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Shark Tank investor Daymond John recently revealed his only regret in an appearance on the Drew Barrymore Show. The FUBU founder admitted that a missed opportunity on the ABC burns him now. Currently, Shark Tank is airing Season 14 and is on a hiatus for two weeks. So, what did Daymond reveal to Drew Barrymore? Keep reading to find out the details!
Daymond John Regrets Not Investing In Scrub Daddy
On Monday, Daymond John appeared as a guest on the Drew Barrymore Show and talked about starting his company while also working as a waiter at Red Lobster. He even discussed his role as a shark and investor on Shark Tank. However, as the show moved forward Barrymore asked the FUBU CEO “Is there anything you’ve ever missed on Shark Tank that you wish you got?”
In response, John revealed, “I usually say no. But the company that I have to regret is one I lost the bid on. I lost it against Lori Greiner, and it is a stupid-looking little sponge. And every time I go in the store there’s a Scrub Mommy, Scrub Baby, Scrub Daddy. They’re smiling at me. And Lori’s like, ‘aha, look what happened.’ And it burns me.”
Scrub Daddy Struggled To Make $100,000 In 2012
In October 2012, Aaron Krause appeared on Shark Tank with his revolutionary product Scrub Daddy as reported by The Street. He declared that his product was the cutest yet most high-tech scrubbing tool in the world as he demonstrated the usage of his product. He even showed how effective the sponge is against resilient and hard-to-remove substances such as burnt cheese. When the product first appeared on the show, the company struggled to make even $100,000 in 18 months. However, the product soon became a part of most kitchens on a global scale.
Krause asked for a $100,000 investment for a 10 percent stake in the company. However, he received a better offer from shark Lori Greiner for a $200,000 investment for 20 percent equity. Now, this sponge Scrub Daddy can be seen on the shelves of retail outlets worldwide including top retailers like Kroger, Target, QVC, and more.
Daymond John Started FUBU In 2012
Although Daymond John lost Scrub Daddy against Lori, he has a great mantra for business. He revealed, “I don’t believe in waiting for the ‘perfect time’ to start a business. The perfect time may never come. Start now.” The TV personality started his first business FUBU, a fashion brand in 1992, by sewing together stylish pieces of wool caps of his own design in his mother’s home.
Do you think Daymond John should have invested in Scrub Daddy? Share your thoughts in the comments!