Additional Coverage:
- ‘Shark Tank’ contestant accepts offer from Lori and Robert — despite Mark Cuban calling it a ‘bad deal’ (marketrealist.com)
Local Mom Defies Mark Cuban on “Shark Tank,” Snags Deal
A local entrepreneur took a gamble on “Shark Tank,” rejecting advice from veteran investor Mark Cuban to secure a deal. Jennifer Stein-Bischoff, founder of Supermix Studios, a customizable children’s clothing company, bravely navigated the Tank and walked away with an offer, despite Cuban’s warnings.
Bischoff, alongside her children, pitched Supermix Studios, a “Build-a-Bear” style business for kids’ apparel. Children can design their own clothing by selecting and adding various patches to base garments. Bischoff explained her inspiration stemmed from observing the confidence boost her own children experienced when choosing their outfits.
The Sharks were impressed with the quality of the clothing. Robert Herjavec even sported a custom jean jacket with his daughter’s name, “Haven,” embroidered on it.
Bischoff detailed the cost-effectiveness of her model, revealing a jacket costing $13.75 to produce retails for $55. She emphasized her two decades of experience in the fashion industry, including designing for prominent brands like Gloria Vanderbilt and Tommy Hilfiger.
Beyond online sales, Bischoff shared her plans to introduce design kiosks in retail stores, citing ongoing discussions with Claire’s. At the time of filming, Supermix Studios had generated $110,000 in sales.
Kevin O’Leary was the first Shark to drop out, expressing strong disapproval of the retail kiosk concept. Mark Cuban echoed O’Leary’s concerns, predicting customer frustration with the potential delays of on-site production. Daymond John also declined to invest, citing the business as too risky.
However, Lori Greiner and Robert Herjavec saw potential in both the online business and the kiosk idea. They offered Bischoff $250,000 for 25% equity, with a 5% royalty until their investment was recouped.
This prompted Cuban to declare it a “bad deal.” Despite this, Bischoff negotiated, ultimately accepting a final offer of 20% equity and a 3.5% royalty.
While the deal hadn’t been finalized as of May 2024, Supermix Studios’ website remains active and has expanded its product offerings.