Tenacity is an important trait for entrepreneurs to have. It is this same tenacity that helped inventor and entrepreneur Kim Meckwood secure a deal for her company after applying a record-setting seven times to be on Shark Tank!
After getting rejected six times, she finally got accepted to go on Shark Tank on the seventh time. What happened to her business Click and Carry after landing an investment deal with Barbara Corcoran and Mark Cuban? Read on to find out.
Click and Carry (Shark Tank Highlights)
|What is Click and Carry?||A gadget to help consumers stay hands-free while carrying multiple bags|
|Proposed Deal by Owners||$225,000 for 15% equity|
|Owners’ Valuation||$1.5 Million|
|Sharks who Secured Deal||Mark Cuban and Barbara Corcoran|
|Shark’s Offer||$225,000 for 40%|
|Click and Carry’s Net Worth||$562,500|
What is Click and Carry?
Click and Carry is a clever gadget that helps consumers stay hands-free while carrying multiple bags.
All that has to be done is to twist to unlock the Click and Carry, loop through the bag handles, lock and you’re good to go! The key is to evenly distribute the weight on both ends of the Click and Carry.
Here’s a YouTube video of Click and Carry in action.
With the Click and Carry, shoppers have the option to carry all the bags in a Click and Carry on one hand or over the shoulder for some hands-free carrying.
It’s great for shoppers, seniors with dexterity problems, and even sports enthusiasts who have to carry a lot of gear.
The Click and Carry is even durable enough to be used for carrying two paint cans at once. The handles have a capacity of 80 pounds, 40 pounds on each end. It has a padded gel grip for comfort and comes in seven color options.
How did Click and Carry start?
Click and Carry came to its inventor Kim Meckwood in a dream. She knew the hassles of carrying all of her grocery bags by herself. Every time she goes shopping, she’s the type to carry all the bags in one go, from the cart to her car to the house.
Meckwood made nine different Click and Carry versions before its final design and working prototype. She created a second mold of her final design and filed for a utility patent. She started selling the product at farmers’ markets while working her full-time job in medical device sales.
Click and Carry on Shark Tank
A very thrilled Kim Meckwood introduced herself to the Shark Tank panel of Sharks composed of Robert Herjavec, Lori Greiner, Kevin O’Leary, Barbara Corcoram, and Mark Cuban.
She was seeking an investment of $225,000 in exchange for 15% equity in her company, Click and Carry.
Meckwood told the Sharks about the struggle of carrying multiple grocery bags from the cart to the car, and from the car into the house. Click and Carry is her solution to this problem and will allow people to be hands-free while carrying multiple bags.
She also shared that it’s her seventh time to apply to pitch for the show, which impressed and surprised the judges.
Shark Barbara Corcoran went up to Meckwood to try out the Click and Carry herself.
“What’s particularly good about this is that it has a little flexibility so it’s soft on the bone,” observed Corcoran.
Unfortunately, the Sharks were less than enthusiastic when they heard the lifetime sales of Click and Carry. Since she started selling the gadget part-time five years ago, Meckwood has earned $625,000 in sales. In the past 12 months, she only earned $70,000. It costs $1.85 each to make, and retails for $9.
“You have a full-time job, I don’t blame you for that. You have to take care of yourself. But this is not a company, it’s a hobby,” said O’Leary. He was also not keen on the valuation on the product that has been around for five years but without huge sales.
What were the Sharks’ offers for Click and Carry?
Sharks Barbara Corcoran and Mark Cuban teamed up to give an offer to Click and Carry. The other Sharks, unfortunately, were not jumping to invest in the hands-free carrier.
Robert Herjavec commended Meckwood for hustling for her passion while working full-time. However, he felt that it was not the product for him and opted out.
Lori Greiner followed suit, saying, “I don’t think it’s the right investment for me. Your ask is too big for where I think it needs to go.”
Kevin O’Leary had the same reason for opting out. The time to recoup his investment would take too long with the product, said Mr. Wonderful.
Barbara Corocoran, on the other hand, asked a question that nobody was expecting.
“Would you be willing to sell your whole business?” Corcoran asked the inventor. “What if I reversed it and offered you $225,000? You kept 15% and I kept 85%?
This surprised Meckwood, who replied that the business is her baby and said that it was not possible.
“Are you sure?” Shark O’Leary replied to Meckwood’s quick rejection.
When Meckwood tried to explain that her business is something special, Shark Mark Cuban interjected and said that Meckwood was what was special, but he thinks that she needs help from someone who can run the business for her.
Cuban made an offer to team up with Corcoran for $225,000 for 40% stake of the company. “We’ll figure out the operations and the inventory, you focus on creating new products,”
“Which you have to bring to us,” added Corcoran.
Did Click and Carry get a deal on Shark Tank?
Yes. After three Sharks declined to make a deal, Sharks Barbara Corcoran and Mark Cuban partnered together to make an offer to Kim Meckwood. The Click and Carry inventor joyfully accepted their deal of $225,000 in exchange for 40% equity in her company.
“I’m so excited to work with you,” she said to Cuban who went up to give her a hug.
Here’s a YouTube video of Click and Carry’s pitch on Shark Tank, courtesy of ABC.
What happened to Click and Carry after Shark Tank?
After appearing on the show, Click and Carry increased their prices from $9.00 to $11.99 for a single pack and $19.99 for a 2-pack. The price increase can be assumed to have come from the advice of Barbara Corcoran and Mark Cuban.
Is Click and Carry still in business today?
Yes, Click and Carry is still in busess, even in the middle of the COVID-19 pandemic.
The handle carriers are available online on their website, and on Amazon where it has 78% 5-star ratings from 322 reviews.
According to their website, the carrying device is also sold on QVC, The Container Store, Ralphs, and Shoprite.
How much is Click and Carry worth now?
With the investment of Mark Cuban and Barbara Corcoran of $225,000 for 40% equity, Click and Carry’s net worth value is estimated to be $562,500.
This is lower compared to the original valuation of $1.5 million when Click and Carry’s founder pitched her business on Shark Tank.
Lessons from Click and Carry on Shark Tank
Some people would have given up after the first or second failed attempt to apply for Shark Tank. Click and Carry creator Kim Meckwood knew that she wanted to pitch to the Sharks and close a deal with a partner.
Meckwood’s perseverance paid off when she finally succeeded on her seventh attempt! Sharks Barbara Corcoran and Mark Cuban knew that her heart was in the right place when she did not give up on getting her company on the show.
Meckwood is also an entrepreneur with a full-time job. Prior to coming to the show, she did not quit her lucrative job because it supported her. As Mr. Wonderful said, this is ok.
There is the option of getting partners who can work with you and your company while allowing you to still have control of the company. Find your strength, focus on that and find partners who can compliment that while helping you grow your business.
With the help of seasoned entrepreneurs such as Barbara Corcoran and Mark Cuban, Kim Meckwood is no longer alone in carrying Click and Carry into the future.