ABC's hit show "Shark Tank" has a lot of aspiring entrepreneurs who want to offer shoppers something cozy for their feet. The creator of Happy Feet slippers wanted to keep customers' feet toasty, and the guys at Foot Cardigan supplied sock collectors with an array of socks for any personality type. Monica Ferguson and Becca Brown of SoleMates were in good company in that regard. Plus, their product seemed genuinely useful.
The founders also revealed that the company was already doing very well and had earned more than $1 million in sales during the previous year. With all that in mind, their likelihood of securing a deal with the Sharks seemed high.
The pitch for SoleMates was very hands-on ... or feet-on, we should say. Ferguson and Brown brought along high heels paired with their patented Heel Protectors. They passed out pairs to the Sharks to try on, allowing them to test the product for themselves. Each of the Sharks — excluding Mark Cuban — took a test walk in the upgraded heels. They seemed impressed, but it wasn't quite enough to seal the deal, at least not the deal for which SoleMates was looking.
Ferguson and Brown were seeking $500,000 for a 10% equity stake in their business. Robert Herjavec and Kevin O'Leary were both interested, but SoleMates partnered with Herjavec in the end, settling for a deal with him for $500,000 for 20% equity.
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