When Mark Cuban received an offer from The Bouqs Company in the hit TV Series, Shark Tank in 2014, he was tempted, but he thought it wasn’t the best there is. His counterparts included Barbara Corcoran, Robert Herjavec, and Kevin O’Leary, among others, also passed on the deal. If you ask Cuban now, he has huge regrets about passing on Bouqs.
Why the sharks didn’t bite
Juan Pablo Montufar and John Tabis founded The Bouqs Company which delivers beautiful flowers to the consumers directly. These flowers are carefully curated from their florist partners or their sustainable floral farms and in return, their clients get fresher, more beautiful flowers at lower prices while giving the company faster payments and better margins. Unfortunately, these aspects didn’t impress the sharks on the show as they were discouraged by the unrealistic sales projections, and long delivery times, among others.
That Magical Wedding
A few years after the incident at Shark Tank, Herjavec was getting married. He was utterly shocked at the amount of money he needs to spend for the floral arrangements. He reached out to Tabis who explained how the cunning flower supply chain raises up their prices. Tabis happily informed Herjavec that they are thriving, despite Shark Tank refusing to invest in them. In the end, Herjavec agreed to take part of the company’s Series C investment that amounts to $24M.
When Cuban learned of the news, he mentioned that he deeply regretted passing on it because it was a deal he would’ve loved.
John Tabis shared that they will continue to put in money in building innovative technology and improvements in marketing to boost their growth in the coming years, with a vision to become the largest floral brand in the world while working to reduce waste and promote sustainability of what they do.
A Bouquet of Lessons from Bouqs
For anybody who wants to jumpstart their business, they’ll certainly learn a lot from the situation Buoqs had been in. Sometimes, the big sharks could be wrong, and that happens more often than not. They are often blinded because they aren’t close enough to the problem and the solution as the owners are, and that’s absolutely fine. These aspiring entrepreneurs should follow their intuition and put into mind that resilience is the essence of entrepreneurship and that rejection is just a tiny part of the journey. Keep your feet on the ground, remember that you are an expert in your field, and your clients are behind you.