Summary

• Shark Tank provided entrepreneur Les Cookson with a second chance to a present new idea.
• The LUCY Drawing Tool, a modern version of the camera lucida, gained attention and funding on the show for its innovative functionality.
• After appearing on Shark Tank, LUCY experienced a surge in sales and interest, showcasing the significant impact of the "Shark Tank effect."

The LUCY Drawing Tool impressed on Shark Tank, and it's more successful today than ever. Shark Tank, the American business reality television series, has been a platform for aspiring entrepreneurs to present their business models to a of investors, hoping to secure funding to propel their ventures to new heights. Since its inception, the show has seen a myriad of products and ideas, from the highly innovative to the downright quirky. It offers a unique glimpse into the pressures of business pitches and the intense negotiations that can determine an entrepreneur's fate in mere minutes.

One of the key attractions of Shark Tank is its ability to offer a second chance. Entrepreneurs who might not have succeeded in their first appearance have the rare opportunity to step back into the tank with new ideas, that's if they can withstand Shark Tank's strict contestant rules. This was precisely the case with Les Cookson, who, despite a failed first attempt involving a less-than-appealing parenting product called the Carsik Bib, made a remarkable comeback with a revolutionary art tool, proving that persistence could indeed pay off in the high-stakes world of startup investing.

Daymond John Invested In The LUCY Drawing Tool On Shark Tank

Les Cookson Returned To Pitch LUCY In Season 13, Episode 19

The LUCY Drawing Tool is a modern reimagination of the camera lucida, an ancient device that helps artists draw realistic sketches by projecting views of real objects onto paper. Les Cookson, the inventor behind LUCY, showcased this tool on Shark Tank during season 13, stepping into the spotlight once again after a decade since his initial pitch in Season 2. His history on the show added a layer of redemption to his story, transforming from his previous failure with the Carsik Bib to a poised pitch of a refined product. Cookson explained the lesson he learned after his first pitch (via CNBC):

“Last time I left [Shark Tank], I was determined not to give up. If you have an idea that doesn’t work out, take it behind the barn and shoot it because you are more than the ideas you have. You can create something bigger, something better and start over. And that’s what America is about.”

Cookson entered the tank asking for $300,000 in exchange for a 10% equity stake in LUCIDArt, the company behind LUCY. His pitch highlighted the tool's functionality, which, unlike simple tracing, assists in developing real drawing skills. This was demonstrated impressively when Kevin O’Leary used it to sketch during the episode. Cookson emphasized that LUCY had already achieved significant commercial success, with $10 million in sales, attracting the sharks' interest with its solid track record and substantial profit margins.

The negotiation that followed was tense yet straightforward, reflecting both Cookson’s confidence in his valuation and John’s strategic interest in the art market.

Despite the initial enthusiasm, most sharks gradually backed out, citing various concerns ranging from market size to personal investment focus. However, series regular shark Daymond John saw potential in the product and the entrepreneur behind it. The negotiation that followed was tense yet straightforward, reflecting both Cookson’s confidence in his valuation and John’s strategic interest in the art market. They eventually agreed on a deal: $300,000 for 15% equity. This segment of Cookson’s Shark Tank journey underscored his growth as an entrepreneur and highlighted the critical role of resilience and adaptability in securing venture capital.

The LUCY Drawing Tool Continues To Sell After Shark Tank

Les Cookson Has Benefitted From The "Shark Tank" Effect"

Following its appearance on Shark Tank, the LUCY Drawing Tool experienced what many refer to as the "Shark Tank effect," a significant surge in interest and sales resulting from the exposure on the show. This phenomenon has helped many products featured in the series become household names overnight, such as Shark Tank's Collars & Co. menswear company. For LUCY, this meant an uptick in online presence and sales. Les Cookson’s company, LUCIDArt, effectively capitalized on this momentum by updating its website to prominently feature the Shark Tank appearance, which is a common strategy among successful pitches on the show.

The LUCY Drawing Tool is available in various models, including the LUCY mini, LUCY flex, and LUCY pro, making it accessible to beginners and professional artists. The price points are set strategically, with the mini and flex versions available for under $100. LUCIDArt products are sold through drawlucy.com and on Amazon. This course enhances s' drawing skills, providing value beyond the initial purchase.

In addition to hardware, LUCIDArt offers a comprehensive drawing course through its website. This course aims to enhance s' drawing skills, providing value beyond the initial purchase. This educational component not only complements the physical product but also helps build a community around the brand. This courses exactly what helped Cookson win over John in his Shark Tank pitch. Cookson explained on the show that this course could turn many of its 70,000 customers into repeat buyers.

The "LUCY Drawing Master Course" includes 43 mini-courses, offering lifetime access to learners.

The ongoing success of LUCIDArt suggests that the partnership with Daymond John is on a promising path. With continued sales and an expanding product line, Les Cookson’s venture stands as a testament to the enduring impact of Shark Tank on the trajectories of the businesses it features.

Source: CNBC