Overview
Oogiebear is a baby care company that specializes in nasal and ear care tools for babies. The company was founded by Nina and Sina Farzin, a husband and wife duo from Potomac, Maryland.
Nina is a long-time Shark Tank fan and a pharmacist with over 20 years of experience.
Sina, on the other hand, specializes in periodontics. The business is a family affair as their kids are involved with everything from shipping to social media.
Shark Tank Pitch
Oogiebear was already a successful business when they appeared on Shark Tank seeking $400,000 for 5%. The Farzins revealed their impressive sales, which were on track to make $5.4 million in annual revenue for the upcoming year with a $1 million in profit.
The Sharks loved the product, and the live audience spurred on the chaos with every Shark apart from Daymond screaming for a deal.
Eventually, they went with Barbara and Robert’s deal of $600,000 for 10%.
After Shark Tank
The deal with Barbara and Robert closed after the show and is helping them to drive more sales through their website. All of their products are available to buy on Oogiebear.com, Amazon, Buy Buy Baby, Target, Walmart, and Nordstrom.
Oogiebear partnered with Walmart and Sam’s Club in 2020 and has been available in some Target locations since early 2021.
Due to their success, Oogiebear is having issues with other companies creating knock-off versions.
However, the company has never had any issues attracting PR and has been featured in publications such as BuzzFeed and People.com. Their baby care products have a 4.6-star rating from over 32,000 reviews on Amazon.
Oogiebear was on track to make $5.4 million in revenue for 2022 and forecasted sales of $6.5 million for 2023. Currently, Oogiebear is worth an estimated $8 million.
The Founders
Nina and Sina Farzin are the brains behind Oogiebear. They came up with the idea for the booger picker when their daughter Ariana kept waking up at night with breathing problems caused by boogers.
They realized there were products for wet mucus but nothing that tackled dry boogers effectively. Thus, they launched Oogiebear in 2015.
Founding Oogiebear
Oogiebear’s signature bear head design helps prevent the tip from going in too far, making it a safe and effective way to remove boogers and ear wax.
The venture became successful, and the Farzins later created other baby products, including chest rubs, nose balms, and teething toothbrushes.
Since 2015, the company has sold over one million units and done over $15 million in lifetime sales.
Lessons From Oogiebear’s Success
Based on the Shark Tank episode about Oogiebear, here are three practical tips for aspiring young entrepreneurs:
1. Identify and address a specific problem
The Oogiebear entrepreneurs identified a specific problem (baby boogers) that wasn’t being adequately addressed by existing products. They created a solution tailored to this problem, demonstrating the importance of finding a unique niche.
Aspiring entrepreneurs should focus on identifying unmet needs and developing targeted solutions to stand out in the market.
2. Leverage your background and expertise
The Oogiebear founders used their professional backgrounds as a periodontist and pharmacist to add credibility to their product. They applied their knowledge of the sinus, oral cavity, and airway to design an effective solution.
Entrepreneurs should leverage their expertise and experiences to develop and validate their products, enhancing their credibility and appeal to investors and customers.
3. Be ready to demonstrate market validation
Oogiebear’s entrepreneurs presented strong sales figures and market traction, which impressed the Sharks. They had sold over a million units and generated significant revenue, proving the product’s market demand.
Aspiring entrepreneurs should aim to achieve and highlight market validation, showcasing sales, customer feedback, and growth potential to attract investors and build confidence in their business.
You might also like: