The Mad Optimist Update | Shark Tank Season 11
The Mad Optimist founders Anthony Duncan, Mohammed M. Mahdi, and Mohammed A. Mahdi pitched in Shark Tank Season 11. The company makes personal care products that are safe for vegans and Muslims.
The Sharks appreciated their intentions. But, they had issues regarding the revenue and market size. Will any Shark invest in this business? Find out in The Mad Optimist update!
If you’re in a hurry and don’t have time to read the whole story, here’s a brief overview of what happened to The Mad Optimist after Shark Tank!
The Mad Optimist founders pitched in Shark Tank Season 11 and got a deal from Mark Cuban. Mark invested $60,000 for 20% equity against their original ask of $60,000 for 10%. In terms of company updates, The Mad Optimist is still in business as of March 2024, with an estimated annual revenue of $1 million.
| Company Name | The Mad Optimist |
|---|---|
| Founders | Anthony Duncan, Mohammed M. Mahdi, Mohammed A. Mahdi |
| Founded | 2012 |
| Product | Customized personal care products for vegans and Muslims |
| Ask | $60,000 for 10% equity |
| Deal | $60,000 for 20% equity |
| Sharks | Mark Cuban |
About the Company
In 2012, Mohammed M. Mahdi, Mohammed A. Mahdi, and their longtime friend Anthony Duncan decided to begin their soap business in Bloomington, Indiana.
The three of them are vegans and Muslims, so they didn’t want to use any animal-based products. Sadly, they couldn’t find any satisfactory body care products.
For this reason, they chose to initiate The Mad Optimist, a body care brand that includes all-natural elements for products like soap, spray, lip balm, and bath soak.
Their soaps are produced from scratch without including any pre-blended or purchased cleanser bases. All of the components are purely vegan, halal, sustainable and non-GMO.
Every customer can personalize their product, so there are massive combinations accessible. Customers go to their website, pick the body care thing they need, and begin choosing their preferences.
You can select the basic formula, essential oils like eucalyptus, lavender, rosemary, exfoliants, fragrances, and other add-ins like spirulina, coconut milk, activated charcoal, shea butter, or cardamom.
You can also customize the name of the soap and the type of packaging you want. Customers even have the option to determine what they can bear to pay for the item on the sliding cost scale.
The making cost of each soap is $4.50. Furthermore, the sliding scale goes from $6 to $16, and the average selling cost is $8.50.
The organization’s revenue is posted monthly on its website as The Mad Optimist wants to maintain transparency.
You can purchase the products on their official website and Amazon. Besides selling individually, they have wholesale and bulk custom options as well.
The Mad Optimist Shark Tank Pitch Recap
Entrepreneurs Anthony Duncan, Mohammed M., and Mohammed A. Mahdi pitched in Shark Tank Season 11 and demanded $60,000 for 10% equity in The Mad Optimist.
The trio showcased their products by customizing them for each shark. As they pitched their products enthusiastically, the founders informed the sharks about all the stand-apart components of their hygiene products.
After their presentation, Kevin O’Leary and Mark Cuban came up with some questions. Mainly, they wanted to know why the founders decided to provide a sliding scale for customers to pay for their personalized products.
Mohammed A. replied that they want everyone to afford their premium product.
Kevin asked, “What’s your profit margin in the middle?”
Anthony responded that the profit margins are about 50% in the middle. However, in the previous 11 months before the episode, they earned $21,000 in sales of custom soaps.
Robert Harjavec then asked about their total sales.
They replied that the lifetime sales of The Mad Optimist were around $97,000.
As their sales were meager, Kevin said, “I was trying to be optimistic, but there’s nothing here for an investor,” and he was out.
Guest shark Daniel Lubetzky liked their enthusiasm and product packaging.
However, he said, “You have a long way to go. I think you’ve got a very long journey to figure a lot of stuff out.” Daniel goes out next.
Lori Greiner loved the entrepreneurs and their great purpose, yet she didn’t have faith in the item. That’s why she is out as well.
Robert stated that the open market only values results instead of good intentions. He didn’t like their business model, so he’s out.
At that point, Mark was the only remaining shark. Apart from this business, he advised the trio to focus on other niches and start other companies.
Agreeing with the other Sharks about the business model, Mark added, “But sometimes when a mission discloses something unique, that’s worth the effort.”
He then offered $60,000 for 25% equity and said he wouldn’t negotiate.
Despite that, the owners countered $60,000 for 18% equity.
Mark counter-offered $60,000 for 20% equity.
Mohammed M. stated that there would be one contingency where the trio wanted to donate for Ashura, and they would like to donate 100% of the sales of that day the episode would air.
Mark agreed, and eventually, The Mad Optimist was able to acquire a deal of $60,000 for 20% equity.
The Mad Optimist Update After Shark Tank
After their Shark Tank episode aired, The Mad Optimist witnessed an incredible rise in sales.
Per their promise, all the earnings of $80,192.39 from the air date were donated to Ashura to help refugees and the LGBT community.
Right after the episode aired, people learned about the generous purpose of their business and started ordering from their website to support their objective.
In terms of The Mad Optimist update, the company is thriving, and it has grown to around $1 million in yearly revenue.
In addition, the company still provides customization and sliding-scale pricing features on its website.
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Conclusion
The Mad Optimist has gained immense popularity after appearing on the Shark Tank Season 11. Although most of the Sharks didn’t invest, Mark Cuban realized the business’s potential and ultimately offered a deal.
As of March 2024, The Mad Optimist has grown into a successful venture that offers an eco-friendly, affordable, and people-oriented line of body care products.
Shark Tank Clips follows businesses and founders that appeared in Shark Tank. We’ll come up with another The Mad Optimist update if we get more details from the founders.
