Seven years ago, Dawn Myers was inspired to start her own hair company after watching Lori Greiner invest in a woman-owned hair company on ABC’s “Shark Tank.” Today, Myers is the founder and CEO of Washington D.C.-based The Most, a parent company for brands Richualist and The Most Curls. On a recent episode of the show, Myers pitched her $400 thermal hair infuser called The Mint, which detangles and distributes heated conditioners and gels throughout a user’s strands using coffee pod-like cartridges. She was seeking $150,000 for 10% of the business, which she had worked on perfecting for five years.
As a lawyer with no background in beauty, tech, or engineering, Myers struggled to attract investors for her product. She sold her home and liquidated her 401(k) to fund the development of The Mint and faced skepticism from potential investors who questioned the feasibility of her idea. In January 2022, Myers was diagnosed with stage three colon cancer, but continued to pursue funding for her business. Despite these challenges, she raised $1.1 million in venture capital while undergoing surgeries and chemotherapy treatments.
During her pitch on “Shark Tank,” Myers faced scrutiny from the investor judges over the high price of The Mint and her vision for the product. She explained that the high price was due to the initial manufacturing costs, but she had found a way to reduce production costs and planned to lower the price accordingly. However, Mark Cuban and Emma Grede questioned her decision to lower the price and focus on subscription pods, advising her to stay focused on establishing The Mint as a disruptive product for curly hair.
Although some investors bowed out of making offers, Cuban and Grede ultimately offered Myers $150,000 for 15% equity in her invention, along with 5% in advisory shares. Initially hesitant to accept the offer in order to protect her other investors, Myers eventually agreed and thanked Greiner for inspiring her and supporting women’s innovations. The experience on “Shark Tank” was a pivotal moment for Myers and her business, as she secured the investment and validation needed to continue growing her company.
In conclusion, Dawn Myers’ journey on “Shark Tank” highlights the challenges and triumphs of launching a new product as a female entrepreneur. Despite facing skepticism and personal health struggles, Myers persevered in her pursuit of funding for The Mint, ultimately securing a significant investment on the show. Her story serves as inspiration for other aspiring entrepreneurs and showcases the importance of believing in one’s vision and seeking support from those who recognize the value of women’s innovations in the business world.
