Today, we are going to talk about First Defense Nasal Screens and their company’s net worth.
So many products exist in the market right now. It doesn’t really matter what that product is. There’s going to be something being sold somewhere right now. I feel like sometimes there’s too many products out there. But there’s going to be a demographic for that.
I still don’t know how companies are able to produce stuff that would sometimes compete with stuff they already sell. Because, often, these companies are conglomerates, they hold a lot of the market share. Even if you think that two different brands don’t seem to share any similarities. There’s a good likelihood that they’re owned by the same company.
But sometimes there are companies that are trying to carve their own niche in the market. It’s hard to bring something new into the world. Though it seems that there are still products out there that iterate on a pre-existing product and making it marginally better.
I can’t imagine how these people are able to do stuff like that. But somehow they do. They see what’s could improved in a product after testing a lot of what’s available Sometimes, they are the ones who do the work.
But it still really depends on the people if people want to buy the product or not. The product may seem like a good idea on paper. Though you never know if people want the product enough to purchase it from store shelves. It’s hard to tell sometimes what other people want.
First Defense Nasal Screens: Quick Details
- Product name: First Defense Nasal Screens
- Creator: Joe Moore
- Type of product: Adhesive nose filters
- First appeared on: Shark Tank
- Estimated net worth: $3 million
Welcome to the Tank
Before we go into what First Defense Nasal Screens are, we have to talk about Shark Tank.
You may be wondering how Shark Tank relates to First Defense. Well, like a lot of products, the creator of First Defense pitched it to the sharks. It makes sense doesn’t it?
If you didn’t really know what Shark Tank is, allow me to explain. Shark Tank is this reality show where people pitch products to four investors, lovingly know as the Sharks. These four people are often CEOs or founders of fairly large companies. They have their respective net worth that are often in the ten million to hundred million range. Some of them are actually billionaires.
The reason why a lot of people pitch their ideas to the Sharks is that they want funding. Everybody has an idea for a product or service. But the one thing that often prevents from actually executing that idea is money. And the Sharks, obviously, have the money to help these people execute these ideas.
Similar to other reality competition shows that have four people involved, like The Voice, they could choose to invest money into the idea. Obviously, they will have a share of their companies profits. I mean, if you’re investing money, you should definitely expect to get a return in your investment.
Like, these ideas have been vetted by the producers and casting directors in some way. You don’t just go into the Tank without having a business plan for your product. The Sharks wouldn’t take you seriously without it.
The One With First Defense In It
Obviously, the reason why I had to explain the premise is that the founder of First Defense Nasal Screens pitched the product on Shark Tank.
There isn’t really any information that I could find about First Defense that didn’t involve Shark Tank. Obviously, he has had the idea for quite some time. It takes a long time to properly execute an idea. Especially the one that Joe Moore had when he decided to create First Defense Nasal Screens.
So his segment of the episode starts off like any other Shark Tank segment. Joe enters the Tank where his presentation is already set up. The five Sharks, namely Mark Cuban, Daymond John, Barbara Corcoran, Robert Herjavec and Kevin O’Leary, are sitting on their chairs.
This is where the presentation starts. Joe starts off by introducing himself and his company. Then he says how much money he’s seeking for an investment from any of the Sharks. In this case, it’s $500,000 for a 10% stake in the company.
He goes on to explain why exactly he started his company. From what I remember from the clip that I included, he started the company because people get nasal allergies. He mentions that a lot of commercials on TV at the time were for nasal allergy medication.
After the introduction, the Sharks then pounced. (Side note: Do sharks pounce?) They start asking Joe questions. That’s usually how a segment goes.
Like any investor, there’s definitely some apprehension among the Sharks. $500,000 doesn’t feel like it would make any dent into the Sharks’ respective wallets. But that kind of amount is still a lot to put out.
Some More Questions from the Sharks
One of the initial questions was from Daymond John. He asks Joe how many of the nasal filters he has sold. Joe answers “1.7 million.” Of course, Daymond wanted to clarify the amount. That kind of amount is still a lot. But we’re not really sure what that number pertains to. Joe clarifies by saying that that was the amount of units he has sold. Each unit was 60 cents.
The questions start pouring in after that. Joe mentions that he hasn’t really put the nasal filters into the market yet. So, that provoked John O’Leary to ask him how he was able to sell that many units. It makes sense for them to scrutinize every single detail of his pitch.
Joe mentions that he closed a deal with a company in the United Arab Emirates to produce that a lot of units. The deal was to produce 8 million dollars worth of units within six years. So basically he had already made a year’s worth of units by the time he pitched it to the Sharks.
Barbara then asked Joe for a sample of the product. And he obliged. He gave everybody a sample of the nasal filters.
Then John asks Joe about the science behind the filters. Joe explains that the material basically closes itself after you breathe in air. That means that particles would not fit into the filters. When you breathe out, it “flushes” the particles out.
The Questions About First Defense Haven’t Stopped
Barbara piggybacked on that question. “What’s to stop you from taking the germs in through your mouth,” she asks. Joe answers him by saying that 90% of the air that we breathe goes through our nose. It’s insane how well-prepared he is with the pitch. I couldn’t even imagine doing a fraction of what he’s doing. And it’s just three minutes into the entire segment.
John asks Joe about the patents. Like, creating a product will often involve you having to register a patent for that product. Even if you have a great idea, you really have to protect it. That mean’s registering at the patent office. Joe mentions he has held the patent for First Defense Nasal Screens for about three years in different territories.
Mark then asks why Joe needs the investment for. The reason is that he needs money to produce the product. That makes sense. You can’t easily make your own product without having the materials for it. And raw materials are expensive.
I don’t want to go through the intricacies of the thirteen-minute segment. There’s still somehow nine minutes left just from what I have written so far. And it’s mostly just them asking Joe questions. Joe does need to prove himself to the Sharks. $500,000 is money that they can’t really take back once they give it to him.
So What Is First Defense Nasal Screens’ Net Worth
Fast forward a bit towards the end of the segment. Barbara Corcoran didn’t offer anything to Joe. The reason is that it’s going to take a lot more money to do an education drive.
Why the need for an education drive? Well, sometimes people just don’t know how stuff works. The application seems easy enough. Though you never really know if people are all on the same page.
The four other Sharks offered their own bids for a stake in the company. A health-adjacent product seems like it could be a good investment. But it’s hard to look a few years down the line. Because anything could happen.
The bids kind of varied among amounts they were willing to invest and percentage of their stake in the company. Some even asked for a certain percentage for the royalties of the product sales. At one point, John O’Leary offered $4 million for 100% stake of the company. That bid was considered to be one of the highest offers made on the show.
But Joe didn’t take the offer. I don’t think he was willing to part with a company that he put so much effort into building. He did, however, accept Mark Cuban’s offer of $750,000 for a 30% stake and season passes to Dallas Mavericks games. Despite accepting the offer, the deal wasn’t really finalized. That’s a thing that happens on the show, apparently.
At the time of writing, Joe still holds a majority of the stakes in the company. The net worth is valued around $3 million. He has closed deals on distribution with a few companies around the world. And considering what had happened in the last couple of years, it makes sense for their to be a lot more interest in this product.