COVERPLAY appears on ABC’s new hit TV show!!
COVERPLAY owners turned Shark Tank entrepreneurs, Allison Costa and Amy Feldman, appeared on ABC’s hit TV show The Shark Tank on Sunday August 30, 2009. The women impressed the investors with their business savvy and the potential of their play yard product that fits most standard play yards, including Pack ‘n Play. The show was amazing and the women caused a feeding frenzy with the investors.
COVERPLAY’s portion of the show starts at 30:37 if you want to skip ahead.
Allison Costa and Amy Feldman made a great impression on the Sharks, asking for $350,000 for a 15% stake in COVEPRLAY. The negotiations began with Barbara Corcoran offering $350,000 for 40% of the company. Immediately after, Daymond countered and said he would give them the money, and would fund future orders for the life of the company, but wanted 65% equity in the company. Amy and Allison walked into the hall to privately discuss the offers, but they returned with concerns about giving up that much control of the company.
Robert offered to team up with Daymond and upped the dollar amount to $450,000. Allison and Amy still had reservations about giving up such a huge interest in their company, so Robert increased the offer to $500,000. Kevin O., Daymond and Robert all collaborated and decided to offer $350k cash for 51%. Seeing an opportunity at the same price but less interest in the company, Barbara jumped back into the negotiations with her original conditions. Finally, Amy and Allison decided to go with Barbara for $350,000 at 40% interest in the company.