Buzzy did not get an investment from the Sharks.
Courtesy of buzzy4shots.com
1. A product to reduce pain during medical injections.
2. The electronic bee vibrates over the area where the shot will take place and produces a cold sensation, numbing the area.
3. It works in 15-30 seconds and reduces pain by about 50%-80%.Buy Buzzy at Amazon.com →
Crazy valuation. $500,000 for 5% of Buzzy. Despite that, Dr. Baxter was able to generate some interest in her product.
However, the Sharks that were interested were not convinced that her valuation was anywhere in the ballpark of sanity.
Dr. Baxter also had some stubbornness in her insistence that she didn't want to push the product to market via the hospitals and doctors offices that she already has familiarity with. Instead, she wanted to sell in retail and big box stores for in-home use.
Either one is viable, of course, but the Sharks wanted to get her to see that the path of least resistance is through the hospital network where she can sell in bulk and through word of mouth much more easily.
I can understand not wanting to give away 20% of your company when you think it's worth way more than that, but when you're standing in the Tank and all five Sharks agree that your valuation is coo-coo, you should at least acknowledge that they may be right, even if you don't end up taking any of their offers.
Dr. Amy Baxter