Where Is Eggmazing Egg Decorator From Shark Tank Today?
If you've ever dyed Easter eggs with your children, you know the process can be more than a little frustrating. In addition to the challenges of egg decorating, parents also find that the fun activity can leave a huge mess for them to clean up. It was this experience that led entrepreneurs Curtis McGill and Scott Houdashell of Amarillo, Texas to invent the Eggmazing Egg Decorator. Kids simply place an unadorned egg in the device, which uses internal mechanisms to make it spin. Children can then take one of the many markers included in the kit and use them to decorate the egg to their heart's content.
The Eggmazing Egg Decorator was the subject of a Kickstarter campaign, which earned $7,736 from 147 backers. Heartened by the success of the fundraising, the team wondered if they didn't have a bona fide hit product on their hands. Their passion for their product and the joy they believed it would bring to families was integral in their "Shark Tank" appearance, which they hoped would be the key to a lasting and successful entrepreneurial run.
An eggsciting bidding frenzy ensues
McGill and Houdashell showcased their Eggmazing invention on "Shark Tank" episode 921 during the ninth season of the show. The team requests an investment of $350,000 in exchange for 7%. Their Easter-themed invention has earned $150,000 so far, and they claim to have $1.2 million in purchase orders waiting (although half the orders are for another product called the Treemendous Ornament Decorator).
Almost immediately, offers begin rolling in. Kevin O'Leary promises $50,000 in exchange for a 33% stake, plus a loan of $300,000 with an interest rate of 13%. Barbara Corcoran pledges $350,000 for 15% of the business, half in cash and half in a line of credit. Lori Greiner then swoops in and offers $100,000 for 12.5% of the company, with the rest being offered as a line of credit with a rate of 7%. Both O'Leary and Corcoran alter their offers slightly to sweeten the deal. In response, Greiner changes her offer to $350,000 for 10% of the business, plus a $2 royalty until her money is recouped. However, Greiner also states that she will donate $1 of every royalty she earns to a charity of McGill and Houdashell's choosing. This altruistic approach proves enticing, and the boys accept Greiner's offer.
An eggscellent success story for the Eggmazing Egg Decorator
It appears McGill and Houdashell's deal with Grenier turned out to be a resounding success for all involved. Their product racked up an impressive $12 million in sales in the year following the business's "Shark Tank" appearance. Additionally, it became Amazon's number one selling product in the category of toys and crafts just a few weeks after the show. The team also landed a honey of the deal when 2,500 Wal-Mart stores all over the country decided to stock the product.
Thanks to the success of the Eggmazing Egg Decorator, McGill and Houdashell were able to add new products to their roster. They've also made numerous charitable contributions, including a $50,000 donation to the Make-A-Wish Foundation in North Texas, as well as a $75,000 donation to St. Jude Children's Hospital. These contributions make it clear that McGill and Houdashell not only have impressive business minds, but they also have hearts as big as Texas.