Smiley face
Weather     Live Markets

Dawn Myers, inspired by Lori Greiner’s investment in a woman-owned hair company on Shark Tank seven years ago, started her own hair company focusing on curls and coils. She is now the founder and CEO of The Most, a parent company for brands Richualist and The Most Curls. On a recent episode of the show, Myers secured a six-figure investment offer for her $400 thermal hair infuser called The Mint, designed to detangle and distribute heated conditioners and gels through a user’s hair using coffee pod-like cartridges. Despite facing challenges due to her lack of beauty, tech, and engineering experience, Myers persevered through various accelerators, incubators, and pitch competitions to bring her product to market.

Myers wanted $150,000 for 10% of The Mint, a product that took five years to perfect. She sacrificed her home and 401(k) to fund the project, encountering skepticism from investors due to her background. In January 2022, Myers was diagnosed with stage three colon cancer, making her journey to secure funding even more challenging. Despite these obstacles, she managed to raise $1.1 million in venture capital while undergoing surgeries and chemotherapy treatment. The judges on Shark Tank were inspired by Myers’ resilience, but they had concerns about the product’s price and Myers’ vision for its future.

The judges questioned Myers about the high price of The Mint, to which she explained that the manufacturing costs were high due to the limited number of units available. She had plans to reduce manufacturing costs and subsequently lower the price of the product. Mark Cuban and Emma Grede inquired why Myers wouldn’t keep the price at $400, prompting a discussion about strategic partnerships and subscription models. Ultimately, Cuban and Grede made Myers an offer of $150,000 for 15% equity in her invention, along with 5% in advisory shares. Myers initially hesitated to accept, wanting to protect her other investors, but she eventually agreed.

Despite other investors opting out due to reasons like baldness, lack of industry knowledge, and prior conflicting investments, Myers accepted the offer from Cuban and Grede in gratitude for their support and belief in her innovation. She thanked Greiner for inspiring her to pursue her entrepreneurial dreams and break barriers in the industry. Myers’ journey on Shark Tank highlights the challenges faced by women entrepreneurs, the importance of resilience, and the potential for success when passion and dedication are combined with strategic partnerships and mentorship.

© 2024 Globe Echo. All Rights Reserved.