Wisp Shark Tank- Wisp Industries, founded by Evan Dobson, is a company that has ventured into the household cleaning sector with an innovative approach to floor cleaning. The company aims to disrupt the traditional broom and dustpan category, which has remained unchanged for centuries.
Despite its innovative product, Wisp Industries has faced financial challenges, with Evan admitting to making some business mistakes that led to significant losses.
Wisp Shark Tank Product
The Wisp is a revolutionary floor cleaning system that re-engineers the traditional broom and dustpan. Unlike the conventional broom that requires a side-by-side sweeping motion using both hands, the Wisp is designed to be lightweight and is used with a one-hand pulling motion.
Its bristles are short, dense, and positioned at 90 degrees to the floor, ensuring a perfect seal with the surface. The accompanying patented Wisp pan allows users to step on its back, creating a perfect seal to easily gather debris.
Additionally, the pan features side combs that help clean the bristles. The company promotes the action of using the Wisp as “whisping.”
Wisp Shark Tank Deal
Evan approached the sharks on “Shark Tank” seeking an investment of $500,000 in exchange for 10% equity in Wisp Industries.
Despite the product’s potential, the sharks were concerned about the company’s financial health, with cumulative losses amounting to over $2.1 million. Kevin O’Leary (Mr. Wonderful) showed interest and offered the requested $500,000 but demanded 50% equity.
However, the deal fell through as Evan hesitated to make a quick decision and showed interest in collaborating with another shark, Lori Greiner, for sales and marketing support without her investing any money.
| Company | Wisp Industries |
| Founder | Evan Dobson |
| Product | The Wisp – a re-engineered broom and dustpan |
| Unique Selling Proposition | One-hand pulling motion, perfect seal with the floor, and a patented pan design |
| Investment Sought | $500,000 for 10% equity |
| Sales to Date | Over 100,000 units sold with a lifetime sales of $3.3 million |
| Financial Health | Cumulative losses of over $2.1 million |
| Offer from Sharks | $500,000 for 50% equity by Kevin O’Leary |
| Outcome | The deal fell through due to Evan’s hesitation |
Wisp Industries, under the leadership of Evan Dobson, introduced a novel approach to floor cleaning by re-engineering the traditional broom and dustpan. Despite achieving significant sales and capturing the attention of the market, the company faced financial challenges, including substantial debt.
Seeking investment on a popular platform, Evan was presented with a potential lifeline by investor Kevin O’Leary. However, due to hesitations and complexities surrounding the deal, an agreement was not reached. The story underscores the challenges entrepreneurs face, even with innovative products, and highlights the importance of sound business decisions and financial management.
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