It was no easy task for Mighty Carver owners Kim and Lance Burney to get their pitch heard on Shark Tank and secure an investment offer from a shark — Daymond John, the CEO and founder of FUBU.
After making it through the application process of over 37,000 applicants, they were invited onto the show. The couple carefully watched every previous episode of Shark Tank to prepare their pitch on Season 12, Episode 4. They memorized their entire pitch, including each other’s lines in case either of them forgot a word.
In turn, the couple secured a $100,000 investment offer in exchange for 25 percent of their company from shark John, a world-renowned investor and an original shark.
We asked Mighty Carver inventor Kim Burney about her Shark Tank experience and her advice for anyone who wants to appear on the show.
Q: How did you come up with the idea for Mighty Carver?
A: We do a lot of work on our family tree farm that involves using power tools. The guys in our family could go for days using a chainsaw and always with a big smile on their face.
One fall day, I thought about planning our upcoming Thanksgiving celebration. Our Holiday dinner was a highly anticipated event, especially when my grandfather carved the turkey with the electric knife. Sadly, my Grandfather is no longer with us, but we want to carry on this tradition and make it an event our kids will never forget!
I suddenly thought to myself, “Wouldn’t it be fun to carve the turkey with an electric knife that looked like a chainsaw”? Hence, the Mighty Carver was born!
Q: When did you know you wanted to appear on Shark Tank?
A: People would often say to me, ‘You should go on Shark Tank!’ I didn’t watch television much, but I had the idea of what the show was about. Then I went to the Chicago Houseware Show in 2019 and did a little presentation that had a format similar to Shark Tank, where inventors pitch their products to a group of people in the industry. We got a lot of good feedback.
That’s when we became intrigued. Maybe we should consider trying out for Shark Tank?
Someone once told me, if you go on Shark Tank, they automatically get 5 percent of your business. I thought, ‘Nope, that is not for me.’ A year later we got a phone call from casting that said they might be interested in us applying to the show. I explained that I didn’t like the idea of the 5 percent equity, and she quickly told me that is no longer the case! Well, OK then, we had to apply!
Q: Why were you excited to earn this investment with Daymond John specifically?
A: It is no secret Daymond built his business from the ground up, in his mother’s living room. I know that Daymond knows exactly what it’s like to build a business from the ground up, with very little capital.
He brings huge value with the skills needed to scale our business, as well as network with his valuable connections across the retail industry.
Q: How has Daymond John helped mentor you since striking the partnership?
A: Daymond and his team have really motivated us in preparation for the air date. Making sure we have the tools and know-how to make it a successful launch. They have partnered with our marketing team energyhill in making sure things will go smoothly for Mighty Carver.
Daymond and his team are also in contact with vendors that he works closely with.
Q: What’s your advice to entrepreneurs looking for success?
A: Never give up! If your product meets the basic criteria of most successful products, you believe in your product, and most importantly believe in yourself, then you are well on your way to becoming a successful entrepreneur.
Also, do your research! Does your product solve a problem? Is it unique? Is it something someone will need or want? Product design, development, manufacturing, and sales are all things to consider. Patents, trademarks, and capital are also an integral part of the success of a product. Struggles and setbacks will occur, it’s how you handle them that will make the difference!
I won’t tell you it was easy, there are many lessons to learn and hardships to overcome. But you will never know what you are capable of doing without trying. Would I do it again, knowing what I know now? Absolutely!
Q: What’s your advice for entrepreneurs who want to be on Shark Tank?
A: Be clear on your objectives. Be reasonable and fair with your valuation. The same applies to the amount you are asking for and the percentage of equity.
Are you profitable? Do you have investors? Do you have any outstanding loans? All of these questions are important to venture capitalists. Put yourself in the shark’s shoes. Would you invest in you?
Your presentation is another key factor. Of course, you never know if the sharks will ultimately be interested in it until you actually step foot on that red carpet.
Mighty Carver — order yours today
The Mighty Carver Electric Knife is a unique carving knife with the design and power of a chainsaw. With the Mighty Carver, everyone will want to carve the Thanksgiving turkey. Thanks to its dual stainless steel blades, it’s also great for cutting any meat, bread, fruit, vegetables, and even cheese!
For everyone who saw our appearance on Shark Tank, we’re offering $5 off all Mighty Carver orders with code “sharktank” at checkout. Order your Mighty Carver before the holiday season and start making memories that your family will cherish for years to come.