Additional Coverage:
- ‘Shark Tank’ contestant who dropped out of school to make lip balm rejects Kevin O’Leary’s offer (marketrealist.com)
College Dropout Turns $200 into a Million-Dollar Lip Balm Empire, Rejects Kevin O’Leary’s Offer on ‘Shark Tank’
Sometimes, a compelling story and entrepreneurial drive can outshine even the most innovative product. This was certainly the case for Kobe Harris, founder of Kobee’s Co., who recently appeared on “Shark Tank.” Harris, who dropped out of college to pursue his lip balm business, impressed the Sharks with his journey and impressive sales figures, ultimately turning down an offer from Kevin O’Leary.
Harris’s story began with a $200 loan from his mother, which he used to purchase raw materials for his all-natural beeswax and plant-oil-based lip balm. Starting his venture in his freshman year of college, Harris spent his summer as a lifeguard, handing out samples of his homemade product poolside.
The lip balm quickly gained popularity, and his sales skyrocketed from $3,000 in a single day to $10,000 and then an astounding $15,000. This success convinced Harris to fully commit to his business, leading him to leave college behind to focus on his burgeoning company.
Harris’s gamble paid off. By the time he appeared on “Shark Tank,” Kobee’s Co. had already generated over $800,000 in the previous year and was on track to surpass $1.5 million in sales. Seeking $300,000 for a 6% stake in his company, Harris captivated the Sharks with his story and remarkable financial performance.
While the Sharks were impressed, only Kevin O’Leary extended an offer. However, O’Leary’s bid for 20% of the company was more than Harris was willing to part with, leading him to decline.
Even after O’Leary lowered his ask to 15%, Harris stood firm, confident in his ability to grow his business independently. This bold move demonstrated Harris’s unwavering belief in his vision, leaving him to continue building his lip balm empire on his own terms.