Bibbitec Shark Tank Update

Bibbitec was introduced and developed as a multi-purpose and non-toxic super bib of torso length made from water and spell-proof and recycled poly-nylon fabric with two different sides, one is a thin fleece and the other is a shell that repels everything that can be spelled by a kid. This specially engineered and patented fabric won’t leave stains and is also odor resistant and never smells while looking new.

Bibbitec bib is designed for kids aged up to 7 years old and is suitable to be used as a full-body apron, a burp cloth, a changing pad, a breathable blanket, a placemat, and also as a covering for breastfeeding privacy. It can be used multiple times throughout the day and also it is larger than traditional bibs. The bibs come in three different sizes: small (mini) for babies; medium (ultimate) for toddlers; and large (smock) for kids.

Bibbitec at a glance

SeasonSeason-04, Episode-14
Business IdeaMulti-Tasking Super Bib.
FoundersSusie Taylor and Steve Taylor
Asked For$40,000 for 14% of Equity.
Accepted DealNone
SharksNone
Business IdeaOut of Business.

Index:

Founder Story:

Bibbitec was founded, created, and developed by a duo, Susie Taylor, and her husband Steve Taylor, the parents of two young and very messy boys. Taylors told the Sharks how they got the idea to create Bibbitec Bibs.

Once, while dealing with a situation during an airplane trip with their two messy young boys, the boys rolled around in the row and made everything dirty there. So, after the Taylor Parents faced problems on their airplane trip, they wanted to find a solution to this problem. Susie was inspired by this incident to make a better-quality, long-lasting, water-proof, stain and odor-resistant bib.

Thus, Susie Taylor created the Bibbitec as they were tired of spending money on traditional low-quality bibs that absorbed liquid and spilled food and are too small to be used. The couple had already argued about the cost of bibs because they got stained and held onto odors, even after washing them.

Did Bibbitec get a Deal on Shark Tank?

The founders of Bibbitec Bibs entered the show and introduced their multi-tasking super bib to sharks and explained their product and its specifications. They also demonstrated their product to the sharks using a doll, Steve described how convenient it was to slip the bib onto a child and Susie applied mustard sauce to the bib and showed how easy it was to clean it just by wiping. They asked for an investment of $40,000 in exchange for a 14% equity share of their company. They also passed the samples to the Sharks and Barbara asked to inspect the dirty ones.

Daymond asked if it was made of neoprene, and Susie told him it is a patented and specially engineered poly-nylon fabric blend. The Sharks wanted to know about the cost and selling price, margins, and sales figures of their product. The Bibbitec is expensive to manufacture. It costs $15 each and they sell their bibs at $24.99 on their website. Online catalogs are selling it at $49.95. They have had $17,000 in sales in the last 12 months with 2,000 bibs sold over the last four years.

Retail outlets are not carrying Bibbitec because it requires education to sell against other bibs. Susie keeps her bib manufacturing in America because she does not want to compromise on the quality and let her product suffer from Chinese materials. The founders have invested $75,000 in their product, and are not making money on Bibbitec. Steve tells the Sharks if they don’t get any investment of the Sharks, he is going to put more of his own money into their product.

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Mark likes the product but he thinks that Taylors need a highly qualified salesperson so he was out. Barbara thinks other moms would be the best salespeople but her instincts tell her not to go with the business. Kevin says he is heartbroken, he thought it was a hobby business with low-profit margins so he also backed Taylors, he further said: “take the bib behind the barn and shoot it!”.

Daymond and Robert had thought that there is too much education required about the product to sell it in the market so they both were also out. Thus, Taylors didn’t get any deal on Shark Tank as all sharks backed their idea.

What Happened to Bibbitec after Shark Tank?

Immediately after the show, Bibbitec experienced a huge visitors count on its website which was converted into an immediate hike in its sales due to the Shark Tank effect. The night their episode was broadcasted, they were able to generate sales of around $75,000 followed by a total sale of more than $225,000 by the end of that week. Units sold rose from 2 to 3 units per day to about 1500 per day but later decreased to just around 50 per day.

They didn’t get any deal on the show and the Sharks’ pieces of advice hurt them, but they changed their strategy after they walked out of the show and shifted their leadership of business and marketing to Steve away from Susie. They focused on selling their bibs on Amazon for $22 each, and ultimately sold 3,000 units.

The Taylors shut down the business operations of Bibbitec Bibs in 2018 as the company was not performing well in the market.

Competitors of Bibbitec

Bibbitec is introduced as a unique baby bib of its kind. The idea and the product, both are new in the market. Also, Taylors used a special patented material to manufacture their product but, it also shares the same market with other traditional bibs and baby wipes industry products. Thus, it faced competition from the existing players of the same industry in the open market.

Net Worth of Bibbitec

Bibbitec was initially valued at $285,714 at the time of its Shark Tank appearance and was able to generate $10 million as revenues. Thereafter, they were able to make some sales and generate more revenue and profit. Thus, its valuation has definitely increased since then. However, Bibbitec’s official valuation and net worth are not available anywhere and the company is also out of the business.

Is Bibbitec Still in Business?

No, Bibbitec Bibs are out from the business world. The company closed its operations in 2018. Bibbitec had a good run in the market, if the company could have held out a few more years, it could have seen success using social media marketing as niche products seem to take off when they go viral on social media.

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FAQs:

What is Bibbitec?

Bibbitec was introduced and developed as a multi-purpose and non-toxic super bib of torso length made from water and spell-proof and recycled poly-nylon fabric with two different sides, one is a thin fleece and the other is a shell that repels everything that can be spelled by a kid.

Who founded Bibbitec?

Bibbitec was founded, created, and developed by a duo, Susie Taylor, and her husband Steve Taylor, the parents of two young and very messy boys. Taylors told the Sharks how they got the idea to create Bibbitec Bibs.

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