales. Considering how unusual the product is, their promotional video should go viral. Additionally, since Shark Tank takes a long break over Christmas, ratings should be higher than normal. The exposure should help Dingle Dangle generate at least $100,000 in sales over the next month. A deal for Kevin O'Leary should be completed within the next three to six months.
The company is looking to expand into the US market as they have already had some success in the UK. The fun aspects of the Dingle Dangle prompted coverage in the likes of Hello magazine, The Sun and The Stray Ferret. In preparation for the show, they released a Shark Tank Baby gift pack on their website, DingleDangleBaby.com. This set includes a playset and an adorable shark robe for little ones.
The regular price for a single set is $39.99, or you can purchase a set from their Etsy shop, which has 314 reviews and an average rating of 5 stars. On Amazon, this product has a 4.5 rating from 28 customers. Negative reviews pointed out that the toy was too expensive and not very practical.
The U.S. toy market is estimated to be US$24.34 billion in 2022, with huge room for growth. Competition may be fierce for Mark and Stu, but only time will tell if they can make headway in the industry. If sales surge, they are likely to become acquisition targets for larger companies.
Categories: Shark Tank
Source: svlsf.edu.vn