Childhood injuries such as cuts and scratches are common. Every child has small injuries from time to time that require minimal attention and comfort in order to heal. Although they work well, traditional bandages might be a little boring and irritating for young patients.
They don’t come in colors that cheer up kids and frequently adhere to the skin uncomfortably. This is the role of Boo Boo Goo.
Kiowa Kavovit, age six, and her father, Andrew Kavovit, developed the device as a solution to this problem. Boo Goo makes children’s minor wound treatment more fun. Kids can use Boo Boo Goo, a paint-on liquid bandage that comes in a range of vibrant colors, to cover their scratches with a stylish and protective covering.
They presented their creative idea and asked for funding on Shark Tank in order to help get their product in front of more children. They asked for $100,000 in exchange for 17.5% equity in their business. Their idea was to offer an entertaining paint-on alternative to plain old bandages that would both protect and cheer people up. Let’s see what happens next!
Boo Boo Goo Net Worth
Kiowa Kavovit and Andrew Kavovit asked for a $100,000 investment in exchange for 17.5% equity in their company, Boo Boo Goo. This meant they valued their company at $571,428. They made a deal with Kevin O’Leary for $100,000 in exchange for 25% of their company, contingent upon obtaining a patent. This new deal valued their company at $400,000. After the show aired, Boo Boo Goo struggled to scale the business and secure a strong patent. Facing operational challenges and competitive market pressures, Boo Boo Goo ceased operations in 2017. Therefore, the current net worth of Boo Boo Goo is $0.
Boo Boo Goo Shark Tank Update
What Happened to Boo Boo Goo After Shark Tank?
At first, Boo Boo Goo was moving in the right direction after their Shark Tank debut. They could agree with Kevin O’Leary, who will pay $100,000 for a 25% stock share for a product patent. The company wanted to make Boo Boo Goo available to a larger audience and wanted to extend its product line with Kevin’s support.
But even with these early initiatives and expansion strategies, Boo Boo Goo encountered significant challenges. The initial product was only offered for a brief time before the business faced challenges in 2016. Boo Boo Goo had fully stopped operations by 2017.
As of today, despite its struggles to overcome these challenges, Boo Boo Goo ceased operations. This is a sad end to an innovative concept that many thought could completely change the way children treat little cuts.
Did Boo Boo Goo Get A Deal On Shark Tank?
On Shark Tank, Boo Boo Goo did, in fact, land a contract. Kiowa and Andrew requested $100,000 in exchange for 17.5% of their company’s shares during their pitch. Kevin O’Leary asked about the idea and acknowledged the product’s unique approach.
However, the lack of a strong patent that would have prevented competitors from simply copying the invention worried him. Kevin responded to this by offering $100,000 for 25% shares, depending on obtaining a patent. Andrew and Kiowa agreed to this arrangement because they thought Kevin’s resources and knowledge would enable them to get over the challenges that were in the future.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Kevin O’Leary | $100,000 for 25% equity | N/A | Yes |
| Lori Greiner | Out | N/A | N/A |
| Robert Herjavec | Out | N/A | N/A |
| Barbara Corcoran | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Kiowa Kavovit and Andrew Kavovit’s Backstory
After suffering a small injury, six-year-old Kiowa Kavovit had the concept for Boo Boo Goo. She questioned her father, experienced actor Andrew Kavovit, about why she couldn’t just apply makeup to her wound to heal it.
This inquiry gave rise to an idea, and with the support of wound-care chemists, they created Boo Boo Goo, a vibrant, paint-on bandage that makes treating children’s wounds less uncomfortable and more enjoyable. Making Boo Boo Goo wasn’t a simple task. The family put a lot of effort and money into making the product flawless in order to provide kids with a way to feel better about their small wounds.
Initial Pitch
Andrew and Kiowa presented Boo Boo Goo as a multicolored paint-on liquid bandage during their Shark Tank presentation. They stressed traditional bandages might be uncomfortable to take off and aren’t always suitable for children. They added Boo Boo Goo was made to relieve that pain by covering wounds with a protective coating that children can paint in bright colors.
They requested $100,000 in return for 17.5% of their business’s stock. Andrew emphasized his product was more aesthetically pleasing to kids because it was not transparent, in contrast to other spray-on liquid bandages on the market. He said that Boo Boo Goo was kid-safe and the liquid bandage treatments currently on the market were dangerous.
Queries About The Product
Mark Cuban raised an issue about how Boo Boo Goo will fight against well-known brands and get a place on shelves. According to Andrew, Boo Boo Goo’s appeal to children made it stand out from the competition, and its unique formula would create a market niche that isn’t currently covered by other products.
Barbara Corcoran questioned the necessity of a colorful bandage and felt that the product was unnecessary.
Andrew claimed that the product’s entertaining feature set it unique and would ease kids’ anxieties over little wounds.
Robert Herjavec expressed concerns regarding the product’s ability and speed for market expansion. Although acknowledging the product’s early stages, Andrew was enthusiastic about its potential to grow rapidly with the correct funding and support.
Lori Greiner was concerned about the possibility of duplicates and the absence of a strong patent. In response, Andrew informed her they were working to get a patent to safeguard their special formula and application procedure.
Shark’s Responses and Final Deal
Mark Cuban decided not to invest, recognizing intense competition in the industry and the difficulty of convincing sellers to make space for a new product.
Barbara Corcoran chose not to invest in the product after realizing there wasn’t a compelling demand for it.
Robert Herjavec declined to invest because he believed the company was still in its early stages.
Lori Greiner expressed approval of the concept but agreed with Kevin O’Leary that a patent was necessary. She chose not to invest, but she wished them luck.
The only other shark to provide an offer was Kevin O’Leary. He saw potential in the idea despite his doubts about the patent and offered $100,000 for 25% stock, provided that the patent was obtained. Kiowa and Andrew accepted his offer.
Product Availability
As of today, Boo Boo Goo is no longer available on the market after being available for a short period. The product was first available for purchase on the company website, but large retail stores did not offer it for sale. Eventually, the business closed its doors because of operational issues.
Conclusion
Boo Boo Goo came up with a brilliant idea to help kids enjoy the healing process. Making wound care less frightening for kids was a straightforward problem that Kiowa and Andrew Kavovit took on and developed into a potentially innovative device.
Even after striking a contract with Kevin O’Leary on Shark Tank, the business had a difficult time expanding the market for its goods.
A weak patent, competition from well-known brands, and trouble getting retail space on shelves caused partly their problems. In 2017, Boo Boo Goo finally closed, ending a short but unforgettable journey.
Even though Boo Boo Goo is no longer in operation, its story serves as a reminder of the difficulties that even the most inventive products may encounter in a competitive marketplace.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.