Cool Wazoo is 5 in 1 multipurpose heat-resisting changing pad. Ginelle Mills appeared on the season 4 episode 8 of the show introducing her product Cool Wazoo which works as a diaper changing pad, restraint high cover, grocery cart cover, bucket swing cover, and car shade.
The Cool Wazoo is perfect for busy moms and dads. The product is used to keep your kids away from germs as you keep them on different surfaces. The waterproof pad is a safe surface for your kids; its unique flexible shape makes it easy to fit into any space without any bulk. The Cool Wazoo fits easily into a diaper bag so u could easily carry it around.
Cool Wazoo at a glance:
- 5-in-1 baby cover that acts asĀ a diaper changing pad, restaurant high chair cover, grocery cart cover, car shade, and bucket swing seat insert.
- Founder: Ginelle Mills
- Asked For $65,000 for 25% at a $260,000 valuation on Shark Tank.
- Received $65,000 for 25% from Lori Greiner.
Index:
Founders story:
The founder of the Cool Wazoo Ginelle Mills invented the product after her daughter got burned skin because of the hot metal swing. She spent months coming up with the perfect product and gathering the materials before launching the company in 2009.
During the pitch, Ginelle revealed her husband funded the company 100% as he invested $100,000 to get the production started. Genelle had appeared on the Today show with Katie Lee and the doctor in 2011. This gave her more exposure.
Ginelle appeared on the shark tank seeking an investment of $65,000 for 25% of the company to move the production to Hong king which would help her lower the cost of production.
Cool Wazoo at Shark Tank:
When Ginelle appeared on the shark tank in season 4 she introduced herself as the owner of the company and offered 25% of the company equity for $65,000. She continued the presentation by showing the sharks a diaper bag which was filled with different things for the baby such as a restaurant high chair, car shade, grocery cart; she showed the bag was filled with so many things that there was no space for diapers.Ā
Ginelle tells the shark that she was going through the same trouble until she came up with the idea that could combine all the things in one.
She introduces Cool Wazzo as 5 in 1 multipurpose station bad that could work as a seat cover a diaper changing pad, grocery cart cover, etc. Ginelle explains that a Cool Wazoo is made from a material that would redirect the heat back to the source.
Kevin says they didnāt have this thing when he was 5 and yet somehow survived. He wanted to know was buying this product to which Ginelle answered that the concerned moms who worry about the germs and heal always go for the product.
Marks wants to know if Cool Wazoo had any competitors in the market. Ginelle states that the companies do make the product for kids but they are individually made for one purpose only and usually bulky. While Cool Wazoo is flexible this can fit onto the surface of any shape.
Mills further lets the shark know that she had a bit of luck as she got a chance to appear on the talk show with Katie lee which gave her 40 seconds of airtime. Lori asks if the 40 seconds air time did any help, Ginelle explains that the production had started but when the orders came 85% of them were wrong and she had to send them back to the company as the workers did not know how to make the product.
Upon asking Genelle reveals that she didnāt receive any refunds for the same. Ginelle further reveals that she had an opportunity to be on the Christmas special episode of a show called the doctors. The show wanted her to donate 2500 onesies to the audience but due to a change in shoe format, it stopped. Mark asks her what she got in return to which she states she got nothing,
Kevin wants to know how much sales the Cool Wazoo makes, Ginelle lets him know that the company made over $20,000 last year. Ginelle states she is not focusing on selling currently as she is looking forward to moving her production to Hong Kong as it would reduce the cost price.
Mark wants to know what cost price she pays in America. Ginelle explains the cost of making one Cool Wazoo pad is $30 in America, which shocks the shark, Robert. Ginelle further explains the product retails for $65.95 and wholesales for $32.45.
Mark Cuban immediately steps out saying that she is making only $2 from wholesale. He further asks what the would-be cost price if the product is moved to Hong Kong. Ginelle lets him know it would only cost her $11.Ginelle lets them know that she had just received an order from a Canadian dealer for her first purchase order for 1000 units.
Lori states that Ginelle is amazing and would have a good business and steps out. Mark states the problem with Cool Wazoo isnāt the product but that itās not a business yet. Ginelle looked disappointed and fought back the tears as every shark stepped back.
Ginelle says being on the shark tank means so much to her and she worked so hard for this business. It took her nearly 2 years to make the product. Lori moved and made an offer for her original bid of $65,000 for 25% of the company. Which Ginelle very enthusiastically accepted.
Investorās details:
Ginelle told the sharks that her husband was funding her company 100%. He had invested $100,000 which helped her get her production started. Ginelle received a $65,000 investment for 25% of the equity from Lori garner in 2011.
What happned to Cool Wazoo after shark tank?
Ginelle continues to sell her products on the company website as well as amazon prime. The cool was. They are currently licensing under the name ācomfort and harmonyā at Babies R us shops. The Cool Wazzo website now makes many different products such as pillows. Also, it is still available on the companies website and on Amazon.
Company valuation and revenue:
In 2011 when Ginelle appeared on the show with the product she announced her company is valued at $260,000. Ginelle revealed the cost price for each pad is $30 while it retails at $65 and wholesales at $32. The company had made generated $20,000 in 2010.
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FAQs:
What is Cool Wazoo?
Cool Wazoo works as a diaper changing pad, restraint high cover, grocery cart cover, bucket swing cover, and car shade. It is 5 in 1 multipurpose changing pad.
Who founded Cool Wazoo?
The founder of the Cool Wazoo Ginelle mills invented the product after her daughter got a burned skin because of the hot metal swing. She spent months coming up with the perfect product and gathering the materials before launching the company in 2009.
