Meagan Bowman kicked off Shark Tank Season 8 Episode 7 with her Eco Flower presentation.
As the name implies, Meagan’s business sells perfumed eco-friendly flowers produced from recycled and sustainable materials that may be utilized in bouquets and other floral arrangements.
Meagan came in seeking $400,000 for 10% equity in her business and left with $400,000 for 20% equity. You’ve come to the correct place if you’re itching for an Eco Flower upgrade.
What is Eco Flower?
Eco Flower was a flower design and manufacturing company specializing in floral bouquets built entirely of ecological and recyclable materials, most notably wood.
Eco Flowers are completely made of reclaimed wood, unlike typical flowers that last only a few days before wilting.
Eco Flowers does not promote a marketing ploy to increase product sales by claiming that their flowers will survive forever.
|Company Name||Eco Flowers|
|Product||Sustainable and recyclable floral bouquets.|
|Investment Seeking||$400,000 for 10% equity in Eco Flower|
|Final Deal||$400,000 for 20% equity in Eco Flower|
|Episode||Season 8, Episode 7|
Who is the Founder of Eco Flower?
Eco Flower founder Megan Bowman pitched her business on Shark Tank in November 2016. She entered the Tank expecting to get $400,000 in exchange for 10% equity.
Eco Flowe Before Shark Tank
Megan Bowman was born and raised in Ogden, Utah. She resides in Los Angeles with her husband, Wes, and two lovely girls.
She learned entrepreneurship as a child when she sold baked goods, ran haunted houses, and raised money for herself in other ways.
As she reaches for a passionate job, she has had a difficult childhood as she attempts to find a job path that fulfills her. She had resorted to assistance, which was embarrassing given her inability to care for herself for the first time in her life.
She had the concept for Eco Flower during a phone discussion with her father. She came up with the concept as a teenager.
She’s been a fan of Shark Tank since season 2, and seeing other entrepreneurs pursue their dreams inspired her to leap. She submitted many applications to Shark Tank but was rejected each time.
Something compelled her to attempt again, and she received a phone call informing her that she would be allowed to pitch in front of the Sharks.
She values the business so highly since it is one of the most successful endeavors outside of having children. She wishes to be around for a long time to see Eco Flower thrive.
That is why she has come to the Shark Tank searching for a $400,000 investment in exchange for a 10% stake in her business.
How Was The Shark Tank Pitch of Eco Flower?
Megan begins by revealing a secret: ladies are becoming dissatisfied with the cycle of gift bouquets.
Purchase flowers, watch them wither, put off the trip to the garbage, and then wait for the day when another vase full of plant carcasses is given to her.
There is a better method – Eco Flower. Megan discovered a floral solution that not only lasts forever but is also composed entirely of recycled and repurposed materials.
Burlap, old book pages, sofa wood, twine, bamboo, tapioca root, and beer bottles are just a few materials used.
All of these elements combine to create timeless presents, breathtaking bouquets, and beautiful décor for your home or business.
They can begin capturing the hearts of women who appreciate flowers as gifts with the assistance of the Sharks. Indeed, she has brought a bouquet for each Shark.
Megan distributes samples to each Shark – Robert receives a whole board shaped like Croatia and his wife’s native Australia.
All of the Sharks are infatuated with love. Lori is presented with a bouquet. Kevin is handed a bridal bouquet and wedding present because he has the entire “beautiful” platform.
Indeed, each bouquet is perfumed. Damen receives lapels for his suit, while Mark receives a $140 bouquet. The flowers are constructed entirely of $1 notes.
Barbara then inquires whether she creates each one by hand, but Megan responds that she used to, but the growth stole it away from her.
She now has two manufacturers who manufacture them for her. However, Robert has a question for the lady Sharks: How would they feel if a man delivered them an Eco Flower instead of real flowers?
Lori pauses for a minute, unable to provide an honest response.
Barb then asks if they want a genuine response, to which she responds that it is due to a lack of sensitivity. Lori concurs that she would prefer to feel precious like an actual flower.
Megan maintains that this is not true, but Robert emphasizes the significance of this.
On the other hand, Megan’s clients have a different tale – because she is not a member of the wealthy group, you would be offended if a man bought you flowers and spent $50.
Numerous ladies are furious about this, as the money could have been used for groceries or bills. When they can keep it in perpetuity, women value it more.
Damen and Mark then assert that she is capable of proving them wrong.
She has been operating for less than a year and a half, and all sales are made directly to consumers via her website. The total lifetime sales figure is $2.8 million, which astounds the Sharks.
Each bundle begins at approximately $59 for a bridal bouquet and decreases in price from there.
Barb then inquires about how Megan got started; she saw an episode of Shark Tank and wished she had an idea, at which point she called her father.
Her father inquired as to whether she recalled the wooden flowers she sold in high school. As a result, she auditioned two weeks after starting her firm but did not get very far. Nonetheless, she would not have made it very far without Shark Tank.
Lori, on the other hand, believes Megan will face stiff competition. Megan then responds that they are not sold in whole bouquets – they are sold in smaller quantities on Etsy, often six at a time.
Kevin, a.k.a. Mr. Wonderful, explains that bouquets are not widely used in the wedding market because brides prefer fresh flowers.
Kevin adds that the sector is set up for commission, as they pass on many contacts and sell many brick-and-mortar flowers.
Megan then states that she began selling bridal flowers three months ago and that they made $100,000 in sales yesterday alone, with $25,000 coming from weddings.
They presently have a significant production issue with the manufacturers, and as a result, they purposely hold back the marketing department.
However, yesterday she stated that she would spend $4,000 on the advertisement, which resulted in a significant increase in sales.
Before yesterday, a typical day generated between $6,000 and $13,000 in sales. Mark claims she generated another $90,000 in sales and then acknowledged she is “killing it.”
Damen inquires about the amount of her money invested, which is $700.
She does, however, have a business partner who assisted her during her time living in a one-bedroom apartment. She made headlines when she auditioned for Shark Tank for the first time.
Indeed, a viewer of the news story approached Megan and hugged her before offering her any investment he could. Megan has just stated that she requires payment of her rent and groceries.
The investor made a $3,000 down payment on inventory and paid her rent daily for a year. He obtained 25% of the company in exchange for $3,000, allowing him to walk away rich.
Kevin then inquires as to if she has any further investors. Megan revealed that when she failed her second audition for Shark Tank, business was thriving, and she was able to secure $30,000 from a local investment firm in exchange for a 25% stake.
Megan now controls only 25% of the corporation, thereby diluting her completely. She sold approximately 75% of the business for approximately $35,000. Indeed, these were trying times a year and a half ago.
Robert argues that one of the reasons you start a business is to keep equity since you want to see it succeed and prosper and reap the benefits of your labor.
Kevin concurs, stating that he would gladly give her the $400,000 but not in exchange for a 10% commission. He would do so for around 30%, but who would provide him with that stock?
Megan would eventually become an employee for him, and his secretary would wind up owning more shares than she did. She is becoming increasingly diluted and will finally perish.
The stock would be sold in equal portions. Each pair has a limit to which they are willing to go.
Her investors are technology professionals, and this is not their area of expertise – she wishes to evict them at some time.
As a result, Mark believes that using the money to acquire them would be prudent. That equity that the two technologists presently control would be better off in the hands of an industry expert.
However, Robert says that there is a saying that owning 10% of a billion-dollar firm is preferable to owning 100% of a $1,000 corporation.
It’s difficult to create a billion-dollar corporation, and it’s critical to retain as much ownership as possible.
She does not own the business and has no say in its operations; therefore, who is he conducting business with? He is the first Shark to be released from the arrangement.
Barb admits that she spends more on flowers than anything else and is embarrassed to admit it. She doesn’t get it, and she sees them all around Manhattan, so she becomes the deal’s second Shark.
Lori concurs with Barb, stating that she must be passionate about the ventures in which she invests, and therefore Lori is the third Shark eliminated from the deal.
Mark intervenes, stating that she is doing an incredible job and deserves a great deal of credit, but this is not his area of expertise. Mark is the deal’s fourth Shark.
Kevin and Damen are the final two Sharks standing, and both claim that her diminished ownership is the deciding factor. Regrettably, Megan exits the Shark Tank without securing funding for Eco Flower.
What Happened To Eco Flower After Shark Tank?
Eco Flower does not appear to have any brick-and-mortar locations, and all of its merchandise is offered only online.
On the other hand, numerous reviews have lauded the concept and improved brick-and-mortar quality of the bouquets available for purchase.
Numerous bouquets are released monthly and are often seasonal. For instance, the Winter Berry arrangement costs $54.99 and features white flowers and mistletoe interwoven throughout.
Fortunately for Meagan, she founded Sola Wood Flowers with no debt, cash-sucking partners, and strong sales.
The company shuttered its doors in April 2018, about a year and a half after Meagan walked out. Sola is doing well as of May 2021.
Although it is difficult to determine if Eco Flowers’ revenue has increased or decreased, there is little doubt that Shark Tank helped raise awareness of the concept and the brand.
There is even a phone line where you can order flowers, and all purchases include two-day shipping.
There is even a blog on the Eco Flower website, in addition to the company’s recent launch of a subscription box flower line.