Mother Ginelle Mills found a solution to an issue that many parents encounter. Her infant was burned on a scorching swing at the playground one day. She came up with a solution to shield infants from hot, unclean, or uncomfortable surfaces as a result of this event.
She created the multifunctional Cool Wazoo cover, which could be used as a car shade, a changing pad for diapers, and a cover for swings, high chairs, and shopping carts. It was a useful tool for working parents. Ginelle chose to pitch her idea on Shark Tank during Season 4 because she had such a strong belief in it.
She requested $65,000 in exchange for a quarter of her business. In this Shark Tank episode, Ginelle discussed her experiences, obstacles she has faced, and plans for Cool Wazoo’s future. Will the entrepreneur get a deal on Shark Tank? Check out our Cool Wazoo update to find out!
Cool Wazoo Net Worth 2024
Ginelle Mills asked for a $65k investment in exchange for 25% equity in Cool Wazoo. This meant she valued her company at $260,000. She had a verbal agreement with Lori Greiner for $65,000 in exchange for 25% equity, valuing her company at $260,000. After the show aired, Cool Wazoo saw a big increase in website traffic, sales, and social media exposure. Despite these efforts, Cool Wazoo faced challenges and eventually ceased operations in 2020. With the company’s closure, the current net worth of Cool Wazoo in 2024 is $0.
Cool Wazoo Shark Tank Update
In terms of a Cool Wazoo update, Many people were interested in learning what happened to Ginelle Mills’ invention after her appearance on Shark Tank. Her agreement with Lori Greiner first appeared to be going to benefit the expansion of her company.
But the agreement never went through, thus Lori was not able to invest in Cool Wazoo. But Ginelle remained unfazed. She kept up her independent goods sales. She even started selling Cool Wazoo online after redesigning her website. Subsequently, she managed to reach a licensing agreement with Kids 2, Inc.
Her product was able to enter retailers like Babies R Us because of this. As part of the licensing agreement, Cool Wazoo would be produced and sold by a different business. Even though Ginelle is still an entrepreneur in 2024, Cool Wazoo is no longer a household name. Along with developing new goods like the Blew Bubble and Ginovate, she launched Box Parties, an online baby shower service, in 2020.
Although Ginelle Mills did receive a deal on Shark Tank, it was never finalized. Initially, every shark rejected her offer. Ginelle requested $65,000 for a quarter of her business. She desired the money so that she could cut expenses and produce more Cool Wazoo items.
Lori Greiner changed her mind and agreed to the arrangement after hearing her moving narrative. Ginelle received the same offer she made: $65,000 for a quarter of the shares. Everything appeared to be going well, and the two women agreed on the arrangement. However, the Lori agreement later never went through, so Ginelle had to find alternative means of expanding her company.
| Sharks names | Demand & Offer | Counter offer | Accepted |
| Lori Greiner | $65,000 for 25% equity | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
| Robert Herjavec | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
Cool Wazoo Shark Tank Pitch
In our Cool Wazoo update research, After Ginelle Mills’ infant got burned on a hot swing, she had the idea for Cool Wazoo. She became aware that a device that could shield infants from hot or unclean surfaces was needed as a result of this encounter. She wanted to make something useful for other parents because she was a mother herself.
She created Cool Wazoo to be a versatile cover for a variety of settings. It may be a car shade, a cover for high chairs and shopping carts, or even a changing mat. Ginelle invested $96,000 of her own funds to try and make her idea a success since she had such a strong belief in it.
However, she had difficulties when her business was just getting started. The manufacturing process was one of her main issues. Ginelle lost a lot of money since the factory she worked with produced a lot of inadequate products. She turned to Shark Tank for assistance for this reason among others.
Ginelle requested $65,000 from the Sharks on Shark Tank in exchange for a 25% stake in her business. She clarified that she required the funds to address her production issues and purchase additional goods. Ginelle opened up to the sharks about her problems at her former factory, where 85 percent of the goods were flawed.
She added that although her product had received some exposure from appearances on TV shows including The Today Show and The Doctors it had not resulted in significant sales. The sharks paid close attention to her story and questioned her thoroughly regarding her offering and business plan.
In regard to a Cool Wazoo update, The sharks asked Cool Wazoo a number of questions. They were curious as to how it operated and why Ginelle believed it would succeed. They asked about her expenses and profit margins as well. Ginelle clarified that because she was producing the product in the US, her current production expenses were high.
She claimed that she would make more money and save costs if she shifted production elsewhere. When Mark Cuban inquired about her current sales Ginelle said that her total sales for the previous year had only been $20,000. The sharks were alarmed by this and started to question if it was worthwhile to invest in the company.
The sharks were all reluctant to deal at first. Robert Herjavec stated that he was not interested in investing in Ginelle’s venture due to the appearance of a lengthy and challenging path. Kevin O’Leary chose not to invest since he was unsure of the intended usage of the product. Daymond John resigned from the corporation, citing his inability to bring value to the organization. Lori Greiner went out as well.
She loved Ginelle but wasn’t convinced about the goods. Because he did not want to pay for Ginelle’s education, Mark Cuban refrained from making investments. Ginelle broke down in tears as she revealed all the sacrifices she had made to make her business succeed after every shark told her no. Lori was moved by this sad moment and chose to return. They settled on her offering Ginelle the $65,000 for a quarter of the initial bargain.
What Went Wrong With Cool Wazoo On Shark Tank?
Although Ginelle was able to get a contract with Lori Greiner, the sharks were wary about Ginelle’s firm due to a number of issues. The high cost of manufacture was one of the main issues. One Cool Wazoo cost $30 to create at the time of her pitch, but she was only charging $64.95. This indicated that she only made $2.50 per unit sold, which showed her profit margins were extremely low.
The sharks also brought up the fact that Ginelle had already spent $96,000 on her company and was still barely breaking even. They were concerned about how long the road ahead would take and if the company would ever turn a profit. Another problem was that Ginelle had not yet begun production due to manufacturing overseas to reduce costs.
Product Availability
A unique 5-in-1 baby tool, the Cool Wazoo has many applications. It can be used as a car shade, a changing mat for diapers, a cover for shopping carts, a restaurant high chair, and a bucket swing seat insert. It is therefore a flexible and practical tool for parents. The fact that Cool Wazoo is made to shield infants from hot or unclean surfaces. which is an issue that many parents encounter.
Following her Shark Tank appearance, Ginelle revamped her website and started selling Cool Wazoo online. A licensing agreement she struck with Kids 2, Inc. also aided in getting her product sold in establishments like Babies R Us. The product is still offered on the business website as of 2024, and Ginelle has kept up her production of new goods and services.
Conclusion
The Shark Tank journey of Ginelle Mills was moving and motivational. She put a lot of effort into turning her idea into a successful business and founded Cool Wazoo to address a real issue that parents had. Even when the agreement with Lori Greiner fell through, Ginelle persisted. She persisted in selling her goods online and ultimately struck a licensing agreement with Kids 2, Inc., which facilitated her entry into retail establishments.
Along with making other products, Ginelle launched a new company called Box Parties. Even while Cool Wazoo isn’t as well-known as it once was, Ginelle’s experience serves as a reminder that obstacles may be overcome with perseverance and faith in your product. We look forward to exploring what Ginelle is up to next.
Hi, I’m Laiba Khurram, a BBA student specializing in Marketing at FAST NUCES ISB. My background includes experience in finance, marketing, and event coordination. My skills include teamwork, time management, and Microsoft tools. Watching Shark Tank has always inspired me, as I admire the innovative pitches and entrepreneurial spirit showcased on the show. This passion drives my approach to finding creative solutions and understanding market dynamics. Read more About me.
