This Sprouting Idea Leaves Our Investors Wondering | Elevator Pitch S11 EP5
Hear from Doug Evans, founder of The Sprouting Company, a system that allows home cooks to grow garden vegetables on their countertops in as little as three days.
Hungry for some drama? On this episode of Entrepreneur Elevator Pitch, contestants serve up new business concepts aimed at bringing nutrition to the next level. They have the passion and the belief in their products — but will our picky panel of investors find their ideas mouth-watering or half-baked?
Hungry for some drama? On this episode of Entrepreneur Elevator Pitch, contestants serve up new business concepts aimed at bringing nutrition to the next level. They have the passion and the belief in their products — but will our picky panel of investors find their ideas mouth-watering or half-baked?
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00:00Welcome to the elevator. I'm Doug Evans, founder and CEO of the Sprouting Company. I'm a serial entrepreneur and I wrote the national bestseller, The Sprout Book, which broke into the top 70 bestselling books on Amazon.
00:15We are growing 20 percent month over month with 70 percent gross margins, a $30 CAC, and we are on track to do well over a million dollars this year.
00:25We are raising $500,000 at an $8 million pre-money valuation.
00:32I heard a lot of good things about the business.
00:35Yeah.
00:36Sprouts aside, the numbers, he has a handle on the numbers. I like the sound of CAC and a million dollars in revenue.
00:43And gross margins. I mean, they were high.
00:45Serial entrepreneur. I mean, a bunch of things there that I heard that I liked.
00:49All right. Here's the big question. Are you ever going to give up?
00:53Never.
00:54That's what I expected to hear. I think this is awesome. I wouldn't know a sprout from a hole in the ground.
01:00But I love the first of all, the passion. I love the energy. I love the fact you clearly have your hands around what's going on here.
01:09And I've always been someone who bets not necessarily on the product or even the category, I bet in the person.
01:14And holy mackerel, you have got energy to spare.
01:18Although I could afford the $400,000, I don't love the idea that much.
01:26But I would be willing to come in at a reduced offer of at your terms, but doing $50,000.
01:32You know, Mark, I think that you would be a phenomenal asset.
01:38And I can use a mentor and I can use someone who figured out the subscription business.
01:44So do we have a deal?
01:45I think we have a deal.
01:46All right.
01:47Now I feel. Come on in here.
01:49You're solid, Mark. Holy cow.