There are millions of people in the world that suffer from a respiratory disorder be it an allergy or asthma. Joe Moore came up with a solution much more convenient than a mask.
This could help people breathe much clean air without using bulky masks over their faces. Joe Moore appeared on the 2nd season of Shark Tank. It was yet another revolutionary product that no one had thought of before.
Joe Moore approached the shark for $500,000 for 10% of the equity.
First Defense Nasal Screens at a glance:
- A self-adhesive nose filter.
- Founder: Joe Moore
- Asked For $500,000 for 10% at a $5 million valuation on Shark Tank.
- Received $750,000 for 30% and 10% royalty in perpetuity from Kevin O’Leary, Daymond John, and Mark Cuban.
- Currently, in business.
Index:
What is the First Defense Nasal Screen?
The First Defense is a health technology company. The First Defense’s Nasal Screen has been lab-tested. It is a self-adhesive nose filter. Made with a non-latex, hypoallergenic material that fits over the nose.
It is 99% effective on particles as small as 1 micron and 77% effective on particles as small as 0.1 microns. The First Defense Nasal Screen is an air filter that fits over your nose to let you breathe cleaner air to lower the risk of allergies, bacteria, and pollution.
Founder story:
Joe Moore had the idea of creating a nasal screen in 2011 while he almost lost his life because of a sneeze attack. While driving on the highway Joe Moore suddenly had a sneezing attack that made him distracted from the road and nearly found himself at the back of a semi-trailer truck.
This experience inspired him to try and find the solution for similar situations in the future. He thought of wearing face masks but they were too bulky and uncomfortable.
After many trials and errors, Moore was able to find the final product. But he couldn’t launch the product all by himself as he needed financial backing and advice.
With nearly no connection with the marketing industry, it would take him a long time to get the business going. This is why Moore decided to approach the sharks.
The Shark Tank pitch:
Moore appeared on the 2nd season of the show seeking an investment of $500,000 for 10% of the equity of the company. Moore states that there are so many people who seek nasal treatment as 1 out of 5 commercials on the TV are for nasal treatment. As a result, he decided to invent a nasal treatment that wasn’t inconvenient. He ended up investing the first ever lightweight, a no-insert nasal screen that is clinically proven to filter out particles as small as 0.1 microns.
After finishing the presentation Moore stands to ask if any sharks had any questions. Mark Cuban is first to speak as he asks Moore “are you serious?” clearly not understanding the importance of the product. Moore is stunned by the question as he says he understands how big this product can be. Not all sharks were certain.
Daymond John asks how many sales has he made till now. The answer surprises them all and suddenly nothing is funny. Moore states that he has made over $1.7 million in sales since he introduced the product. He also revealed that he had made a contract with the company that will pay him $8 million at the end of 6 years. Moore shows the contract to the sharks to provide the proof.
Suddenly all the sharks are interested in knowing what Moore has to offer. O’Leary says he is not sure if the product will work with the other countries. To which Moore says he wholeheartedly believes the product will be worldwide. He says that the nasal screen is proven to reduce respiratory problems as 90% of the air people breathe through the nose. Moore says with the money received from the shark he will put it towards production to fill the orders of contract.
The sharks ask him why he doesn’t just license the screen. Moore says he tried selling the product to drug companies but he received an answer that the product idea will be shelved as they would rather treat the problem with $14 than with a $1 product. So far Moore has $1 million in funds from his family and friends which is why he needs to make the product work as he has put so much time and money into it.
Barbara steps out saying the only problem is it is hard to tell what the product is used for unless there is a picture of nose printed on the packaging and they would have to spend more on educating people. O’Leary speaks next and offers $500,000 for 10% royalty on each unit sold.
Moore starts getting offers from sharks one trying to up another. Daymond offers $800,000 for 30% equity and 10% royalty. O’Leary offers to buy an entire company for $1 million but Moore thinks the company is worth billions. Mark Cuban asks him at what price he would like to sell the company to which Moore says he wants to be in the company as he wants to be part of the revolution. By the end of the discussion, Joe Moore has 3 offers from Daymond John, Cuban, and O’Leary. Finally, Joe more is offered $750,000 for 30% equity and 10% royalty for three of the sharks. Joe asks to make the amount of $1.2 million which would help him with the production. The three sharks state they would put money forward with any potential issue. Joe accepts this offer and decides to into a partnership with the sharks.
First Defense Nasal Screen after Shark Tank:
The orders for nasal screens started flooding in after the Shark Tank. Joe Moore got into the production of the orders that were in contract. The sharks as promised put forward the money whenever it was necessary,
Joe more remained the CEO of the company and the sharks were easily repaid as the orders keep coming. According to Zoom Info, the company has made revenue of $4 million in 2020.
Investor’s details:
Joe Moore states that he had risen over $1 million with the help of his family and friends which helped him start the production. Moore appeared on the Shark Tank to get more financial backing and marketing guidance where he received offers from Daymond John, Mark Cuban, and Kevin O’Leary for $700,000 for 30% of the equity and 10% royalty on each unit sold.
How do they make money?
The First Defense Nasal Screen was under contract for six years when he appeared on the show. Moore said each unit of the nasal screen is sold for $0.60. The nasal screen is available in three sizes-small, medium, and large and is available on amazon the company website.
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FAQs:
What is First Defense Nasal Screen?
The First Defense’s Nasal Screen has been lab-tested. It is a self-adhesive nose filter. Made with a non-latex, hypoallergenic material that fits over the nose. It is 99% effective on particles as small as 1 micron and 77% effective on particles as small as 0.1 microns.
Who founded First Defense Nasal Screen?
Joe Moore had the idea of creating a nasal screen in 2011 while he almost lost his life because of a sneeze attack. While driving on the highway Joe Moore suddenly had a sneezing attack that made him distract from the road and nearly found himself at the back of a semi-trailer truck.