Every day, thousands of people go to clinics for nasal allergy treatment. This treatment is expensive and time-consuming. To solve this problem, Joe Moore invented First Defense Nasal Screens, which help keep germs and allergens away from the nose.
He wanted to make his product available nationwide, so he came to Shark Tank. Let’s find out if the Sharks invested money in his business or not.
| Company Name | First Defense Nasal Screens | |
| Founder/Co-Founder | Joe Moore | |
| Founded | 2003 | |
| Product | Nose Protection Nasal Screens | |
| Asked For | $500k for 10% equity | |
| Final Deal | $750k for 30% equity + 10% royalty | |
| Shark | Mark Cuban, Daymond John & Kevin O’Leary | |
| Episode | S2 E2 | |
| Air Date | March 25th, 2011 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | New Port Richey, Florida, United States | |
| Lifetime Sales | $40M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Joe gave the Sharks a demonstration of his non-visible nasal screens product. He also told them he recently received an 8 million order contract from the united arab emirates for the next six years. This is a great opportunity for his business to grow.
He has sold 1.7 million nasal screens so far at a wholesale cost of $0.60 each, which he got from a company in the United Arab Emirates. He also secured a contract for 8 million in orders over the next six years.
A great thing is that he has patented the product in the United States, Canada, and Europe. He now needs $500k to fulfill the order. Joe has invested a total of $1 million in this business, with $600k from his savings and the rest from friends and family.
Barbara Corcoran said she doesn’t understand much about the product, so she is out.
Kevin O’Leary and Mark Cuban teamed up to offer $500k for 20% equity, along with a 15% royalty on each unit sold until the $500k is recouped. Daymond John offered $800k for 30% equity, along with a 10% royalty on each unit sold until the $800k is recouped.
Daymond John revised his offer to $1 million for 30% equity, plus a 10% royalty on each unit sold until the $1 million is recouped. Robert Herjavec offered $2 million for 100% equity, Joe would receive a 10% royalty.
Joe declined Robert’s initial offer, but Robert came back with another offer of $4 million under the previous conditions. However, Joe proposed that they could do a deal for $5 million, but Robert decided to withdraw from the negotiation.
For Joe, this was a significant opportunity that could have made him a millionaire quickly. However, he lost this chance due to his poor negotiation skills.
Mark Cuban, Daymond John, and Kevin O’Leary teamed up to offer $750,000 for 30% equity plus a 10% royalty. Joe countered with a proposal of $1.2 million for 30% equity plus the 10% royalty. Kevin indicated they would finance further growth, so Joe decided to accept the $750,000 offer.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | $250k for 10% equity (Kevin & Daymond) |
| Kevin O’Leary | $250k for 10% equity (Mark & Daymond) |
| Robert Herjavec | $4M for 100% equity + 10% royalty |
| Barbara Corcoran | No Offer |
| Daymond John | $250k for 10% equity (Kevin & Mark) |
| Founder’s (Countered) | $5M to Robert $1.2M to 3 Sharks |
| Final Deals | $750k for 30% equity + 10% royalty |
First Defense Nasal Screens Shark Tank Update
Joe was thrilled to have secured a deal on Shark Tank and still retained 70% ownership of his company. Thanks to the exposure from the show, his business became a huge success, and within a few years, Joe became a millionaire.
The company has distribution and patent licenses in over 50 countries, especially across Asia. This means that First Defense Nasal Screens can sell its product without any obstacles in these regions.
In 2018, Joseph Moore announced an external nasal filter product that he developed in collaboration with an Indian company, Filter Your Life Healthcare Private Limited.
Joe is still the President and CEO of the company, which is estimated to be worth approximately $50 million.
Check out Shark Tank Season 2 Business Update.
If you want more updates on the businesses that appeared in Season 2, visit here.
