Many things in our everyday lives seem unimportant, but they bring great utility and convenience. Once you get accustomed to these small accessories, it’s hard to imagine your daily chores without them. And it’s about such invention that someone said, ‘Need is the mother of invention.’
Apple peeler, lemon squeezer, bottle opener, etc., are some examples of such inventions that do not seem important, but we are accustomed to using these appliances. nnnnnnnnnnToday’s article will talk about one of such devices that would not be necessary until you haven’t used it. But once you do, it becomes necessary.
Before we actually get into what it is, a short spoiler is that the device is about bedsheets. Do you hate making beds? Have you ever gotten frustrated trying to keep bed sheets in place?
The device is the invention of frustrated women who wanted a convenient solution for making beds. They appeared on Shark Tank to get investment from the Sharks. We will discuss what happened to them after Shark Tank and everything about the business.
A Little About Shark Tank
Shark Tank is a business reality show aired on American TV where big investors are panelists or sharks. Different businesses pitch their ideas and businesses to the sharks for seeking investment, loans, or expertise. 13 seasons of Shark Tank America have been aired with over 1300 episodes.
The reality show was aired for the first time in America in 2009. It’s a franchise of Dragon’s Den, a reality show based in Japan that started under the name Money Tigers in 2001.
Many people think that every deal made on Shark Tank is actually executed. However, 20% of won deals are not actually executed after the detailed analysis and viability of the businesses. After the initial willingness of the Sharks, the due diligence, business analysis, and valuation are done. It’s done to see if the business is actually of the worth as claimed by the founders.
What Is Better Bedder?
Better Bedder is a device that helps to secure the bedsheets on the mattress. The benefit of a better bedder is that it reduces the time spent on making beds. They call it a better bedder headband. According to the founders’ pitch, you can also use it to hold a phone or a book.
The invention is actually a great one for using at home as well as commercially. At hotels and restaurants, the room service staff has to spend a considerable amount of time making beds in every room. Better bedder can be a blessing for them by reducing the time consumed in making beds. It doesn’t only make the process fast but also keeps the bed sheets in place.
The founders of Better bedder had used the online retail model by selling the device on Amazon and their own website. We will talk more about their business model in the next sections of the article.
Founder Of Better Bedder
The business named Better Bedder was started by two entrepreneurs, Judy Schott and Nita Gassen. The founders explained their product as a headband that eliminates the need for zippers, straps, or clips with your bedsheets to stay in place.
Judy Schott and Nita Gassen were friends and colleagues who had shared a job for 15 years in an insurance company. Nita Gassen left her job to focus on Better Bedder’s business and make it bigger. However, Judy is still doing a job as a Chief Operating Officer at Gilspar.
The founders of the Better Bedder started their entrepreneurial journey with a Home Depot in Mandeville, Louisiana. However, the venture didn’t prove to be a success, and they just left it. However, due to the thirst to do something big and advance their entrepreneurial career, they kept on working on new ideas.
Nita started learning how to sew by watching the videos on the internet. The self-taught Nita kept on experimenting with her sewing skills to develop different prototypes of the products that would solve any problems for people. Their efforts ended up in the prototype of the Better Bedder sheet fastener.
Business Idea Behind Better Bedder
The women wouldn’t have thought of coming up with a solution for fixing bedsheets. However, as quoted by them, the story is very interesting. Both the founders belong to Mandeville and live near each other.
The Better Bedder sheet fastener seed was sown when Judy’s son was scolding his twin about how he is irresponsible and doesn’t make the bed. Judy’s friend and neighbor, Nita, overheard the conversation, and she wanted to come up with a product to fix the slipping and sliding off the edge of bedsheets.
After making a lot of different prototypes that might be the solution to this problem, they finally came up with the headband that holds the sheets in their place very well.
When the founders appeared on Shark Tank, they asked for $150,000 for 10% equity in their company. However, the actual deal was closed at $150,000 for 18% equity. Therefore, the company’s net worth when it participated in the Shark Tank was around $0.9 million.
Business Model Of Better Bedder
After the founders of the Better Bedder had made the prototype, one of the biggest issues faced them was sustainable production of the headbands at a small scale. However, they kept on looking for such a facility until they found a local sewing shop across the Mississippi River from New Orleans, Louisiana.
Once the samples were ready, they did extensive research and got feedback from the locals about the product design to finalize it and launch it in the market. After making sure that everything was in place, they launched the product in the market to receive an overwhelming response from people.
The headband mattress was welcomed by young, older, and disabled people who could now easily fix their bedsheets. The Better Bedder sheet fastener was sold through Amazon and the official website of the Better Bedder.
According to the website and social media data, the better bedder sheet fasteners are available in different sizes, including Short King, Queen, Full, Short Queen, RV, Full XL, Cal King, King, etc. They have also integrated product customization according to your bed size or requirements. Besides, the company also offers a 30-days money-back guarantee to the customers.
According to the data, the company had extended its sales to 50 states of the USA with considerable revenues.
Better Bedder In Shark Tank
Judy and Nita, founders of Better Bedder, appeared on the 15th episode of the 12th season of the Shark Tank. They were seeking the marketing expertise of the Sharks to help them expand their business and reach the target audience. Let’s have a look at their pitch and whole bargaining of what happened after Shark Tank.
As soon as the founders of Better Bedder entered the set, they wanted to show the Sharks how the better bedder sheet fastener works. They also told the story of how they came up with the idea, the figures, stats, and the sales model.
The founders asked for $150,000 against a 10% stake in their company. Judy and Nita wanted the marketing expertise of the Sharks to help them accelerate their sales and revenues.
They had made around $476,000 in sales by 2020. However, the founders’ expectations by the end of 2021 were to reach $1 million in sales. The cost per unit is $33 and they sell it for $59 to $109s.
What Happened To Better Bedder After Shark Tank?
An unusual scenario happened, and three Sharks made an offer to make an investment in Better Bedder.
Barbara Corcoran was quick to offer them the asked sum of money for a 20% share in the company. Soon after Barbara, Lori offered $150,000 against 25% stakes in the company. Daymond also matched the offer Lori at $150,000 for 25% stakes.
However, the founders countered Lori’s offer with 18% stakes in the company. Barbara dropped her offer to 15% for $150,000. However, Judy and Nita went for the offer made by Lori.
Now, what is the aftermath of Better Bedder featuring on Shark Tank?
The company made $157,000 in sales in just one day after the episode was aired. Afterward, Lori, the investor, made an infomercial for Better Bedder updating the people on how she has helped the company grow its lifetime sales of $950,000 to $2 million.
Quick Facts About Better Bedder
|Company Name||Better Bedder|
|Founder||Judy Schott and Nita Gassen|
|Industry||Utility and Home|
|Target Audience||Hotels, Households|
|Vision Of Business||Gaint headband for mattress to keep sheets in place|
|Ask By Founder||$150,000 for 10%|
|Final Deal||$150,000 for 18%|
We have shared everything about Better Bedder, their pitch on Shark Tank, and how they bagged the offers from three sharks. According to the updates, Lori brought her expertise to their business and helped them grow their sales from $950,000 to $2 million. The company is still on the mission of bringing convenience to daily tasks.