Shark Tank has a reputation for taking bold calls (Surprise! Surprise!). That is what the Sharks are for, after all. The show wouldn’t work if they were not willing to take the risks. But even the iron-hearted lose heart time and again.
Often the Sharks find some potential red flags to dissuade them from pursuing a deal. There might be many reasons that they’re out. And Michael Elliot’s Hammer & Nails was one such unlucky project, which couldn’t lure the likes of Mark, Daymond, Kevin, Lori, and Robert. But as we would later find out, that wasn’t the end of the road for him.
The pitches which didn’t work (but eventually worked out)
Over the years, Shark Tank has provided a platform for numerous business ventures to prove their mettle, investing as much as $150 million in close to 500 pitches. It is worth mentioning that the total valuation of these companies is in the ballpark of $1 billion. That is some impact it has had on the people.
In the ocean of success stories, there exist some that might have strayed from the path of success. And then there are the few that have managed to make millions in spite of not getting the approval of the Sharks.
Be it single-serve wine, Copa di Vino, Kodiak Cakes, or Bedjet, there are stories that have managed to negate the words of the Shark Tank investors regarding their venture. And so did a nail salon for men with a man-cave atmosphere, which is currently valued at $100 million.
Hammer & Nails proved its mettle following Michael Elliot’s disappointment in Shark Tank
When Michael Elliot first walked out in front of sharks Mark Cuban, Daymond John, Kevin O’Leary, Lori Greiner, and Robert Herjavec, he was running an enterprise that had managed to rake in $150,000 in 7 months, was breaking even, and on the lookout for a $200,000 in return for 20% ownership of his venture. When he left that day, the only thing that had changed was the time.
The sharks didn’t think it worth their resources to invest in Hammer & Nails – some equating it with putting the cart before the horse, while some deemed that men would never make this venture successful in the long run. For those reasons, they were out.
It didn’t take long for his luck to turn around though. As fate would have it, eight viewers decided to take their chances with him, investing as much as $200,000 in the salon. This would mark the turning point in his career.
There would be no turning back for Elliot from that point. As of 2021, the salon boasts of 12 franchises all over, in addition to the original store. That number increased to 41 within a year, marking a stellar growth. It didn’t take long for them to reach the $100 million mark, as it breached into the league this year.
If only the sharks could have known how wrong their reasons were.
