Megan Gage of Denver, Colorado is the founder of Hot Tot. It’s a line of shampoo, conditioner, babywash and styling gel made especially for kids with allergies. Common ingredients in shampoos like formaldehyde and sulfates can trigger a child’s allergies. In January 2013, Gage pitched her Hot Tot business on Shark Tank. She went into the Tank seeking an investment of $50,000 in exchange for 15 percent equity. Mark Cuban, a father of children with allergies, offered Gage $75,000 for 40 percent. Gage accepted Cuban’s Shark Tank offer.
Four years after the episode aired, Gage reports that she still loves what she does but “I would be lying if I didn’t acknowledge that legitimizing professional kid’s hair products, an emerging segment of the salon industry, has been far more difficult than I ever could have imagined.” While Shark Tank didn’t make Gage an overnight millionaire, the exposure — and having Mark Cuban as an investor — has “changed my business and my life.” While Gage still doesn’t have a yacht or a jet, “I live in true abundance.” New episodes of Shark Tank air Sundays at 9pm on ABC. [Related: 27 Favorite ‘Shark Tank’ Products at Amazon]
