April 10th 2024.
Dawn Myers, a driven and determined entrepreneur, is the mastermind behind The Most, a company that houses two popular brands - Richualist and The Most Curls. Based in the bustling city of Washington D.C., Dawn recently appeared on ABC's Shark Tank, where she successfully secured a six-figure investment offer for her revolutionary hair tool, The Mint.
During her pitch, Dawn showcased the incredible features of her product, which is priced at $400. Designed to detangle and evenly distribute heated conditioners and gels throughout the hair strands, The Mint is truly a game-changer in the hair care industry. In an interview with CNBC Make It, the 38-year-old business owner revealed that it took her five long years to perfect The Mint.
At first, the Sharks seemed hesitant about the pricing and future plans for The Mint. However, Dawn was quick to address their concerns by explaining that the high cost was due to the limited initial production of only 100 units, which were priced at $120 each. But she had good news - she had found a way to cut manufacturing costs in half, making The Mint more affordable for consumers.
Despite offers from Sharks like Kevin O'Leary, Robert Herjavec, and Lori Greiner, Dawn was hesitant to make a deal that would compromise her existing investors. But things changed when Mark Cuban and Emma Grede stepped in with an offer of $150,000 for a 20% equity in her invention. After some negotiation, they settled on a fair deal - $150,000 for 15% equity and an additional 5% in advisory shares.
The Sharks were greatly impressed by Dawn's unwavering determination and passion for her product. She recounted her journey, which included selling her own home and liquidating her 401 to fund The Mint. She also shared how she had initially faced rejection from various accelerators, incubators, and pitch competitions who believed her idea was impossible to execute.
But the challenges didn't stop there. In January 2022, Dawn was diagnosed with stage three colon cancer, making it even more difficult to secure funding for her product. Despite undergoing surgeries and chemotherapy treatments, she never gave up and eventually raised $1.1 million in venture capital for The Mint.
It's worth mentioning that Mark Cuban, who has been a Shark on the show for 13 years, has invested around $2 million in 13 Black-owned businesses. He proudly supports diversity, equity, and inclusion, and Dawn's success on the show is a testament to that.
Overall, Dawn's appearance on Shark Tank not only showcased her innovative product but also highlighted her resilience and determination in the face of adversity. The Mint is set to revolutionize the hair care industry, and with Dawn's strong leadership and the support of her investors, there's no doubt that it will become a household name in no time.
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