GO
Loading...

The banks said no, Barbara Corcoran said yes

Coverplay inventor and CEO Amy Feldman.
Source: Amy Feldman
Coverplay inventor and CEO Amy Feldman.

A Q&A with Amy Feldman of Coverplay from season one of "Shark Tank." The company had orders it couldn't fill and was desperate for a deal. After going into the tank, Coverplay found an angel in Barbara Corcoran, who gave the company the $350,000 it asked for.

What was it about your pitch that got the sharks to bite?

Feldman: The sharks went wild for us for a few reasons: We have two patents on our slipcover, we are a certified minority supplier (Certified Women Business Owner), great customers (Target , Disney, Marriott) and no money. You have two dynamic and smart women running the business. It was a no-brainer for them.

Were there any scenes that got filmed but didn't make it on to the final show?

Feldman: We filmed for over two hours. I do remember Kevin O Leary about to lecture us on why we should take the higher offer made and he said "Look at me like your Uncle Kevin." I cut him off and said "Well, if you are my uncle, then you should loan me the money for free." He and the rest of the sharks cracked up for quite a while.

Did the negotiations play out the way you expected them to?

Feldman: No! We had planned for every possible scenario and were ready! When the actual offers came in, we felt like deer in headlights. Though we were there for over two hours, making a decision in a matter of minutes was overwhelming.

What was the immediate effect on your business the night your episode first aired?

Feldman: Two minutes after the show aired, Babies R Us called and said, "Why aren't you on our shelves?" Being the wise guy that I am, I said "Why are you calling me on a Sunday night?"

Shortly after the show aired, we were contacted by Marriott. A few people working on the program saw our episode and then developed an entire program around Coverplay.

What has been the overall impact of being on "Shark Tank" for your company?

Feldman: We were self-funding the business and it was very difficult to stock inventory, market the brand, run the company and pay our bills. We invented a great product, had the interest of the biggest retailers and hotel chains and no money to move forward. Can you imagine getting an order for $500,000 and then having no money to make the goods? Banks weren't interested in lending to two women anything. We had to beg, borrow and steal (not really) to make our production runs. Going on "Shark Tank" opened so many doors for us.

—By Liza Hughes, Special to CNBC.com.

Tuesdays have more bite with back-to-back episodes of "Shark Tank" on CNBC every Tuesday night.

Meet the Sharks

  • Mark is the highly successful entrepreneur and investor who founded HDNet, Broadcast.com and MicroSolutions.

  • Barbara Corcoran parlayed a $1,000 loan into a five-billion-dollar real estate business.

  • Lori Greiner started with one idea and turned it into a multi-million dollar international brand.