You’ve undoubtedly hoped for the drawings of your youngster to come to life. Budsies is a firm that might be able to assist you.
The Budsies have created a business that turns sketches into cuddly creatures.
Budsies welcomes artwork through their website, and their talented designers turn it into plush animals.
|Product||Creates custom plush animal dolls from kids’ drawings|
|Investment Asking For||$100,000 For 5% equity in Budsies|
|Final Deal||No Deal|
|Episode||Season 6 Episode 24|
|Business Status||In Business|
Budsies was founded by Alex Furmansky. Before becoming an inventor, he was a scholar.
He had previously graduated from the University of Pennsylvania with a bachelor’s degree in engineering. He also graduated from Wharton University with a master’s degree in business administration.
He probably definitely exploited his background to help him succeed in business.
In addition to Budsies, he established Sparkology, dating service for young professionals. Budsies’ chief executive officer is now him.
Before Shark Tank, Budsies:
Alex Furmansky is a Wharton School of Business and University of Pennsylvania School of Engineering graduate.
Budsies, like most innovations, was a lucky break. While living with his family, Alex noticed his younger sister’s artistic side. She made animal drawings.
He created the Budsies Company while still living in South Florida in August 2013.
After witnessing his younger sister sketching regularly but quickly forgetting the ideas, Alex Furmansky came up with the idea for Budsies.
He also saw that his younger sister adored her stuffed animals, so he combined the creative drawings with the plush animals to create Budsies.
When Alex had a eureka moment, she turned her sister’s artwork into an animated film. His family and friends were overjoyed at the thought of making plush creatures.
Budsies was born as a result of their encouragement.
Budsies’ purpose is to turn children’s artwork into cuddly animals in order to preserve it. Alex Furmansky and his team will embroider and sew a unique plush animal for children who upload their photos to the Budsies website.
He created a website where kids could share their artwork. Then he hired designers to sew plush animals to try to replicate the drawings.
Because Alex picked hypoallergenic materials, even children with allergies may have a Budsie pal.
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Budsies was already selling well before he appeared on Shark Tank, because of his creativity and compassion.
Alex Furmansky has experience in both entrepreneurship and working for other companies. He’s also the founder of Sparkology, dating service for young professionals.
He has also worked at OpenPeak, a startup that offers consumer electronics.
He’s also worked at Evercore FinTech M&A, UBS, and Lockheed Martin, as well as consulting for emerging businesses that needed his help.
How Did Budsies’ Shark Tank Pitch Go?
Alex takes the stage on Shark Tank and makes his pitch, requesting $100,000 for a 5% investment in his “heartwarming” business.
He then sets up a display of personalized Budsies and hands out samples.
He explains the design and construction procedures. The product costs $35 per unit and is available for $69.
The Sharks are upset when a product takes four weeks to arrive. Budsies has only raised $94K in seven months, which is disappointing.
Mark has left the company because he feels it is “too replicable.”
Lori is not participating since she feels it is unscalable.
Mr. Wonderful has no idea how to make money, so he offers $100,000 in return for half of the company.
Budsies creates a cat and human imitation plush toys, according to Alex.
He gives out variations of each Shark. Daymond then questions the value, and Alex tells the Sharks, “This is how angel investment works.” The Sharks chuckle.
Robert says Alex has no clue how he will get through the next year now that he is free.
In return for 40%, Daymond promises $100,000. Daymond quits because Alex argues he needs more money to get a greater share.
Mr. Wonderful refuses Alex’s offer, and Kevin adds, “to me, your deadline.”
Buddies and Sharks can’t agree on anything.
After Shark Tank, What Happened to Budsies?
Alex’s firm was not experiencing financial troubles, thus he did not require a rescue investment.
He needed money to expand and produce Budsies at a lower cost and faster rate.
Budsies are produced in four to five weeks and have a profit margin of roughly 50%.
Except for Daymond John’s assessment of him and his company ideas as ‘wild,’ there is no mention of Alex’s things being the best or worst on Shark Tank.
The Sharks were not interested in investing in Budsies because some of them feel the firm is too tiny to make a profit.
Update on Budsies Shark Tank:
Alex has increased his output by broadening his business’s services. People may now get Petsies and Selfies, which are plush animals that represent their pets and selves.
The website www.budsies.com sells all of his products. Budsies has been featured in BuzzFeed, Hallmark, and CNBC, among other outlets.
Budsies products have a lot of great reviews on their website, yet they have a lot of one-star reviews on third-party sites like Yelp.