Meagan Bowman kicked off Shark Tank Season 8 Episode 7 with her Eco Flower presentation.
As the name implies, Meagan’s business sells perfumed eco-friendly flowers produced from recycled & sustainable materials that may be utilized in bouquets & other floral arrangements.
Meagan came in seeking $400,000 for 10% equity in her business và left with $400,000 for 20% equity. You’ve come to the correct place if you’re itching for an Eco Flower upgrade.
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Table of Contents
What is Eco Flower?
Eco Flower was a flower design và manufacturing company specializing in floral bouquets built entirely of ecological và recyclable materials, most notably wood.
Eco Flowers are completely made of reclaimed wood, unlike typical flowers that last only a few days before wilting.
Eco Flowers does not promote a kinh doanh ploy khổng lồ increase hàng hóa sales by claiming that their flowers will survive forever.
Company Name | Eco Flowers |
Founder | Meagan Bowman |
Product | Sustainable & recyclable floral bouquets. |
Investment Seeking | $400,000 for 10% equity in Eco Flower |
Final Deal | $400,000 for 20% equity in Eco Flower |
Shark | Daymond John |
Episode | Season 8, Episode 7 |
Status | Business Ongoing |
Website | https://solawoodflowers.com |
Who is the Founder of Eco Flower?
Eco Flower founder Megan Bowman pitched her business on Shark Tank in November 2016. She entered the Tank expecting khổng lồ get $400,000 in exchange for 10% equity.
Eco Flowe Before Shark Tank
Megan Bowman was born and raised in Ogden, Utah. She resides in Los Angeles with her husband, Wes, & two lovely girls.
She learned entrepreneurship as a child when she sold baked goods, ran haunted houses, and raised money for herself in other ways.
As she reaches for a passionate job, she has had a difficult childhood as she attempts to find a job path that fulfills her. She had resorted khổng lồ assistance, which was embarrassing given her inability khổng lồ care for herself for the first time in her life.
She had the concept for Eco Flower during a phone discussion with her father. She came up with the concept as a teenager.
She’s been a fan hâm mộ of Shark Tank since season 2, and seeing other entrepreneurs pursue their dreams inspired her to lớn leap. She submitted many applications khổng lồ Shark Tank but was rejected each time.
Something compelled her lớn attempt again, and she received a phone điện thoại tư vấn informing her that she would be allowed khổng lồ pitch in front of the Sharks.
She values the business so highly since it is one of the most successful endeavors outside of having children. She wishes khổng lồ be around for a long time to lớn see Eco Flower thrive.
That is why she has come lớn the Shark Tank searching for a $400,000 investment in exchange for a 10% stake in her business.
How Was The Shark Tank Pitch of Eco Flower?
Megan begins by revealing a secret: ladies are becoming dissatisfied with the cycle of gift bouquets.
Purchase flowers, watch them wither, put off the trip to the garbage, và then wait for the day when another vase full of plant carcasses is given to her.
There is a better method – Eco Flower. Megan discovered a floral solution that not only lasts forever but is also composed entirely of recycled & repurposed materials.
Burlap, old book pages, sofa wood, twine, bamboo, tapioca root, and beer bottles are just a few materials used.
All of these elements combine khổng lồ create timeless presents, breathtaking bouquets, & beautiful décor for your home or business.
They can begin capturing the hearts of women who appreciate flowers as gifts with the assistance of the Sharks. Indeed, she has brought a bouquet for each Shark.
Megan distributes samples to each Shark – Robert receives a whole board shaped like Croatia and his wife’s native Australia.
All of the Sharks are infatuated with love. Lori is presented with a bouquet. Kevin is handed a bridal bouquet & wedding present because he has the entire “beautiful” platform.
Indeed, each bouquet is perfumed. Damen receives lapels for his suit, while Mark receives a $140 bouquet. The flowers are constructed entirely of $1 notes.
Barbara then inquires whether she creates each one by hand, but Megan responds that she used to, but the growth stole it away from her.
She now has two manufacturers who manufacture them for her. However, Robert has a question for the lady Sharks: How would they feel if a man delivered them an Eco Flower instead of real flowers?
Lori pauses for a minute, unable lớn provide an honest response.
Barb then asks if they want a genuine response, lớn which she responds that it is due khổng lồ a lack of sensitivity. Lori concurs that she would prefer to lớn feel precious lượt thích an actual flower.
Megan maintains that this is not true, but Robert emphasizes the significance of this.
On the other hand, Megan’s clients have a different tale – because she is not a thành viên of the wealthy group, you would be offended if a man bought you flowers & spent $50.
Numerous ladies are furious about this, as the money could have been used for groceries or bills. When they can keep it in perpetuity, women value it more.
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Damen và Mark then assert that she is capable of proving them wrong.
She has been operating for less than a year và a half, & all sales are made directly khổng lồ consumers via her website. The total lifetime sales figure is $2.8 million, which astounds the Sharks.
Each bundle begins at approximately $59 for a bridal bouquet & decreases in price from there.
Barb then inquires about how Megan got started; she saw an episode of Shark Tank and wished she had an idea, at which point she called her father.
Her father inquired as lớn whether she recalled the wooden flowers she sold in high school. As a result, she auditioned two weeks after starting her firm but did not get very far. Nonetheless, she would not have made it very far without Shark Tank.
Lori, on the other hand, believes Megan will face stiff competition. Megan then responds that they are not sold in whole bouquets – they are sold in smaller quantities on Etsy, often six at a time.
Kevin, a.k.a. Mr. Wonderful, explains that bouquets are not widely used in the wedding market because brides prefer fresh flowers.
Kevin adds that the sector is set up for commission, as they pass on many contacts and sell many brick-and-mortar flowers.
Megan then states that she began selling bridal flowers three months ago and that they made $100,000 in sales yesterday alone, with $25,000 coming from weddings.
They presently have a significant production issue with the manufacturers, and as a result, they purposely hold back the marketing department.
However, yesterday she stated that she would spend $4,000 on the advertisement, which resulted in a significant increase in sales.
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Before yesterday, a typical day generated between $6,000 và $13,000 in sales. Mark claims she generated another $90,000 in sales & then acknowledged she is “killing it.”
Damen inquires about the amount of her money invested, which is $700.
She does, however, have a business partner who assisted her during her time living in a one-bedroom apartment. She made headlines when she auditioned for Shark Tank for the first time.
Indeed, a viewer of the news story approached Megan và hugged her before offering her any investment he could. Megan has just stated that she requires payment of her rent & groceries.
The investor made a $3,000 down payment on inventory and paid her rent daily for a year. He obtained 25% of the company in exchange for $3,000, allowing him to walk away rich.
Kevin then inquires as lớn if she has any further investors. Megan revealed that when she failed her second audition for Shark Tank, business was thriving, & she was able to secure $30,000 from a local investment firm in exchange for a 25% stake.
Megan now controls only 25% of the corporation, thereby diluting her completely. She sold approximately 75% of the business for approximately $35,000. Indeed, these were trying times a year & a half ago.
Robert argues that one of the reasons you start a business is to keep equity since you want to lớn see it succeed and prosper & reap the benefits of your labor.
Kevin concurs, stating that he would gladly give her the $400,000 but not in exchange for a 10% commission. He would vì chưng so for around 30%, but who would provide him with that stock?
Megan would eventually become an employee for him, & his secretary would wind up owning more shares than she did. She is becoming increasingly diluted & will finally perish.
The stock would be sold in equal portions. Each pair has a limit to which they are willing lớn go.
Her investors are giải pháp công nghệ professionals, và this is not their area of expertise – she wishes to lớn evict them at some time.
As a result, Mark believes that using the money to lớn acquire them would be prudent. That equity that the two technologists presently control would be better off in the hands of an industry expert.
However, Robert says that there is a saying that owning 10% of a billion-dollar firm is preferable to owning 100% of a $1,000 corporation.
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It’s difficult lớn create a billion-dollar corporation, and it’s critical khổng lồ retain as much ownership as possible.
She does not own the business and has no say in its operations; therefore, who is he conducting business with? He is the first Shark to be released from the arrangement.
Barb admits that she spends more on flowers than anything else và is embarrassed lớn admit it. She doesn’t get it, & she sees them all around Manhattan, so she becomes the deal’s second Shark.
Lori concurs with Barb, stating that she must be passionate about the ventures in which she invests, and therefore Lori is the third Shark eliminated from the deal.
Mark intervenes, stating that she is doing an incredible job và deserves a great deal of credit, but this is not his area of expertise. Mark is the deal’s fourth Shark.
Kevin and Damen are the final two Sharks standing, and both claim that her diminished ownership is the deciding factor. Regrettably, Megan exits the Shark Tank without securing funding for Eco Flower.
What Happened to Eco Flower After Shark Tank?
Eco Flower does not appear to have any brick-and-mortar locations, and all of its merchandise is offered only online.
On the other hand, numerous review have lauded the concept và improved brick-and-mortar quality of the bouquets available for purchase.
Numerous bouquets are released monthly & are often seasonal. For instance, the Winter Berry arrangement costs $54.99 and features trắng flowers and mistletoe interwoven throughout.
Fortunately for Meagan, she founded Sola Wood Flowers with no debt, cash-sucking partners, and strong sales.
The company shuttered its doors in April 2018, about a year và a half after Meagan walked out. Sola is doing well as of May 2021.
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Although it is difficult to determine if Eco Flowers’ revenue has increased or decreased, there is little doubt that Shark Tank helped raise awareness of the concept & the brand.
There is even a phone line where you can order flowers, and all purchases include two-day shipping.
There is even a blog on the Eco Flower website, in addition to lớn the company’s recent launch of a subscription box flower line.