As Barbara mentioned, there is no doubt Romy has the passion and commitment that has helped lead to her successful business. Psi Bands was also able to get on the Jeff Probst Show under the episode for “Million Dollar Mom Ideas” where Romy received positive feedback about her business. Mark Cuban’s opinion about products like this did not change after the show, however, as there is a video of him throwing away another product in the Maverick’s locker room that the NBA signed an agreement too as that product also made debatable claims.Īlthough there are still skeptics about the product, Psi Band’s growth has definitely shown that there are more believers, backing how the company has become so successful. She has been able to get her product into numerous other retailers such as Toys R Us and Amazon. Psi Bands After Shark Tank Mark’s feelings on products that make certain “claims”ĭespite not getting a deal, Romy has been able to grow her company drastically since appearing on Shark Tank. Kevin told Romy that no investor would give her the valuation she asked for and also went out. However, Romy immediately declined because it was so far off her original offer and did not even want to counter. Unlike the other Sharks, Kevin was actually interested in the company because it was making money. Because he felt he could not trust Romy, Daymond went out. Daymond was the first person to actually believe in the product, but was skeptical of Romy because she mentioned the company was profitable when she came in, but later mentioned she had debt. Robert jumped in and also mentioned his concern with the product’s claims. This upset Mark as he mentioned “there are a lot of products that sell that do not work.” He brought up his common concerns with products like these as he felt Romy was trying to solve a major problem, but was doing it without clear proof that her product works. Mark was skeptical about the product itself and asked Romy what percent of people does the product not work on, but she did not have a direct answer. Robert’s feelings on the productīarbara mentioned she was impressed with Romy’s passion, but could not imagine any investor putting money into a business and watching the owner write themselves a check for work done years ago before paying the investor back. Romy later mentioned she was taking a salary of $100,000 and had $600,000 in debt which is from salary not taken in previous years. Robert wanted to know what happened to the remaining profit. This concerned Robert as the products retails for $15 and Roby had 60% margins. retailers and that she also had international distribution. Roby mentioned the product was in over six thousand U.S. Robert moved into the numbers and Romy mentioned she had almost $1,000,000 in sales in the past twelve months. Romy mentioned there were clinical studies done and that the product had FDA clearance as acupressure has been practiced for thousands of year, but Mark and Robert felt that those claims didn’t really prove the product worked. Robert was wondering if there was proof on the product actually curing nausea. She finished by mentioning her company was profitable before handing out samples to the Sharks. Romy showed the Sharks about her solution in Psi Bands and how the product was different than competitors such as being water proof and adjustable. Romy began by selling the Sharks on the huge market for her product by mentioning common people who face nausea such pregnant woman or someone going on a cruise. Romy entered the Tank seeking $250,000 for 10% equity in her company. Psi Bands on Shark Tank Psi bands demonstrated
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