Husband and wife team Cody and Emily Williams appeared on “Shark Tank” with an unusual pitch (via Youtube). The couple not only brought an unusual product, but they also had the unusual caveat that they had never sold a single unit! What’s even more surprising is that despite appearing a little green in the sales department, the Williams actually spurned “Shark Tank” advances for more than two years. As explained in a Tig Talks interview (via TIG brands), they were first invited to apply for the show in 2018, but felt they weren’t ready.
When the couple appeared on Season 12 of “Shark Tank” in January 2021, they still had a few hiccups in their production process to iron out (via All Shark Tank products). These all-natural, clean-ingredient condiments were produced manually at the time of the show. More importantly, while they had had great fundraising success (they had raised over $400,000 before appearing on “Shark Tank”) and even had a pending deal with Thrive Market, the couple hadn’t sold a single unit yet, they were still “pre-revenue” at the time of check-in.
The couple asked for $200,000 for 10% equity. Instead, they accepted a deal from guest investor Alex “A-Rod” Rodriguez for a $200,000 loan that would convert to 15% equity if the company reached $1.8 million in sales according to Shark Tank Blog.