Summary
FORT is a business that appeared onShark Tankseason 13 with the idea for a modular pillow fort. The ABC reality seriesShark Tank, based on the Japanese showDragon’s Den, featuresa panel of business celebrities called the “sharks”, who judge whatever wild, inventive, unexpected, or downright strange business idea and invention the hopeful entrepreneur contestants bring in. The interesting thing about theShark Tankformat is that once a contestant wins and secures funding, their work is just getting started as they now have a funded business to grow.
Every season since 2009, contestants have pitched their ideas to the sharks. Sometimes they leave happy, some leave angry, andsome get good advice but no money to show for it. And just because the sharks say no to an idea, doesn’t mean the business is destined to fail. There are plenty ofrejected pitches onShark Tankthat become successfuland many of their backed businesses have gone under. Conor Lewis came onShark Tankto sell his Kickstarter business, a children’s activity playset.
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FORT Didn’t Get A Deal On Shark Tank
The Sharks Thought There Was Too Much Risk In Lewis' Untested Product
FORT was invented during the COVID-19 pandemic by Conor Lewis after he lost his marketing job and decided to pursue his dream of starting a business.The idea is stackable pillows with magnets, specially designed to be made into children’s forts, a way to save parents' and guardians' couches from wear and tear. Lewis came onShark Tankin season 13, episode 18 with a bit of an odd business plan. FORT launched on Kickstarter in January 2021 and sold $4.5 million worth of products before he appeared on the show in September 2022.
However, while on the show, FORT had yet to deliver one of their playsets, making the sharks less sure about whether consumers would like the product once they received it. Further complicating the pitch was thatsomeone else had invested in FORT for 5%, but they were set to receive 40% once the company hit certain revenue targets, meaning anyone else who invested would have their investment diluted once the company succeeded. As Mark Cuban tells Lewis,
“You’re a great case for what not to do as an entrepreneur. People can learn a lot from your experience.”
Every shark commended Lewis on his honesty, integrity, and great attitude, butnone could see the business as a worthwhile idea. Only Robert Herjavec considered the $500,000 for 10%, but he clearly liked the entrepreneur more than the idea and eventually declined.
FORT Didn’t Benefit From The Shark Tank Effect & Is Now Out Of Business
FORT Could Not Meet The Demand And Still Make A Profit
Sometimes, after appearances onShark Tank, a business will feel the “Shark Tankeffect”, a bump in sales that comes from the national exposure of being on the show, whether they receive a deal or not (viaMashable). FORT, unfortunately, wasnot able to take advantage of their appearance.
Complaints were filed against FORT with many Kickstarter backers worried about the safety of the magnets and frustrated that they either received a product that wasn’t the quality they expected, or they didn’t receive the product at all.
Complaints were filed against FORT with many Kickstarter backers worried about the safety of the magnets and frustrated that they either received a product that wasn’t the quality they expected, or they didn’t receive the product at all (viaBBB). FORT struggled on afterShark Tankwith additional products like “FORT Lite” which only served to aggravate supply chain issues. Finally,in May 2023, FORT announced its closure(viaKickstarter). This was followed by an October recall of the product by theCPSC, citing the magnets as choking hazards.
It’s not the ending Lewis nor FORT backers would have hoped for after an appearance onShark Tank, but it’s clear from Lewis' pitch and his constant updates on Kickstarter that the entrepreneur never intended to cause any harm. The company got away from him as it so often does in entrepreneurship and hopefully, if he attempts another business, he’ll have learned a few things.
Shark Tank
Cast
Several successful investors and financial moguls sit in on pitches from professional and amateur American entrepreneurs in Shark Tank. This reality television series sees a group of five “sharks” who give hopeful people with a dream a chance to secure funding and support from some of the most well-known figures in the business world. Products and services come from all over as the sharks judge and try to determine if the pitches are investable.
