Even though they did not close a deal, the company that stuck out the most to me was Return Home. The concept of going green even after death is very interesting and appropriate. New generations who place a high priority on their relationship to the environment would probably find the concept very appealing. There are two things for certain: life, and death. The product gave people a third option aside from just cremation and burial: Terramation. This is the concept of turning a human’s remain into soil that can be used to grow plants, or made into a terrarium. I think the idea of a terrarium burial is brilliant as it provides less waste while also giving the family a way to remember their loved one which generates new life.
While the product was very appealing, the episode taught me that even if you can create something great in the world, your passion for this thing doesn’t mean that it can get you a business deal. The owner went wrong when he assumed that a good product would sell itself and he didn’t need to consider marketing, strategy, or negotiation tactics. He showed up to Shark Tank before his company was profitable, and when the sharks gave him an out, by explaining he could raise prices, he did not accept that option. He showed his product was popular but without a profit margin each sale popularity will not help.
I think it would make sense to raise the price in certain contexts, if that is what it took to remain profitability. It would also be possible to partner with others to help with marketing and profitability, for example hospitals could help inform families, or he could provide Terramation services to more traditional funeral homes who could provide additional facilities. Since he mentioned space was a limiting factor for him, these would also be options that could increase his total volume.