KAZAM PUSH BALANCE BICYCLES FOR LITTLE RIDERS WITH TONS OF FEATURES ON SHARK TANK! AVAILABLE THROUGH DEALERS
KaZAM will be on ABC’s Shark Tank on Friday, August 16th at 8:00 PM EST. If you did not catch it the first time or want to check out the action again please watch!
Before Mary Beth Lugo came face-to-face with the sharks, she knew her breaking point.
Lugo, a Bay Colony resident, will appear in an episode of “Shark Tank” at 9 p.m. Friday on ABC. The show features entrepreneurs who pitch their business products to billionaire investors in hopes of gaining their financial support.
Lugo showcased the Kazam, a balance bike designed to help children learn how to ride a bike.
Lugo and her neighbor and business partner, Elizabeth Wagner, are avid fans of “Shark Tank.” Although she described herself as a shy public speaker, Lugo mustered up the nerve to apply for a spot on the show, which was taped in Los Angeles last year.
She thinks she was chosen in part due to her product’s potential.
“It does have a broad appeal to anyone with young children,” she said.
The investors on the show offer start-up companies tens of thousands of dollars in exchange for double-digit percentages of equity in the businesses.
Contestants can try to negotiate a better deal.
“We had discussed as a group our maximum equity amount we were willing to give up,” Lugo said.
The “shark” investors include fashion and technology moguls as well as Lori Greiner, the “Queen of QVC,” and Dallas Mavericks owner Mark Cuban. They’re known for their shrewd interviews and offers. Lugo prepared by testing the waters at home.
“We actually did a mock ‘Shark Tank’ event,” she said, with a panel of local business people asking her tough questions.
“That was a good test for me,” said Lugo. “It helped me wrap my brain around what type of questions they would be asking.”
She was not able to divulge the outcome of the show, but she said no matter the outcome, she welcomed the exposure.
Lugo and Wagner launched their company, Kazam LLC, four years ago. The bike does not have pedals – instead, children find their center of gravity while steering and using a footrest. Thousands of Kazams have been sold at toy and bike retailers across the country. Lugo was ready to take it to the next level.
“I felt like it was just a great time for our company to get a lot of exposure,” she said. “Balance bikes are getting more and more popular, and we’re starting to break away from the competitors as one of the leaders.”
Landing an investor to propel it further seemed logical.
“It would give us the boost that we needed,” Lugo said. “I felt that it was the right time.”