Twin Umbrella is a revolutionary product launched on Season 15 of Shark Tank that gained a lot of attention due to the popularity of the show. Founded by 15-year-old Nathaniel Wellen, Twin Umbrella reinvented the concept of shared umbrellas. The young entrepreneur struck a deal with Robert Herjavec. After the Shark Tank episode, Twin Umbrella was valued at an estimated $500,000.
The Birth of Duo Umbrella
Nathaniel Waylon, a freshman at Redondo Union High School, invented a double-handled umbrella that can accommodate two people of different heights. The invention not only reflects Waylon’s ingenuity, but also continues his family’s legacy in the umbrella industry, as he is the great-grandson of one of the founders of Shed Rain, a long-standing company that dates back to 1947.
Shark Tank Tour
Waylon’s entrepreneurial spirit was evident at an early age. He participated in his school district’s invention convention and then made his mark at the National Invention Convention, winning the “Originality Award,” which paved the way for him to be featured on Shark Tank. His invention was selected from 144,000 applicants nationwide.
Duo Umbrella on Shark Tank
Young Daniel came to the show seeking $100,000 in exchange for a 10% equity stake. Despite the family business being well funded, Waylon sought investment to launch the product. Young Daniel came to the show seeking $100,000 in exchange for a 10% equity stake.
Shed Rain would own 49% but would be responsible for prototyping, manufacturing and distribution. This complicated matters and reduced the chances of a deal. Kevin O’Leary highlighted concerns about his age and that he was still in school. When a deal looked unlikely, Herjavec stepped in to save the day by offering to buy 18% for $100,000.
Post-Shark Tank
After appearing on Shark Tank, The Duo Umbrella is valued at $500,000. The $55 product will ship this summer and pre-orders are already open. The umbrella has not only generated interest in the market, but is also expected to generate strong revenue growth. The deal with Herjavec should be closed in the next three to six months.
With its 54-inch canopy and retractable, lockable dual handles, the product could upend the umbrella market. While it’s still in the pre-order phase, the interest it’s generated suggests it could be a success. If all goes well, the Duo should make its way to stores like Walmart, Costco, and Target, thanks to Shed Rain.
Nathaniel Waylon’s foresight, combined with his family’s heritage in the umbrella industry, set the stage for a bright future. Business acumen also seems to run in his family, as his father, Alex, is the CEO of MotorTrend Group. Behind the scenes, he probably helps out a lot and serves as chairman of the board.
Regardless of the outcome, being on Shark Tank is a huge accomplishment for Waylon, who joins an exclusive list of young entrepreneurs including Madox Pritchard, Cassidy Crowley and Sophia Overton who will be competing on the show.
Categories: Shark Tank
Source: svlsf.edu.vn