COLONIE – Tracy Slocum, founder of Colonie-based blanket and clothing business Pretty Rugged, made her reality television debut Friday night on the hit TV show “Shark Tank,” successfully securing a deal from two prominent investors.
The business owner went in front of investors, known as sharks, in an episode airing Friday at 8 p.m. on NBC. Slocum received $200,000 from sharks Robert Herjavec and Lori Greiner for a 25 percent stake in her company, which makes waterproof and windproof blankets and other durable clothing.
In the year Since launching in 2017, Pretty Rugged has grown into a multi-million dollar company and has sold over 30,000 of its flagship products. The 48-year-old entrepreneur ended up riding the elevator, seeking $200,000 for a 10 percent stake in the company.
Slocum shared the story of her great-great-grandfather, Captain Joshua Slocum, who sailed solo around the world, who inspired her to create her product. “His trailblazing spirit permeates everything I do,” she says.
The investors were impressed with Slocum’s history and the company’s sales, which totaled 715,000 this year and nearly 3 million over its lifetime. Despite earning a profit margin of 80 percent for retail and 70 percent for wholesale, Slocum told investors she only made $32,000 last year — a figure that drew confusion and hesitation from investors.
“It’s crazy that it’s not efficient because your margins are okay, even your gross margins are good,” said Guest Shark Emme Grede, co-founder of Good American alongside Khloe Kardashian.
Slocum said the net gain was due to supply chain issues, high tariffs for the products in China and the cost of trade shows, which range from $15,000 to $30,000. This year alone, Slocum’s business is participating in 20 shows.
“I need someone to help me, I know I’m not going to do everything right,” said Slocum, emphasizing her ability to sell the product and her willingness to learn more efficient financial planning strategies.
Grade, Mark Cuban and Kevin O’Leary declined to make offers, leaving the fate of the women-owned and operated business to Robert Herjavec and Lori Greiner.
“Your margins are great, you’ve obviously done a good job of manufacturing,” Greiner said. Robert and I both love you and love the product so we thought it could help you on the financial end and I could. The sales and marketing ends and we make a great team here. “
The couple offered her $200,000 for a 25 percent stake in the company, and Slocum took a 20 percent stake in return.
“We feel good about the gift,” Herjavec replied. Come on, we’re gonna blow this up.
A lifelong fan of the show, Slocum presented the image with a signature line to mark her success. “You have a deal!”
In an interview earlier this month, Slocum told the Times Union that pitching the ball in front of the investors was one of the most challenging experiences of her life, but she said it was great to be chosen for a show that attracts millions of viewers around the world. An opportunity to build exposure for her brand.
“This is the American dream; that’s why I’m here,” Slocum said after accepting the offer. “I thought I was going to get a shark, but to get two sharks and have them look at me, I really feel and love the product was everything.”
