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Lucy Drawing Tool Shark Tank Update

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Les Cookman had brought his first item, the CarSik Bib, in season 3 of shark tank and the response had been, well, less than stellar. But now he has a new idea to show to the sharks that must not be ignored, The Lucy Drawing Tool!

The Lucy Drawing Tool, inspired by the camera lucida and with a few adjustments, may be the key to anyone being able to tap into their inner artist. Will the sharks want a bite at this idea? Let us find out.

Lucy Drawing Tool at a glance.

Business ideaTool to improve hand-eye coordination while drawing
FounderLes Cookman
Asked for$300,000 for 10%
Accepted deal$300,000 for 15%
SharksDaymond John
Business statusIn business
EpisodeSeason 13, Episode 19
WebsiteLucy Drawing Tool
Buy on AmazonBuy Now!
Lucy Drawing Tool at a glance

Index:

Founder Story:

Les Cookman came up with the idea of the updated camera lucida when his teacher showed him the original tool and he thought about how the drawbacks of the original can be reduced to make a new item. He thought about it but got sidetracked by his other not-so-great idea, the portable barf bag.

But later, he came back to it and worked on it for 4 years in his garage and also had a Kickstarter campaign that raised around $88,771 to start his business, before going to acquire great sales from it and coming to Shark tank for an investor.

Did Lucy Drawing Tool get a deal on Shark Tank?

Les introduces himself to the sharks and they remember him from the CarSik Bib pitch he proceeds to tell them that he threw away the idea of a barf bag for kids, and now has a new million-dollar idea in which he created a new and updated version of the historic camera lucida, which he says will help people improve their drawing skills exponentially, with a new name, The Lucy Drawing Tool!

Les then shows the sample items to the other sharks while he calls Kevin forward to draw a shark using the tool. He also says that the item had been patented by the original creator in around 1807 but that he has a provisional patent for the updated version of the invention which he had created in his garage after 4 years of experimentation. 20% of the customers for the product are people who want to start drawing, another 20% are professionals who use it to save time and the remaining 60% are amateur artists who want to hone their skills.

Mark then asks about manufacturing and sales to which Les says that one of the types of the tool, Lucy Flex is sold at $128, costing $25.50 to make with sales being over $2.3million in the earlier 12 months and $3.7million in the previous year,$1.7million in profits, with lifetime sales of over $10 million through direct-2consumer from his website which blows the sharks away.

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He then says that he has spent around $70,000 per month for advertising while working with Youtube and other social media platforms to promote his product and also mentions that he is there to find a shark to help him reduce customer acquisition costs from $48, the margin at the time, which is around ½ of the profit he earns from the item.

Mark and Robert back out because they are not interested, Lori and Kevin also go out as Lori thinks she is not the right shark for the startup and Kevin likes products with a more vast target audience. Daymond then puts forward an offer of $300k but for 20%, Les counters at 12%, Daymond comes to 17.5%, and Les can’t go higher than 15%, to which Daymond agrees.

What happened to Lucy Drawing Tool after Shark Tank?

We cannot clearly say whether the deal with Daymond John really closed but can say that the exposure certainly helped the startup’s popularity and increase in sales.

Product details:

  • Once set up, the LUCY tool reflects an image of anything onto paper or canvas. Draw or paint over the image to quickly start your drawing. The LUCY is only to help with the initial sketch, any detail or finishing is to be done without the tool.
  • The product costs $97 to $128 depending on the product.
  • The company is based out of California.
  • The contact email address of this startup is unknown.

Competitors of Lucy Drawing Tool

Some competitors of Lucy Drawing Tool are

  • HuiDao LLC
  • Big Idea Design LLC
  • Let Energy LLC

What is the net worth of Lucy Drawing Tool?

The net worth of the product in the shark tank was around $ 2 million and now has a net worth of around $ 3 million, as of 2022.

Is Lucy Drawing Tool still in business?

The company is still in business and is doing better than ever after introducing a new screen enlarger tool and signing deals with Walt Disney, 20th Century Fox, and Warner Bros.

We do not know much regarding the prospects of the startup, but can surely say that this product has reminded us about how important 2nd chances are if one of your ideas does not work, move to the next one and keep trying and you will surely succeed!

Lucy Drawing Tool Social Links:

Do Share Your Thoughts:

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FAQs:

What is Lucy Drawing Tool?

Lucy Drawing Tool is a yool to improve hand-eye coordination while drawing.

Who founded Lucy Drawing Tool?

Les Cookman came up with the idea of the updated camera lucida when his teacher showed him the original tool and he thought about how the drawbacks of the original can be reduced to make a new item. He thought about it but got sidetracked by his other not-so-great idea, the portable barf bag.

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