Smit had invested around $10,000 of her own money in the venture and in under a year, The Quick Flick had brought in more than $310,000 in sales. ![]() The pitch valued the business at $3 million, which Smit says was calculated based on current turnover and projected sales. The 23-year-old Perth-based entrepreneur had gone into the tank asking for $300,000 for 10% of the business. It’s also waterproof, vegan and cruelty-free. Smit is currently going through that exact process with Andrew Banks, who offered her a deal worth $300,000 for 27.5% of her business, The Quick Flick, on last night’s episode.ĭeveloped by Smit, the The Quick Flick is a pre-loaded stamp for creating a ‘winged’ eyeliner look, which is available in three sizes. If that advice sounds familiar, it’s because the sharks themselves regularly share similar insights: they want to hear from founders who know what they’re talking about and who are prepared to go through the process of due diligence too. Shark Tank returns to Channel 10 on Tuesday 5 June at 8:30pm.“Know your numbers, business plan and where you want to take it,” she says. She will also launch an umbrella company, Quick Cosmetics, to house her other “quick” make up design ideas in the future. She wants to expand to big retailers, extend the range, release more colours and purchase larger quantities of stock. She now works six days a week and has one employee to help with emails and orders. Since the show, Ms Smit has left her part-time job to focus on The Quick Flick full-time. “I think the Sharks could see that, and it made them believe in myself and the product as well.” “I think holding my ground was really important,” she said. We have a race against time.”Īfterwards, Ms Smit said she was happy with the deal. “Well there you go, I’m in the cosmetics business,” Andrew said. Ms Smit ultimately agreed to take the offer. ![]() “I think you’re amazing but no, I’m holding my ground.” “You’ve asked for $300,000, I can’t value your business any more than about $900,000, even that’s a bit of a stretch,” he said. ‘Holding my ground was really important.’ She gave it her best shot to bring Andrew down to 15, 20 and finally 25 per cent, but he wouldn’t budge past 27.5 per cent. Saying $3 million was a bit steep, Janine and Andrew both offered $300,000 for 30 per cent - but Ms Smit seemed more keen on doing a deal with Andrew. Naomi didn’t see it as her kind of investment, and Steve said he she was “bloody fantastic” but he couldn’t bring anything to the table. Glen said he didn’t know enough about the industry so he was out. ![]() “So it’s actually about first to market, first to mind. “This game really isn’t about patents because they can change it so minutely and then get it through,” Janine said. The Sharks warned Ms Smit that while her idea could be acquired by one of the big makeup giants like Revlon or Maybelline, they could also easily copy the idea - and her provisional 12-month patent might not be much help. “You’re making like $250,000 a year in gross margin,” Steve said. The Quick Flick costs her “about $5” after landing in the country, and retails for $34.99. ![]() “Winged eyeliner is probably one of the hottest makeup trends of all time, but for many reasons it’s also one of the most hated for how difficult and time-consuming it can be to master,” Ms Smit said.Īndrew Banks was happy to get into the makeup business.īut it was her profit margins that really impressed the judges. RedBalloon founder Naomi Simson and Boost Juice founder Janine Allis had to explain the concept to the slightly confused male judges, internet entrepreneur Steve Baxter, Greencross founder Glen Richards and investor Andrew Banks. “I’m hoping that my product will take the stress out of every woman’s morning routine and get them out the door three or four times quicker than they normally would,” the 23-year-old interior architecture graduate said. Iris Smit entered Tuesday night’s episode seeking a $300,000 investment for a 10 per cent stake in her business The Quick Flick, a beauty product that helps women perfect the “winged” eyeliner look using a customised stamp for each eye. A PERTH university graduate who raked in $300,000 in less than 12 months with a clever beauty product she “casually” designed on the side has wowed the Shark Tank judges.
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