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Shark Tank: SneakErasers Accept $200,000 From Alex Rodriguez and Lori Greiner

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Consumers love the look of clean and vibrant shoes, but keeping the soles of shoes white seems like an impossible task. From scuffs and dirt to puddles and mud, keeping up with the appearance of footwear can seem like a full-time task. Chris Pavlica and Kevin Consolo have created a better way to easily and conveniently leave shoes sparkling with their patent-pending product, SneakErasers. Their uniquely designed dual-sided sponge is designed specifically for shoes. This affordable, pre-moistened sponge erases dirt and scuff markers easily, keeping shoes looking their best. By keeping SneakErasers in your gym bag, handbag, or computer case, consumers can always have SneakErasers on hand for moments when appearance matters the most such as a job interview, important meeting, or going on a date.

Chris and Kevin are beginning to see early indicators of success in the market with tests in big-box retailers turning into nationwide rollouts. Seeking $200,000 in exchange for 8% equity in SneakErasers, Chris and Kevin are hoping to work with an investor and business partner who can help them increase their margins and rethink their marketing and advertising strategy. Although they have sold $1.1 million year-to-date, they are hoping to close the year at $1.8 million in sales. To do this, they are trying to revamp their e-commerce presence to sell directly to consumers vs. through retail markets. Since e-commerce sales are only about 12% of their current business, they believe that they can increase their profitability significantly with a better strategy in place.

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    Lori Greiner and Alex Rodriguez offer to invest $200,000 in exchange for 20% equity in SneakErasers. Because of their backgrounds, the Sharks believe that SneakErasers will have instant credibility in the market. Their growth plan includes a blitz of the retail market and putting the product in all major gyms and sporting good stores. Mark Cuban has another idea for a path forward for Chris and Kevin. His idea includes bundling SneakErasers with shoe purchases through shoe companies and customizing packaging for sports teams, brands etc. Mark offers to invest $200,000 for 12.5% equity but is turned off when Chris and Kevin begin to counter with him. Mark pulls back his offer and Lori and Alex reconsider pulling theirs back as well. Right before they withdraw their offer, Chris and Kevin accepted Lori and Alex’s offer and agree to partner with them.

    If you were Chris and Kevin, which path forward do you think is the best for SneakErasers? If you were a Shark would you have invested in this company? Start the conversation in the comments below!


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