Where Is BeverageBoy From Shark Tank Today?

Floating a simple solution to a common problem can get the "Shark Tank" waters churning. BeverageBoy, the company founded by Kevin Waltermire, swam into the Tank with a concept that could seemingly stay afloat forever. Although summer fun might involve a can, cup, or bottle getting a little wet, the beverage itself should not take a bath in the water. 

BeverageBoy appeared on "Shark Tank" Season 6 Episode 18. Waltermire asked the Sharks for $50,000 in exchange for 15% equity of his company. While the hot-tub presentation might have received a few laughs, its floating beverage koozie product still had merit. Unfortunately, BeverageBoy boasted limited sales, and Waltermire seemed to lack trade-show business acumen. Several Sharks swam away from the deal, but Lori Greiner and Daymond John circled with their offers. Ultimately, Waltermire preferred John's offer to Greiner's, and he accepted John's deal of $50,000 in exchange for 35% equity.

After the episode aired in 2015, Waltermire told the Charleston City Paper that he was still negotiating with John over that handshake deal. However, even though the company might have had some leads at the time, BeverageBoy appears to be no longer in business. Its company website, Amazon page, and social media accounts have been inactive for a while. A good idea can appear to be buoyant, but even a few holes in the concept can leave the business sinking a little too quickly.

BeverageBoy accepted an offer from Daymond John, but oral contracts don't guarantee lucrative business. In an interview with The College Today, Waltermire claimed that the Sharks are generally looking to invest in a person, not just a product. He used a jockey (person) and horse (company) analogy when describing his personal experience. Referencing the Sharks, Waltermire said, "Mostly, they care about your vision and how committed you are to that vision. They need to see that you'll fight for it." In other words, the Sharks bet on the jockey, not the horse.

Looking at BeverageBoy, the concept of investing in the person makes sense. The idea of a floating beverage koozie is not necessarily unique. While there is value in the concept, it can be replicated, knocked-off, or reproduced, creating competition. If the corporate leadership (aka the jockey), is willing to drive sales, make connections, and fight for the brand, then the product (aka horse), is likely to get in front of more eyes and win its race.

Even though the brand walked away with a deal, the business did not stay afloat. Unlike the floating koozie that could wobble and still serve its purpose, BeverageBoy appeared unable to handle the wavy waters of the beverage-accessory world. It seems its jockey may not have been the best leader after all.

BeverageBoy might not be a "Shark Tank" success story, but the concept of a floating beverage holder continues to make waves in pools, lakes, and other bodies of water. Some people enjoy being able to sip and soak, so they may want some type of beverage-gadget solution to keep away water. Brands like Intex have full floating coolers, and the Floatinator allows almost any cup to float on water. Even though these items might not be exact replicas of the BeverageBoy concept, they show that the idea had merit and that companies can successfully earn a piece of this market.

The "Shark Tank" experience may bring exposure, but it does not guarantee success, even with an offer from a Shark. Other companies can replicate an idea, improve a concept, and surpass the "Shark Tank" pitch. Whether that failure is due to a lack of business acumen, uncontrollable circumstances, or something else ultimately doesn't matter. Accepting a deal on "Shark Tank" might sound like the ultimate business fairytale, but the real business world does not always grant entrepreneurs that happily ever after.