![]() ![]() Mega will relate her experience of going through "the tank" and will also share about the competing dynamics of the children’s market and what challenges all entrepreneurs can face when launching a new line and expanding distribution. Megan had been creating effective, premium quality children’s organic hair care for several years, but found she was stymied in her ability to expand the line as she lacked the revenue. She carved a unique niche in the marketplace for her premium line. With the encouragement of her husband, Megan and a formulating chemist created Hot Tot organic hairstyling products for children, free of harsh chemicals and dangerous ingredients, and safe enough for even sensitive children. MEGAN GAGE - President/Founder- Hot Tot Premium Children's Personal CareĪccording to a New Beauty article in 2011, " A Hot Tot is defined as a 'confident and stylish youngster who gives to their neighbor and cares for our planet'." As a mother of two children, Megan began styling her kids' hair when they were infants, before learning that some hair care products contain ingredients that may not be OK for young locks. Megan Gage, our September Speaker, was able to fund her growing business at a critical time through the vehicle of Shark Tank, when Venture Capitalist, Mark Cuban decided to invest. Both models are fueled by three key factors: the Project Creator, an entrepreneur who proposes the idea, product, service or project the Funding Source, either an individual or group who commit to fund and support the idea and, in some cases A Moderator, an organization or group that bonds the parties together to monitor or carry out the proposal and report on progress. And media venues such as Shark Tank on ABC television are also launching or helping successful businesses grow by joining those with money to the inventors and idea-people. Crowd funding, which topped $5.1 Billion in revenue raised worldwide in 2013 from sites such as, and, has grown enormously. Megan Gage, Founder of Hot Tot Kids Personal Care LineĪ new era of unique funding sources for cosmetic and other ventures has emerged. How Sharks and Kids Swim Together for Success Products are available on the Hot Tot website, and on Amazon.Location: Crowne Plaza Hotel LAX, 5985 West Century Blvd, Los Angeles, CA 90045 We have great news to share in our Hot Tot update! The company went on to obtain further testing, and became officially branded as a “hypoallergenic” product. Sales steadily increased, and as of 2023, the company has an estimated worth of $5 million today. Daymond followed out for the same reason. With that, Megan accepted Mark’s deal, but what happened next? Keep reading our Hot Tot update to find out! Robert wasn’t sure about Hot Tot, but he felt that Mark would make the better partner and made a better offer than he would, so he was out. ![]() Mark said he took “no disrespect” from the request and waited patiently for her to hear out Robert and Daymond John. Out of respect for the other sharks, Megan asked to hear if there were any other offers before accepting. Instead, he offered $75,000, asking for 40% equity in exchange. Mark, on the other hand, told Megan he felt that $50,000 was not enough cash to get things moving. Megan tried to sell him further on Hot Tot, talking about her tradeshow successes, but Kevin unimpressed, responded by going out. Lori echoed her initial concerns regarding the packaging and, although her heart was with Megan, her gut said no. Megan confidently replied that there were 280,000 salons in America, and that the global baby care market was worth $48 billion and expected to grow by 5% in the next 5 years. Kevin O’Leary, unsure about the market potential, asked what led Megan to her valuation, considering she had only $20,000 in sales. He asked if Megan had performed testing to support her claims, and Megan said she had done some but that additional testing was very expensive. Mark told Megan that he too had a 3-year-old son, and that his son had eczema among other allergies. However, Megan felt the packaging promoted her brand faithfully and was not interested in changing it. ![]() She felt that it didn’t illustrate that the product was meant for children. Megan Gage, founder of Hot Tot, who was invested in by Mark Cuban on Shark Tank, shares how her partnership has affected her business and relationships. Lori Greiner liked Megan’s mission of creating a safer, high-end alternative to the comparatively cutesy children’s products on the market already, but she didn’t like the packaging. $7,000 of which was made in the past 12 days, thanks to a special promo run by one of her customers. Megan shared that over 15 months, she had sold $20,000. Mark Cuban and Robert Herjavec wanted to know more about sales. ![]()
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