Liz Moskow and Abby Schwalb want a Shark to invest in their “sharable” line of lip balms, humorously called Balm Chicky Balm Balm, in Shark Tank episode 616. These two self-professed rebels with a cause started their business in 2010 – 9 years after becoming friends in their native Portland, OR. Together, they created their 100% natural lip balms made from organic extra virgin olive oil, organic palm oil and organic hemp seed oil, beeswax, rosemary extract, vitamin E, mica, titanium dioxide and iron oxide.
The secret that lets people share Balm Chicky Balm Balm is what the two women call the “friend end.” One end of their lip balm sticks is like any other; that's for personal use. The friend end has a flip top cap you can stick a finger in and get some lip balm without contaminating the personal end. Their container is patented, so they have a proprietary niche in the lip balm market.
Liz and Abby bring a sassy attitude to their brand which emulates 70's sensibilities. The artwork on their packaging is decidedly retro with a sexy, 1970's look. The product names scream double entendre: Juicy Melons, Sweet Baby Ginger, Huge Cucumber, Wild Mountain Honey, and Chocolate Love. They even sell a “Menage a Trois” 3-pack. Balm Chicky Balm Balm costs $7 each, 3 for $18, or 5 for $25. They are currently available online and in 50-60 retail outlets nationwide.
These women have a clear vision for their brand. They likely want broad retail distribution and cash for expansion. Will Liz and Abby bed a Shark?
Balm Chicky Balm Balm Shark Tank Recap
Liz and Abby enter seeking $75K for 20% of the business. They start pitching the benefits of the “friend end.” The say their product allows sharing while creating a conversation piece. They say they are in 60 stores. Mark calls them out on the porntastic packaging, but they are into licensing the packaging. To date, they've only sold $17K worth of product, but they are really just testing the market.
Lori thinks their pricing is excessive compared to regular lip balm. Mark thinks they have a product, not a company, and they should exploit the “adult” angle. Lori says they have a great name, but she doesn't like the friend end, she's out. Robert doesn't want his kids buying an adult themed product, he's out. Kevin says the lip balm space is a bad waste of time, he's out. Barbara doesn't think the product solves a problem, she's out. Mark says they should continue with the adult angle and not try to grow themselves out of business, he's out. The ladies leave with all the Sharks saying “Balm Chicky Balm Balm.”
RESULT: NO DEAL
Balm Chicky Balm Balm Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress. The Shark Tank Blog will follow-up on Balm Chicky Balm Balm, Liz Moskow, and Abby Schwalb as more details become available.