Shark Tank Update
Shark Tank Pitch
Pretty Padded Room Shark Tank Update
Published:
3m
New York, NY
| Name | Pretty Padded Room |
|---|---|
| Main Presenters | Bea Arthur |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 1/1/2016 |
| Main Location | New York, NY Loading Map |
| Order Shown in Episode | 3 |
| Final Deal | All Sharks went Out |
Pretty Padded Room Shark Tank Pitch
Psychotherapy sounds uninviting to me because I imagine an evil genius hypnotizing me. Sigmund Freud more simply refers to psychotherapy as the talking cure and most people just call it therapy. Bea Arthur found psychotherapy uninviting for women and cherrypicked undesirable therapist options to be old doctors or friends who provided terrible advice. Bea created Pretty Padded Room, a way to get psychotherapy from females through video chat and journaling thoughts.
Pretty Padded Room makes money through a subscription model. The business started two and a half years ago as a side project and did $7500 in revenue in its first year. This year's projected sales are $21k.
Bea shares several numbers of her business, but the sharks find they aren't adding up correctly. For example, the number of customers, the revenue per customer, and the annual revenue don't appear to match up.
All the sharks go out. Kevin uses an analogy of seals, sardines, and sharks to convey that he hopes Bea's misstep will be a bloody warning to all future entrepreneurs who come into the Shark Tank without fully knowing their numbers.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $100k for 30% of company | |
| Sharks | Out | Barbara Corcoran | Out |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Out | Mark Cuban | Out |
| Sharks | Out | Daymond John | Out |
| Sharks | Out | Kevin O'Leary | Out |
Mark Cuban
Out
Daymond John
Out
Kevin O'Leary
Out
Barbara Corcoran
Out
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Pretty Padded Room After Shark Tank
Bea Arthur did an interview https://www.sharktankblog.com/bea-arthur-pretty-padded-room-update with Shark Tank Blog after airing. Bea hoped her pitch wouldn't air, and she didn't publicize that she would appear on Shark Tank because she anticipated the edit to show her as a "bimbo."Link Preview
interview
I think it's more important to be kind than right.
Shark Tank is the wrong show if that's her belief. Either way, Pretty Padded Room found an investor after pitching, and Bea took Barbara's advice and hired a CTO. Pretty Padded Room gained 500 users the days after airing.
Bea said she was proud to come up with the name "Pretty Padded Room, a nice place to go crazy." Bea's mentor told her she would be a fool to change the name. According to Bea's LinkedIn https://www.linkedin.com/in/beaarthur, she changed the name to In Your Corner in 2014 and received $120k through a well-known startup investment program called YCombinator.Link Preview
LinkedIn
Bea released a well-made article in forbes.com https://www.forbes.com/sites/beaarthur/2016/06/15/failing-forward-lessons-learned-from-the-end-of-a-startup/?sh=3552f8ad7d86 in 2015, chronicling her journey. In Your Corner did $250k in revenue in 2014 and $419k in revenue in 2015. Bea was caught up in the start-up glam and bought an expensive office in New York despite having a small team who often worked remotely. Bea realized she wasn't running a therapy business but rather a tech company and admitted to wasting money on crappy code from developers to whom she had a barrier communicating and being a boss. Competitors popped up, and therapists on her platform took clients to branch off into personal businesses.Link Preview
forbes.com
Bea took out horrible loans in desperation to the point she was paying $9k a month in interest. She also borrowed from friends and family and eventually had to fire everyone and run the business solo until closing the business in 2016. Bea said she was in love with her company, and love makes one stupid.
Closing a company is much harder than starting one.
In 2017 Bea Founded a similar therapy service called The Difference, which received an investment from Overlooked Ventures in 2022. In 2022 Bea is active on Twitter at @BeaArthurLMHC https://x.com/BeaArthurLMHC.Link Preview
@BeaArthurLMHC
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