Shark Tank Update
Shark Tank Pitch
Hot Tot Shark Tank Update
Published:
3m
Denver, CO
| Name | Hot Tot |
|---|---|
| Main Presenters | Megan Gage |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 10/6/2022 |
| Main Location | Denver, CO Loading Map |
| Order Shown in Episode | 4 |
| Final Deal | All Sharks went Out |
Hot Tot Shark Tank Pitch
Megan Gage was turned off by the colorful, cartoon-looking children's hair products containing a plethora of potentially harmful chemicals, so Megan created Hot Tot, safe, elegant hair care products for children.
Megan brings her three-year-old, Christian, out to sway the sharks' feelings—I mean to demonstrate the products. Megan works as a social worker and felt others criticized her because she wasn't a chemist or hairstylist, but she knew she was a mom, a customer, and determined.
Hot Tot has been in business for 15 months and began selling in children's boutiques but has found traction in salons. In that time Megan has done $20k in sales and has $7k in purchase orders.
Lori finds the packaging elegant yet not telling enough to be interpreted that it's for kids or that it has a better formula, which Megan is resistant to. Mark has a three-year-old with eczema (a condition that causes dry skin), so he is personally drawn to the product.
Mark makes an offer that Megan is giddy to accept. The duo seems like the perfect match, and the other sharks know this, and all go out. Megan admits she has drawn her finances to the edge and Mark's investment justifies her struggle and provides meaning to make it worth continuing.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $50k for 15% of company | |
| Sharks | Out | Kevin O'Leary | Out |
| Sharks | Out | Lori Greiner | Out |
| Sharks | Deal | Mark Cuban | $75k for 40% of company |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Out | Daymond John | Out |
Mark Cuban
Made Deal
Daymond John
Out
Kevin O'Leary
Out
Lori Greiner
Out
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Hot Tot After Shark Tank
Megan Gage did an interview https://www.sharktankblog.com/megan-gage-hot-tot-update-interview with Shark Tank Blog. Megan had quit her office job in an attempt to build a business before her son was born. After experimenting with products at home on her son Megan received compliments from moms about her son's hair. With the encouragement of her husband, Megan dove full-time into Hot Tot.Link Preview
interview
Megan used a private label manufacturer in Canada to make a small batch, who ripped her off but with some interest from magazines and her confidence growing she found a manufacturer in the USA that was more expensive but reliable.
Megan was nervous but was prepared and honest, which made the due diligence process smooth to close the deal with Mark quickly. Mark exchanges emails with Megan periodically but is more or less uninvolved, although his wife Tiffany has helped Megan through the process.
Megan turned down offers from bix box stores to sell Hot Tot after Shark Tank to grow slow and steady. In 2022 Hot Tot products look exactly like they did on Shark Tank and can be purchased on the website hottot.com https://hottot.com https://www.facebook.com/HotTotHaircare https://x.com/HotTotHaircare. Hot Tot's Facebook Link Preview
hottot.com and Twitter, @HotTotHaircare Link Preview
Facebook haven't posted in over a year as of 2022.Link Preview
@HotTotHaircare
According to Megan's LinkedIn https://www.linkedin.com/in/megan-gage-4a7a183a, August of 2022 is listed as the end date with her involvement with Hot Tot. However, being just two months before writing this, I suppose it's possibly a misprint, but it may be true as Megan began marketing for a real estate company in 2017 and continues to do so in 2022.Link Preview
LinkedIn
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