Introduction
PSI Bands is a company that produces acupressure wristbands that help alleviate nausea and vomiting. The company was founded in 2007 by Romy Taormina, a mother and former competitive gymnast who suffered from motion sickness. The product has gained popularity in recent years and has been featured on Shark Tank, the popular reality TV show that features entrepreneurs pitching their products to a panel of investors.
What are PSI Bands?
PSI Bands are wristbands that use acupressure to relieve nausea and vomiting. The bands work by applying pressure to a specific point on the wrist, known as the P6 acupressure point. This point is believed to be connected to the nervous system and can help alleviate nausea and vomiting caused by motion sickness, morning sickness, chemotherapy, and other conditions.
The Shark Tank Pitch
In 2012, Romy Taormina appeared on Shark Tank to pitch her product to the investors. She asked for $50,000 in exchange for 10% equity in her company. The pitch was well-received by the panel of investors, who expressed interest in the product and the potential for growth.
Dealing with the Sharks
The Sharks were impressed with Romy Taormina’s pitch and the potential of her product. They asked questions about the product and the company, and Romy was able to answer them confidently and convincingly. The Sharks were particularly interested in the potential for the product to be sold in drugstores and pharmacies, which would increase its visibility and accessibility to consumers.
Deal with Barbara Corcoran
After an intense negotiation, Romy Taormina was able to strike a deal with Barbara Corcoran, one of the Sharks on the show. Barbara offered $50,000 in exchange for 50% equity in the company. While this deal may seem steep, Romy recognized the value of having a seasoned investor like Barbara Corcoran on board, and the potential for the company to grow under her guidance.
Post-Shark Tank Success
After appearing on Shark Tank, PSI Bands experienced a surge in popularity. The product was featured on various news outlets and was praised for its effectiveness in relieving nausea and vomiting. The company was also able to expand its distribution and is now available in drugstores and pharmacies across the country.
Conclusion
PSI Bands is a company that has achieved success thanks to its innovative product and the savvy business skills of its founder. The appearance on Shark Tank helped to catapult the company to new heights and provided the opportunity to work with a seasoned investor. The product has helped many people alleviate nausea and vomiting, and its availability in drugstores and pharmacies has allowed it to reach a wider audience. The success of PSI Bands is a testament to the power of perseverance, innovation, and the ability to effectively pitch a product to potential investors.