Entrepreneurs Melissa and Kevin Kiernan pitched their garbage can solution during Shark Tank Season 3. The Last Lid, is basically a universal garbage can lid, and it was made to help solve the problem of disappearing lids. Missing lids can lead to big messes, so they’re hoping that the sharks will like the practicality of their product. Find out if they’ll get a deal, in The Last Lid update.
If you’re short on time, here’s a quick overview of what happened to The Last Lid after Shark Tank!
You are viewing: Who Bought The Last Lid
Melissa and Kevin Kiernan appeared on Shark Tank Season 3, and made a deal with Daymond John, for $40,000 and 60% equity of their company. In terms of The Last Lid update, the company is no longer in business. They eventually sold it for an undisclosed amount, but it seems that the product is no longer on the market.
Shark: Result: Daymond John Accepted deal for $40,000 for 60% equity Lori Greiner No offer Mark Cuban No offer Kevin O’Leary No offer Robert Herjavec No offer
Shark Tank The Last Lid Update
- Entrepreneur: Melissa and Kevin Kiernan
- Business: Universal garbage can lid
- Ask: $40,000 for 20% equity
- Result: $40,000 for 60% equity
- Shark: Daymond John
Husband and wife duo, Melissa and Kevin Kiernan, walked into the tank and presented their convenient creation, The Last Lid. They talked to the sharks about their issues with losing their garbage can lids, and introduced them to how the product worked.
Essentially, missing lids on cans, often lead to wildlife getting into the garbage. This can be the cause of huge messes to clean up, each morning.
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Lori Greiner asked what would prevent raccoons from simply stealing the lids, but Kevin K. said they kept surveillance cameras on to see how to best improve the product. They ultimately found that raccoons gave up on the challenge when they couldn’t take the Last Lid off.
Robert Herjavec asked to see how quickly the lid could be taken off, and Melissa showed him. Daymond John asked about sales, and the couple admitted they hadn’t had any yet, but had a patent pending.
Mark Cuban asked if he could find many other options, but Kevin told him there was no universal option, which is where their product came in.
Robert said he had no interest in the product and thought it was a bad idea. Kevin said they hadn’t even discussed licensing options, but Robert went out.
Lori also didn’t see the appeal of the product, and followed Robert out.
Mark asked about production, and Kevin said cost per unit was around $3.50, and Kevin O’Leary asked how much they would sell for, with Kevin replying that he planned to sell two for $19.95. Kevin didn’t like the numbers involved, and didn’t see how it would be a profitable investment, so he eventually went out.
Mark and Daymond were the only sharks left in the game. Mark didn’t like the lack of margins, but did think it was a good product.
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His opinion was that it wasn’t ready to go big yet, and went out. Kevin appealed to Daymond and offered to raise the equity.
Daymond said he would give them one shot, so they had to make it a good deal. Kevin offered $40,000 for 60% of their company.
Daymond agreed, and they had a deal. Keep reading The Last Lid update to find out what happened following Shark Tank!
Our The Last Lid update shows that the company had lukewarm success, despite Daymond’s help. In 2015, Melissa and Kevin sold the company for an undisclosed amount, however the product is no longer available.
Since then, the couple has gone their separate ways, each moving onto new ventures as well. Kevin K. now runs a development company, and went on to create something called “Stadium Glove”.
Melissa has moved on to real estate, and has held a couple other jobs in between. Hopefully they’re equally passionate about their new careers, however, this will be our final update for The Last Lid.
You can still learn more about the other companies featured on Season 3 Episode 5, by checking out the links below. There you will find our company updates from the episode.
- Ledge Pillow Update
- Talbott Teas Update
- M3 Girl Designs Update
For even more on companies and products, be sure to stop by our Season 3 Products Page before you go!
Source: https://t-tees.com
Category: WHO
