What was the Springer update on Shark Tank Season 13? On Shark Tank Season 13, Springer, the innovative water bottle designed for dogs, successfully secured an investment of $400,000 from Lori Greiner in exchange for 10% equity in the company.
Summary
- Springer, a water bottle with an integrated bowl for dogs, appeared on Shark Tank Season 13.
- The founders initially sought $400,000 for 6% equity.
- Lori Greiner offered $400,000 for 10% in preferred stock, which the founders accepted.
- The deal highlights the innovation and market potential of Springer’s dog-centric design.
Springer Shark Tank Update | Shark Tank Season 13
Springer is a thoughtfully designed water bottle that tackles a common challenge for dog owners: keeping their furry companions hydrated on the go.
This innovative product combines a water bottle with an integrated bowl, making it easy to provide fresh water to your dog anytime, anywhere.
A Recap of Shark Tank Season 13
Shark Tank Season 13, as always, showcased a diverse array of entrepreneurs pitching their groundbreaking ideas to a panel of seasoned investors.
Amidst the many hopefuls, Springer stood out with its practical solution to a relatable problem for pet owners.
Springer’s Shark Tank Pitch
1. The Pitch
| Entrepreneurs | Cindy and Jason Adams |
|---|---|
| Business | Springer |
| Ask | $400,000 for 6% |
| Deal | $400,000 for 10% |
| Sharks | Lori Greiner |
| Season | Season 13 |
| Original Air Date | January 7, 2022 |
| Website | Springer |
| Key Points of Pitch |
|
| Why Sharks Accepted |
|
2. The Founders’ Story and Inspiration
Behind every successful product lies a story, and Springer is no exception. Cindy and Jason Adams, the passionate duo behind Springer, drew inspiration from their own experiences with their dog.
Frustrated by the lack of convenient options for providing water during walks and outings, they set out to create a solution that was both practical and user-friendly.
3. The Unique Design and Functionality
Springer’s ingenious design sets it apart from traditional water bottles. Its integrated bowl eliminates the need for carrying separate bowls or trying to pour water into your dog’s cupped hands.
With a simple squeeze of the bottle, the bowl fills up, allowing your dog to drink comfortably. The leak-proof design ensures that no water is wasted, and the compact size makes it easy to carry in a backpack or purse.
The Sharks’ Reactions
1. Initial Impressions and Questions
As Cindy and Jason presented Springer, the Sharks were immediately intrigued by the product’s simplicity and practicality.
Several Sharks inquired about the product’s durability, manufacturing costs, and potential retail price.
They also expressed curiosity about the founders’ background and experience in the pet industry.
2. Concerns and Challenges
While the Sharks recognized the potential of Springer, they also voiced some concerns.
Some questioned the product’s market size and whether dog owners would be willing to pay a premium for a specialized water bottle.
Others pointed out the potential challenges of competing in a crowded pet product market.
3. Lori Greiner’s Interest and Offer
Among the Sharks, Lori Greiner, known for her keen eye for consumer products, saw the promise in Springer.
She appreciated the product’s innovation and its potential to resonate with pet owners who prioritize their dogs’ well-being.
After some negotiation, Greiner offered $400,000 for a 10% stake in the company, recognizing the value of the founders’ passion and the product’s market potential.
The Deal
1. $400,000 for 10% in Preferred Stock
Lori Greiner’s offer of $400,000 for a 10% stake in preferred stock was a significant moment for Springer.
This investment not only provided the much-needed capital for growth but also validated the product’s potential in the market.
The preferred stock structure offered certain advantages to Greiner, including priority in receiving dividends and asset distribution in case of liquidation.
2. The Founders’ Decision
Cindy and Jason carefully considered Greiner’s offer. While it meant giving up a slightly larger share of their company than they initially intended, they recognized the immense value of partnering with a seasoned investor like Greiner.
Her expertise, industry connections, and track record of success made the deal too good to pass up. With excitement and gratitude, they accepted her offer.
3. Lori Greiner’s Expertise and Support
Securing a deal on Shark Tank is just the beginning. The real work lies in scaling the business and bringing the product to a wider audience.
With Lori Greiner on board, Springer gained more than just financial backing. Greiner’s vast experience in product development, marketing, and retail distribution would prove invaluable in navigating the competitive pet product landscape.
Her guidance and support would be crucial in helping Springer reach its full potential.
Springer’s Future
1. Post-Shark Tank Growth and Expansion
The Shark Tank effect is real, and Springer experienced it firsthand. Following their successful appearance on the show, the company saw a surge in sales and brand recognition.
With Lori Greiner’s guidance, they expanded their retail presence, securing partnerships with major pet stores and online retailers.
The investment also allowed them to ramp up production and streamline their supply chain, ensuring they could meet the growing demand.
2. Market Potential and Competition
The pet industry is booming, and products that cater to pet owners’ desire for convenience and their pets’ well-being have a bright future.
Springer’s innovative design addresses a clear need in the market, giving it a competitive edge. However, they face competition from other pet hydration solutions and traditional water bowls.
Continued innovation and effective marketing will be key to maintaining their market share and expanding their customer base.
3. Impact on Dog Owners and Their Pets
Springer’s success is not just about business growth; it’s about making a positive impact on the lives of dogs and their owners.
The product’s convenience and ease of use encourage pet owners to keep their dogs hydrated, promoting their health and happiness.
Springer’s simple yet effective design has made staying hydrated on adventures a breeze, strengthening the bond between dogs and their humans.
FAQs
What is Springer?
Springer is an innovative water bottle designed specifically for dogs. It features an integrated bowl that allows you to easily provide your furry friend with fresh water on the go.
Who are the founders of Springer?
Springer was founded by Cindy and Jason Adams, a couple inspired by their own experiences with their dog.
What problem does Springer solve?
Springer solves the common problem of keeping dogs hydrated during walks, hikes, or any outdoor activity. It eliminates the need to carry separate bowls or try to pour water into your dog’s cupped hands.
Why did Lori Greiner invest in Springer?
Lori Greiner saw the potential in Springer’s innovative design and its ability to address a real need in the pet market. She was also impressed by the founders’ passion and dedication.
Where can I buy Springer?
Springer is available for purchase on their website and through various online and brick-and-mortar pet retailers.
The Bottom Line
Springer’s journey on Shark Tank exemplifies the power of innovation and entrepreneurship. Their success story highlights the importance of identifying a problem, creating a practical solution, and effectively communicating its value to potential investors and customers. With Lori Greiner’s support and the continued dedication of its founders, Springer is poised to make a lasting impact on the pet industry, ensuring that dogs everywhere stay happy and hydrated.
