Shark Tank contestant refuses offer, business booms within 10 months of filming
Possibly the best outcome for him
Last night’s episode of ‘Shark Tank’ had a lot of publicity for one contestant in particular, Alex Houseman and his ice-cream brand ‘Over The Moo’.
All five sharks absolutely loved the product and Houseman received three offers.
“I actually received three offers, one from Janine, one from Steve and one from Glen.
“Things took a bit of a sour turn when they learned that I share the IP [intellectual property] for the recipes with the manufacturer.”
Two of the offers were retracted.
Dr Glen Richards, founder of pet-care company Greencross, was “happy to overlook the IP issues and he was interested in working with me”.
However, Mr Houseman made a strategic move and rejected Dr Richard’s offer.
“Unfortunately the pitch was right before we ranged into Woolies, so they refused to include that in their valuation of the business.
“I thought I was getting the short end of the stick, so I walked away.”
News.com.au reported that in Houseman said in the 10 months since filming, the business has tripled its revenue to cross $1 million.
‘Over the Moo’ is now stocked in just under 1000 supermarkets.
Houseman said on the show he started his business by knocking on doors asking people to buy his product.
He also got quite emotional when speaking about his parents who helped support him during the beginning of his business.
“It’s a real shame.
“We’re positioned to double that [growth] again.
“It’s David vs. Goliath here, they could have been with the David. But I suppose I’m biased — they were obviously trying to manage their own risks.”
The product is for all the lactose intolerant people out there using coconut milk instead of any dairy products.
We're so excited to try it - well done Alex!