Utah students land $200K from 'Shark Tank' investor
Student entrepreneurs Dallas Robinson and Mike Buonomo hit pay dirt with their Kisstixx lip balm company on the "Shark Tank" television show, making a financial deal with business mogul investor Mark Cuban.
"I can't believe we got a deal with Mark," Buonomo said.
Cuban offered Robinson and Buonomo a $200,000 investment in their company in return for 40 percent ownership.
"I think you could be fun, hip, innovative and kind of a little bit edgy, which is cool," Cuban said on the show. "But the other good news is, as you grow, I'll be there to help you finance all that other inventory without asking you for more equity."
On the program, entrepreneurs and startup companies pitch their products or services to a panel of millionaire business executives who either decide to make an investment offer or toss them overboard.
Robinson, a junior from South Jordan, and Buonomo, a sophomore from Pleasant Grove, credit UVU faculty, students and economic development resources with helping them turn their business concept a lip balm with complimentary flavors that combine and react when two partners kiss into a viable company.
After selling 3,000 packages of lip balm at their first trade show in 2010, their company Kisstixx LLC sold nearly 25,000 packages last year. The product is available locally at Associated Food grocers and Harmon's.