Ashlee Turner Shares Her Shark Tank Story: The Pocket Panty’s Big Break

Today’s special guest is Ashlee Lena Turner. Many of you may already know her from her appearance on Shark Tank. She is the CEO & founder of The Pocket Panty. We have already covered The Pocket Panty Shark Tank Update separately, so you can check that out.

Recently, I contacted Ashlee for a short email interview. I’m happy to say that she was responsive and answered my questions. I appreciate her for taking the time to provide such thoughtful responses. I hope this short interview will prove to be helpful for our audience. This conversation is a great chance for us to learn more about her journey and get some valuable advice from her experiences.

Introduction and Background

Sara: Please tell me about yourself, your background, education, experience, and position in the company.

Ashlee: Ashlee Lena Turner is the CEO and founder of The Pocket Panty (TPP), a brand that offers small, discreet, individually wrapped panties tiny enough to fit in a purse, glove compartment, gym bag, or even most back pockets — making them an excellent option for a quick and accessible spare pair of undies after an intense workout, a last-minute overnight visit, an unexpected tinkle after laughing too hard at happy hour, or for women who sometimes experience incontinence.

Ashlee’s entrepreneurship endeavors began in 2006  after opening Sweet Sugar, a candy lounge on Melrose Blvd. in Los Angeles, California. She also has over four years of experience in real estate and over ten years of experience working on various other business projects. But TPP has a special place in Ashlee’s heart because the business has allowed her to further pour into her passion for women’s rights and reproductive health and to give back to disenfranchised communities through advocacy and social justice work. For Ashlee, TPP is more than a brand or business  – it is a movement.

Pre-Shark Tank Preparation

Sara: Can you describe the journey and preparation that led up to your pitch on Shark Tank?

Ashlee: Well, I applied for Shark Tank pretty soon after I launched. I always believed that my product was “Shark Tank” worthy, but when watching other businesses, I would say, “I don’t have their numbers.” Needless to say, I applied anyway, which was about five months after I launched. They called a few weeks later, and the journey began in 2022. I went all the way through to the end, and a few weeks before taping for the season was about to start, I got a call from them letting me know that I wouldn’t be filing that season. I was bummed, but I’m a woman of faith, and I just accepted that it wasn’t my time.

But a few months later, they called me and asked if I would be interested in season 15. After that, the process moved really quickly. You meet with production every week until it’s time to film. I loved my pitch, and they let me write it. I was confident because I wrote about 85% of it, so it was pretty much my words. I’m genuinely grateful because they were all so kind and encouraging from the start to the finish!

Valuation and Strategy

Sara: How did you decide on the valuation you presented to the sharks, and what was the strategy behind your initial ask?

Ashlee: I had a business manager help with the valuation and I was initially going to ask for more. But literally as I was walking down the hallway into the tank, I decided to ask for a smaller amount. Imposter syndrome perhaps lol.. IDK

Post-Shark Tank Impact

Sara: What happened to your company after appearing on Shark Tank in terms of investments and business growth?

Ashlee: I got a load of inquires about investment but one specific VC firm stood out and I secured an investment with them. I absolutely LOVE MinervaVerse. They recognize the gap in VC for women, specifically women of color and they are doing what they can to fill that gap.

Current Valuation

Sara: What is your company’s net worth today?

Ashlee: As of today the company’s net worth is $1.5 million.

Additional Investments

Sara: Have you secured any investments from other investors since your appearance on Shark Tank?

Ashlee: Yes. MinervaVerse and Hatchet investments

Business Strategy Evolution

Sara: How has your business strategy or operations changed after your appearance on Shark Tank?

Ashlee: Absolutely!! The initial impetus for The Pocket Panty (TPP) was simple: to provide women with quick, convenient, and discreet access to a spare pair. After the show aired, we received a lot of feedback from women with health issues where a spare pair of undies would’ve been helpful. As I delved deeper into developing TPP, I realized that our brand could address a broader humanitarian need, advocating for equity, wellness, and women’s rights. Undergarment insecurity is a significant issue that should be recognized as not only a woman’s right but a human right.

Challenges

Sara: What were the biggest challenges you’ve faced since your appearance on Shark Tank, and how have you addressed them?

Ashlee: For people to not only view TPP as just panty but to really recognize that we can help keep women confident and happy with a straightforward and simple solution.

Long-term Objectives and Influence

Sara: What are the long-term goals for your company, and how has Shark Tank influenced these goals?

Ashlee: The biggest takeaway from ST is that I need to be more vocal on my socials about what I’m doing. I get it now.

Advice for Future Contestants

Sara: What advice would you give future entrepreneurs considering applying for Shark Tank?

Ashlee: Be likable! Believe in yourself and your product and just go for it!