The Duo Umbrella, a revolutionary product featured on season 15 of Shark Tank, has garnered significant attention thanks to the hit show. Founded by 15-year-old Nathaniel Wellen, The Duo Umbrella has reshaped the concept of shared umbrella use. The young entrepreneur struck a deal with Robert Herjavec. After Shark Tank, The Duo Umbrella is worth an estimated $500,000.
The Inception of The Duo Umbrella
A freshman at Redondo Union High School, Nathaniel Wellen conceived The Duo Umbrella, a dual-handle umbrella designed to accommodate two people of different heights. This invention was not only a hint to Wellen’s ingenuity but also a continuation of his family’s legacy in the umbrella business, as he is the great-grandson of one of the founders of Shed Rain, a company with a rich history dating back to 1947.
The Journey to Shark Tank
Wellen’s entrepreneurial spirit was evident from an early age. His participation in the school district’s Invention Convention and subsequent achievements at the National Invention Convention, where he won the “Originality Award,” paved his way to Shark Tank. His invention stood out among 144,000 applicants nationwide.
The Duo Umbrella on Shark Tank
Young Daniel came onto the show, seeking $100,000 for a 10% equity stake. Despite the family business’s strong financial background, Wellen sought investment to kickstart the product. Young Daniel came onto the show, seeking $100,000 for a 10% equity stake.
Shed Rain owned 49% but would take care of prototypes, manufacturing, distribution. This complicated things and reduced the chances of getting a deal. Kevin O’Leary highlighted concerns about his age and that he’s still in school. When it looked like a deal was unlikely, Herjavec came in to save the day and offered 18% for 100,000.
Post Shark Tank
Following their Shark Tank appearance, The Duo Umbrella’s valuation stands at $500,000. The product, priced at $55, is set to ship this summer and pre-orders are already underway. The umbrella has not only captured the market’s interest but also promises strong revenue growth. The deal with Herjavec should close in the next three to six months.
With its 54-inch canopy and extendable, retractable, and lockable dual handles, the product could disrupt the umbrella market. While it’s still in the pre-order phase, the interest generated is indicative of its potential success. If all goes to plan, the Duo should get into stores such as Walmart, Costco and Target thanks to Shed Rain.
Nathaniel Wellen’s vision, combined with his family’s legacy in the umbrella industry, has set the stage for a promising future. Business acumen also seems to be in the family as his father Alex is the CEO of MotorTrend Group. Behind the scenes he probably helps a lot and is on the Chair of the Board of Directors.
No matter what happens, even getting onto Shark Tank was a huge achievement for Wellen. He joins the exclusive list of young entrepreneurs such as Maddox Pritchard, Cassidy Crowley and Sofia Overton to appear on the show.