Happi Floss Shark Tank Update – Net Worth, Pitch & Deal

Flossing is important to keep your teeth clean and protect against gum disease. However, the most commonly used plastic flossers cause a lot of waste to be added to the landfill. This stark reminder caused Staci to reconsider and develop a new product to fulfill the need of the market for sustainable flossers.

Staci Whitman a pediatric dentist came into the shark tank with the hopes to move towards a sustainable product and help keep the planet clean. Her product is compostable and is easy to use. Will she be able to win a deal in the shark tank? To find out more read below.

Happi floss Net worth

Staci Whitman asked for a $200k investment in exchange for 10% equity in her company. This meant she valued her company at $2 million. She did not secure a deal on the show. After the show aired, Happi Floss saw a big increase in website traffic and social media exposure. They continued promotions through social networks and found eco-conscious consumers interested in the product. With an estimated 10% yearly growth rate (typical business growth), the current projected net worth of Happi Floss is about $2.64 million.

What happened to Happi Floss after Shark Tank?

After appearing on Shark Tank, Happi Floss continued promotions through social networks and was able to find eco-conscious consumers who were interested in the product. The production hasn’t started yet however, Happi has found a market for itself and when the production starts it will be able to tap into that niche.

Did Happi Floss get a deal on Shark Tank?

No, Happi did not secure a deal on the shark tank. Since all the sharks saw that she hadn’t sold any and the product was not in the market, along with that she didn’t have any knowledge of the business side of things. Hence, they didn’t invest in her business.

Shark(s) nameOffer & DemandCounterofferAccepted?
Daniel LubetzkyOutN/AN/A
Lori GreinerOutN/AN/A
Kevin O’LearyOutN/AN/A
Daymond JohnOutN/AN/A
Mark CubanOutN/AN/A

Happi Floss Shark Tank Update

happi floss net worth

Backstory

Staci Whitman is a board-certified pediatric dentist from Portland, Oregon. She was in Hawaii at a dental conference. She was walking on the shore and saw how much trash was in the ocean and it shocked her. On closer inspection, she found that most of it was plastic flossers. At that point, she had an epiphany that she encourages parents of little children all the time to use floss picks because they are easier than using the string.

So, when she saw the floss picks and connected it to her telling the parents to floss their children’s teeth. Especially since she is in Portland, Oregon where people are very conscious about the environment, her parents would tell her that they are not going to use floss picks.   The oral healthcare industry is a 5-billion-dollar industry, and flossers make up almost half a billion dollars of that.

Initial Pitch

Staci Whitman came into the Shark Tank seeking $200,000 for 10% equity in her company. She said that cavities and gum disease are the two most chronic diseases around the world. After that, she opened an umbrella and stood underneath it as 3,000 flossers fell on top of her and to the ground. She explained how there are only 3,000 flossers from her own dental office.

If a single-use plastic flosser is used every day then nearly 30,000 pieces of flossers will go in the landfills. These flossers take 400 years to break down if they ever do. Potentially releasing plastic, micro-toxins, and micro-plastics into our soil, oceans, and our bodies.

With that she introduced Happi, Happi is designed for true compost-ability and it breaks down in under one year and is made with post-consumer recycled paper making it biodegradable. No plastics and no microplastics are released in the breaking down process. It’s good for your teeth and our planet.

Queries about Happi

what happened to happi floss after shark tank

Lori asked that it is very similar to the ones they see in the stores but hers is made out of paper. Staci told them that most of the floss picks are made with petroleum-based plastics. She continued telling everyone that microplastics are now being found in human blood, soil, and water.  

Lori asked that this product was not on the market yet. Staci said yes, it was a presale prototype and she was having trouble with the machinery because this had never been made before.

Kevin took the stage and told her that he had done his thesis on dental business in North America and he learned that all the dental equipment in the office is being controlled by 3 behemoth companies including distribution. Why didn’t she take her idea to them and license it, how was she intending to sell her products, in a system that was pre-established? She said that the margins can be up to 50% and she will be selling directly to consumers.

Mark asked if she was selling it at that time. And she responded with no she isn’t selling it yet. These pieces were all handmade. And she was hoping that the sharks could help her with the manufacturing.

Kevin said but why would she want to manufacture it, then Lori asked if she had a patent. Staci told her that she has utility patents pending in the US, Europe, and Canada. To which Lori asked what’s the likelihood of her getting the patents? Staci told her, the very high likelihood that she might get the patents. The biggest competitor is Humble Co, and they are taking over the market.

Mark asked so how was she planning to compete against them? Staci gestured to them and said you, she said she needed their help and that’s why she was in the Shark Tank.

Daniel said that they all have full-time jobs, and they need to rely on the entrepreneur and then help empower them. He summarized her whole pitch and situation by saying that she hasn’t sold anything, the product is not in the market, her company is worth $2 million and the sharks have to help her do everything. To which she responded that she had presales and she did crowdfunding the year prior and she also did presales from her office worth $100,000.

Mark asked how much is she selling them for. She said that she sold one pack of 30 for $12.99, which is very high. She also said that she knew that when the manufacturing started, she would be able to bring the price point down.

Kevin asked that she wasn’t even considering going to a manufacturer who already makes these products. First, she said she didn’t know who to go to, and when Kevin said as a dentist, she didn’t know who the three suppliers were. Then she said they were not interested in this product. This is a consumer product and will be a direct-to-consumer product.

What went wrong with Happi on Shark Tank?

Sadly, Staci’s pitch in the shark tank didn’t help her secure a deal. As she didn’t have the know-how of the product and didn’t have any units sold in the market, the sharks found it hard to overcome those challenges. The requirements of Happi floss were far greater than what the sharks were willing to offer.

From manufacturing to learning how the business runs is a long leap and the sharks were concerned that they didn’t have enough time to teach it all and help Staci. Hence, she didn’t get an investment.

Sharks’ Responses and Final Deal

Kevin said that her going into manufacturing the product it very difficult to execute the idea and hence he was not going to invest and was out. Lori said that her heart is in the right place, she cares about the environment, what she doesn’t know is that manufacturing the product requires a person to dedicate themselves full time to manage the business and it would be easier for her if she gave the idea to a manufacturer and got a royalty. Lori said that she didn’t see anything worth investing in and declared herself out.

Daniel applauded her desire to go towards sustainability of the environment but he didn’t think her business was investable hence he declared himself out as well. Daymond also said that he could offer and take 50% of the business and they could figure it out together or she could after a certain period of time figure out the stuff herself, however, it was too early for him to invest in the business. Hence, he said he was out as well.

Mark said every entrepreneur has different types of challenges and in her case, business isn’t her background, hence she doesn’t have the knowledge of the business market and is completely dependent on the Sharks to help her, and he didn’t think that he could help her overcome those issues and for that reason, he was out as well.

Product Availability

The product is not available on the website of Happi. If you look at the Shop page it says that the pre-order stock was sold out and they are working hard to get manufacturing going so that it is available soon. 

Conclusion

Happi Floss was unable to secure a deal on the shark tank due to several reasons mentioned in this article. Staci has yet to travel a long journey in understanding the market and the business world. Hence the sharks were concerned about not only the competition she was facing but also the lack of knowledge of the business world on her part. Even though the product is good and can be great for the environment the business was not well established enough for the sharks to consider investing. 

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