Tuesday 23 October, 2018

St Lucian-born inventor gets Shark Tank deal

Lucian-born entrepreneur Joshua Esnard cried tears of joy after he secured a deal on the popular US-based TV show, Shark Tank.

Esnard, 31, walked away with a deal with Daymond John, who he referred to as one of his idols.

Esnard gave up 20% of his company for a US$ 300,000 investment from John, the sole black Shark on the show, who made his fortune with the FUBU brand of clothing.

Esnard's product is the Cut Buddy, "a patented multi-curve maintenance edge up, line up, and shape up tool," that he first created when he was just 13-years-old after botched attempts at cutting his own hair at home.

Esnard declined an offer from Kevin O'Leary who offered a US$ 300,000 investment for a 5% stake as well as a $1.50 royalty until $1 million is recouped.

The Cut Buddy has taken in US$ 700,000 in sales since the company launched in 2016, largely off a successful viral YouTube video that has been viewed over 11 million times.