Your Top 5 Shark Tank Questions Answered
Did you catch us on Shark Tank? Our Founder Jessica shares the scoop on what really happened in the tank and answers all of your burning questions, right here!
1. Why did you decide to pass on the two offers for loans from Lori Grenier and Kevin O’Leary
You turned down two offers! Kevin, ok. But how could you say ‘no’ to Lori?
I know, what’s not to love about Lori? She’s a dream. To explain, I went into the Tank asking for an $800,000 investment in exchange for 8% equity in the company. Lori offered me an $800,000 loan plus 6% interest in exchange for 5% equity in the company. For those that are not familiar, the difference between the two is that Lori wanted to be repaid in 3 years, whereas my ask did not involve repayment. Kevin’s offer was similar to Lori’s. I declined both because I did not want to borrow money that the company would have to repay in the future, plus accrued interest.
2. Why did Barbara and Mark say a founder shouldn’t build a business to sell it?
Is your intention to sell Peekaboo? I think the point Mark and Barbara were making was that if a founder is singularly focused on an exit, presumably she is neglecting the important details that must be figured out in order to grow and scale a profitable business. The reality is that all investors (including Barbara and Mark) are looking for a liquidity event from their portfolio companies – and often, that means an exit. The topic of my goals for the Company only culminated in the quick response ‘yes’ after a longer conversation that was edited for time. For the record, I created Peekaboo out of love for my own kids and the desire to introduce balance where none previously existed: dessert!
3. What’s new since Shark Tank?
Shark Tank was filmed 6 months after I launched Peekaboo – that was 1.5 years ago. In startup years, that’s an eternity! We have rebranded, which you can see HERE; we have launched into new retailers, introduced 4 new flavors and continued to grow at a breakneck pace! In fact, since airing, we’ve already sold out of our new mini cups, as well as two of our new flavors, unicorn and cookie dough. (Make sure to sign up for our emails to learn about when they’re back in stock and for more updates on Peekaboo!)
4. Isn’t a low calorie low-fat version of Peekaboo Ice Cream a good idea?
I wish it was that easy! A little known fact is that ice cream is actually a very complicated scientific experiment! You have to combine milk, cream, sugar and AIR (yes, air!). When ice cream is made to perfection, everything comes together seamlessly and the result is creamy and delicious. If you start eliminating the very ingredients that give ice cream body (i.e. fat from the cream and sugar), you end up with a recipe that is off-balance. If the recipe is off balance, the result is icy, hard, or just not enjoyable. Oftentimes when you see low fat or low calorie ice cream, the manufacturer has to replace natural clean ingredients with modified and lab-created ones to give the same semblance of creaminess. We like to keep our recipe clean, simple and as close to OG ice cream as possible. In other words, indulgence with a kick of nutrition.
5. Why do pints on your site cost $10 each? (Isn’t that a lot for ice cream?)
The pricing on our website reflects not only the cost of making our premium, organic ice cream with the highest quality ingredients, but also the cost of packaging our ice cream to make sure it arrives perfectly frozen. We pack our ice cream in an insulated shipping box, that is sustainably sourced, with enough dry ice to keep contents frozen during delivery. Due to these packaging costs, our online pricing is slightly higher than you will find in stores. At your local retailer, you will likely find our ice cream for under $7. But, we think you’ll find it’s well worth it for delicious ice cream shipped right to your doorstep!
OK, one more question: Why did you go on Shark Tank and do you regret it?
It had always been in the back of my mind to apply to be on Shark Tank. In fact, I planned to visit an open call in Miami when I suddenly received a call from a casting director encouraging me to apply (see our BTS blog post for more details). During every step of the process I thought - “ok, this is where it ends!” but I kept making it through to the subsequent round. Before I knew it, I was filming in front of the Sharks.
I am gratified by the result. I think it was positive for the brand and personally a rewarding experience. Do I regret not taking a deal? Not really, given the terms offered. Had Lori and I met over a cone of Peekaboo instead of in a tank, perhaps we could have come to better terms. But alas, no regrets.