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When the young entrepreneur and founder of The Measuring Shovel walked down the Shark Tank read carpet in season 11, it made a big impression. This inventive gadget was developed by Maddox along with his family, with the goal of making outdoor work easier by incorporating a built-in measuring system into a typical shovel. The sharks were immediately drawn to this useful solution for construction, landscaping, and gardening chores.
In their pitch, the founders highlighted the shovel's accuracy and durability while outlining its many uses. The Measuring Shovel, which had a competitive price, was already becoming popular. They emphasized their aggressive forecasts and profitable sales, indicating their dedication to growing the company. The panel became interested in the entrepreneurs' confident and well-organized pitch and put forward counter offers.
After the youngster tried his best to bring the sharks to their best offer, Kevin O'Leary and Lori Greiner recognized The Measuring Shovel's potential and joined forces to make a $40,000 offer for 30% shares.
"You remind us of a deal from the past called Benji Lock, where a young man came up with a better mouse trap in a lock. He didn't want me in the lock business. He wanted a partner that could help him find the best manufacturer, best distributor, and license," said Kevin O'Leary recalling an entrepreneur similar to the ones standing before him.
Along with financial support, the alliance provided access to Kevin's strategic business insights and Lori's wide retail network.
When The Measuring Shovel appeared on Shark Tank Season 11 Episode 6
In episode 6 of Shark Tank season 11, many young entrepreneurs got on the stage to pitch their innovations before the billionaires. One of these businessmen was Maddox. Along with his parents, Lori, the two demonstrated their technically advanced gardening tools to eliminate the measuring struggles. In an attempt to expand their clientele and expand their business, the couple approached the sharks for financing.
Hoping to seek $40,000 for 15% of their company shares, the shovel's useful design, which enables users to estimate soil depth immediately while digging, was highlighted by Steve and Lori during their pitch. The owner also opened up about how customers are ready to pay from $10 to $100 for a good shovel and he is trying to get his prototype turned into an actual product for as low as $30. They valued their business at $266,667 and were looking for $40,000 for a 15% ownership.
After carefully listening to his story, Shark Tank's Kevin O'Leary and Lori Greiner decided to join hands and put forward a combined offer of $40,000 for 30% company shares. Though, Daniel Lubetzky countered with an offer too, but ultimately Maddox decided to join hands with the two OGs.
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