In taking clear water is one of the prime protocols of the company. Eric’s inspiration for starting a business stemmed from the need to assist others in gaining access to clean water consumption. This businessman was able to create an empire that thrived by taking care of humans.
Approaching in front of the Sharks and requesting a good deal was his motive to enlarge his company. Was he successful? Was the company fortunate? Read the article to find out its result.
|New York Avenue NE, Washington, USA
|Asking of Company:
|$400,000 for 10% equity
|$400,000 for 20% equity
|Shark on board (Investors):
|Shark Tank Episode:
|Season 10 Episode 19
|Feb 29, 2024
About the Founder
Dr. Eric Roy’s intelligence invented the company, Hydroviv. He has a love for Chemistry and has a doctorate in that field. He began to explore his burning desire as he interned for government organizations on various initiatives. Eric developed water purifiers that could remove impurities. The popularity of these filters occurs after giving access to individuals and agencies just to provide better water globally.
Founding the Hydroviv
Eric Roy created a set of filters that are fitted under sinks owned by householders. The filters’ job is to clean hydration from dangerous impurities. One of the issues Mark sought to fix was the fact that some water purifiers are capable of eliminating chemicals like lead, chlorine, and arsenic. These filters are distinctive because they leave behind vital minerals for human welfare, such as calcium, magnesium, and potassium.
Hydroviv charges roughly $190 for a standard filtering system, while its production expenses are only about $50. The water supplies are resilient and can cooperate for around six months before requiring a new filter.
Shark Tank Appearance
Hydroviv was featured on Shark Tank, Australia in 2019, April. Before entering the show, the company had an estimated wealth of $4 million. After entering the show, Eric proposed to the Sharks $400,000 and was prepared to give one of the sharks 10% of the company. Some of the sharks had doubts about the marketing policy of the organization.
Rohan Oza, a guest shark, withdrew because he was unable to perceive where he could directly assist Hydroviv. Another shark, Lori Greiner left for comparable concerns as well. In the meantime, Barbara Corcoran decided to head out since she was skeptical of Eric as a businessman and doubted whether he could effectively promote the business. Eric’s options began to dwindle as there were just three sharks left.
However, the positive aspect was that Mark Cuban was willing to submit the idea, and he finally provided a $400,000 offer for 20% stock.
There were moments of tension as Eric was under enormous pressure for Mark’s proposal. Eric needed to be mindful and take action to steer clear of the deal. He agreed, and it appeared like the agreement was fruitful.
Sadly, this was one of those instances where the agreement fell through after the show had been produced and broadcast. There were lengthy conversations between Eric and Mark Cuban’s teams. In the end, Roy’s team decided against moving forward with the transaction.
After Shark Tank
Simply because Mark and Eric decided against completing their agreement does not imply that the business suffered. The enthusiasm for the business increased as soon as the program began. Due to the increased customer traffic, even though the expenditure was not made, the exhibition nevertheless boosted the business.
Initially, Eric anticipated having $325,000 in profits in 2019 and $1.7 million in sales in 2020. As of 2021, this increases the company’s financial status by slightly over $5 million.
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