Grease Monkey in the Austin Business Journal

Grease Monkey to appear on ABC’s ‘Shark Tank’
By Laura Mohammad

You have a great start for an entrepreneurial business. But you need venture capital. So you prepare and make the pitch. That’s nerve-racking enough, but imagine making that pitch in front of millions.

That’s what cyclists Erin Whalen and Tim Stansbury did before the five millionaire panelists on ABC’s reality show “Shark Tank.”
“Shark Tank” features entrepreneurs pitching their businesses to five megasuccessful businesspeople in hopes of landing venture capital for taking their companies to the next level.

The drama and humor flow from the panelists grilling the pitchmen and, in some cases, engaging in hardball negotiations. The show featuring Grease Monkey was scheduled to air at 8 p.m. Jan. 15.

Whalen and Stansbury are the founders and owners of Austin-based Kong Concepts LLC. The company makes Grease Monkey Wipes, which are individually packaged, moistened citrus wipes that they say attack grease, oil, tar, ink and adhesives. With a nontoxic, all-natural product, the owners hope to expand beyond the cycling community to moms, the messes their charges provide and beyond.

Whalen and Stansbury saw a Twitter post about “Shark Tank” and decided in June to try out. They went through the application process, which included a five-minute audition tape, were selected as semifinalists, did more paperwork, and by Aug. 16, they were taping at Sony Studios in Los Angeles.

Whalen and Stansbury practiced their pitch together. It took them two weeks to get their material ready, including information on the company’s history, sales projections, how much money they needed, how much ownership they would be willing to trade, and every facet of the product.

“It was like a crash course in business pitches,” Whalen said. “We gave a pitch for three minutes. Then they barraged us with questions.”

Potential investors want to see two things: compelling marketability and assurance that the management team is the right one, said Rob Adams, director of the Moot Corp program at the University of Texas McCombs School of Business.

The inexperienced pitch focuses on the product and its features — “the comfort food of entrepreneurs,” Adams said.

For Whalen and Stansbury, the sharks asked about historical financials, how Whalen and Stansbury came up with the idea, the process of going from idea to having the product in hand, and their intentions for the investment funds.

Whalen said the two would like money to land a national distributor. Right now, the business partners are doing all the sales themselves. They also would like money to travel to trade shows.
“And having their insight would be valuable,” Whalen said of the sharks.

What has Whalen learned? “I can give an elevator pitch off the tip of my tongue really well,” Whalen said. Having done her homework, she can present quickly and effectively now.
While Whalen is obligated to remain mum about the outcome of their “Shark Tank” episode, things are going well for the company.

Whalen and Stansbury have sold 15,000 units, which retail for $1, since June 2008, with a focus on the cycling market. They recently announced that national cycle accessories retailer Paceline Products will begin selling their product this year, increasing distribution from 45 stores to more than 4,800.

Meanwhile, they want more. They see their future in mechanics, moms and motorcyclists.
Whalen and Stansbury met a little over three years ago through Austin du Athletes, a group that focuses on biking and running.

Whalen, an Ironman triathlon alumnus, said the two friends came up with the idea during the summer of 2007. They were fixing a flat tire on a charity bicyle ride in Katy, and they were covered in grease by the time they finished. “And we still had 60 miles to ride,” Whalen said.
The two, both with business backgrounds, started talking about developing a durable wipe that would clean grease and grime — “pretty much anything gross you would get on your hands,” Whalen said.

Whalen said she would do “Shark Tank” again. Riding 150 to 200 miles a week while in training, she hopes to gain nationwide exposure and spread the word of the wipes beyond the cycling community.

“The show might expand our market for us,” she said. “And we hope they decide that we are a viable company and they want to invest in us.”

The triathlete shied away from choosing a favorite shark: “They were definitely intimidating, but I respected the questions that they asked. They were very nice,” she said.

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