Need to get away from the hustle and bustle of everyday life?
With Getaway's tranquil tiny home business, your secret escape hatch is only a text message away. CEO Jon Staff and co-founder Pete Davis appeared on Shark Tank in hopes of turning their Brooklyn-based business from an exciting new concept to a national phenomenon.
They pitched Getaway to the Shark Tank panel seeking a $500,000 investment for 5 percent of their company. Now, Jon Staff is opening up about their time in the tank and where Getaway stands today.
Staff said before facing the panel, his team "put in a lot of work in an attempt to not embarrass ourselves on national television." But when the Sharks started questioning Getaway's $10 million valuation price, their pitch got away from them.
According to Staff, "Everything was moving so fast that it was hard to keep our thoughts straight. The result was an easy opening for Chris [Sacca] and the others to (rightfully!) give us grief."
The Getaway team might have received a grilling, but they didn't walk away defeated. If anything, the Sharks' skepticism taught them a valuable lesson about "being a weird business that not everyone gets." Staff says, "For innovative ideas, fundraising and picking partners, it's a lot more about finding people who connect to the common vision than about how much money they can bring to the table."
Once they meet their financial goals, Getaway has big dreams for its business. They're aiming to expand to six markets across the United States, but don't want to rush it.
"It takes a lot of time to make sure we're picking good locations, to build our tiny cabins and to make sure our experience as a whole is just the way we want them," Staff explained.
Staff and Davis ended up walking away from an low-ball offer from billionaire Shark Chris Sacca. That said, the exposure Getaway received on Shark Tank has helped them grow exponentially within their current markets.
"When we did the show, we had ten tiny cabins outside of Boston and New York. Today we have 75 combined in New York, Boston, and DC. And we are well on our way to more," he added.
Watch Shark Tank, weeknights starting at 7P ET on CNBC.