Legacy Shave Innovation Quiz

What problem does Legacy Shave aim to solve in the shaving industry?

• Environmental impact of shaving

• High cost of razors

• Inefficient shaving cream application

• Lack of variety in shaving products

What is unique about the Legacy Shave product?

• It uses a new type of razor blade

• It combines a shave brush and dispenser

• It is a subscription-based service

• It is made from recycled materials

How did the idea for Legacy Shave originate?

• As a solution to their father's shaving issues

• From a dream

• From a school project

• Through a market research study

What was a major challenge faced by the founders of Legacy Shave?

• Lack of patent protection

• High production costs

• Inability to find a manufacturer

• Fear of being copied by larger companies

What was the total sales figure for Legacy Shave over five years?

• $500,000

• $3 million

• $1 million

• $2 million

Why did some Sharks decide not to invest in Legacy Shave?

• The market was too competitive

• The founders lacked experience

• The product was not patented

• The product was too expensive

What was Lori's initial offer to Mike for Legacy Shave?

• $300,000 for 10% of the company

• $700,000 for 5% of the company

• $1 million for 100% of the company

• $500,000 for 50% of the company

What did Mike request in his counteroffer to Lori?

• To include a marketing budget

• To retain 5% equity

• To increase the royalty percentage

• To retain 10% equity

What was the final deal agreed upon with Lori?

• $1 million for 100% of the company with 3% royalty

• $300,000 for 10% of the company with 5% royalty

• $500,000 for 50% of the company with 5% royalty

• $700,000 for 95% of the company with 3% royalty

What emotional element did Mike bring to the Shark Tank pitch?

• A family photo

• A video of his father

• His father's ring

• A letter from his brother