Honeyfund on Shark Tank (spoiler warning if you watch the show/ haven't seen last night's episode)

Chipmunk415

Don't know if you ladies watch the ABC show, Shark Tank where entrepreneurs make pitches to self made million/billionaires (the Sharks) for investments in their companies in exchange for equity or some other deal. My husband and I do, and routinely suggest to ourselves how the entrepreneur's idea could be improved, how the pitch could be better, and the likelihood of which Shark will invest and how much.

Last night, the creators of Honeyfund appeared on Shark Tank. I nearly threw my wineglass at the TV. It appears this husband and wife couple spawned this thing 10 years ago FOR THEIR OWN WEDDING and raised 5k. The "company" now sees over 50 million in honeyfund payments per year, though their post expenses and salary revenues are not "high" compared to other businesses that have appeared on the show. The only commendation that I can give them is that while they showed the site and the "purchase this activity" segment, they flat out said that people give the money via pay pal, they get a percentage off the top, and the happy couple gets the remaining money.

They are trying to bust out new "funds" including one that's been rolled out, "plumfund." The new funds are to include anniversaryfund, gradfund, babyfund, etc. They're also hoping to have a Honeyfund page in Spanish (the sales pitch for that one had the Spanish words for Honeyfund in the colors and design of the Mexican flag).

Throughout the whole thing, I kept making scathing remarks about the greed they were promoting, and the level of exposure they will now get from the show. Unfortunately, 3 Sharks decided to make them an offer. They chose to go with the one nicknamed "Mr. Wonderful." He's not getting equity, but he's getting a percentage of revenues until triple his investment is paid back (that will be about 1.2 million) and then he walks away. 

At least with Wonderful, I have some cold comfort that he's a demanding jerk, and they get to enjoy his peachiness until they pay him back all the money. One of the other Sharks did have the grace to look disgusted by the lack of etiquette and polite behavior this company promotes (could see it all over her face). If I hadn't had kitties purring and cuddling with me last night, the TV and my wine might have suffered severe consequences.

levieenrose

My husband loves this show too, and also critically analyses the businesses and negotiating skills of the invitees. But this makes me uuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuugh. I'm glad the kitties were there, effectively protecting your wine and equipment. DH probably doesn't even know about Honeyfund. I'm not looking forward to that discussion...

SmileDamnit

We watched it. It's really a brilliant (and obviously lucrative) business on their part, to capitalize on all of the thousands (millions?) of tactless wedding planning couples of the world. Ugh. 

Knottie37373131

Ugh! I saw that. Is it the same episode that also had Beatbox wine? I totally want to try that wine. It is definitely one of the few episodes that had me reaching for my laptop to see if I could get that product. I am not a huge wine fan and am always having a hard time to find drinks I really like. That looked like a drink I would really like. Unfortunately they do not ship to Indiana though. Sorry for changing the subject.

Kauris

Wonder if this person is from TK.

VulgarGirl

Chipmunk415 said:

Don't know if you ladies watch the ABC show, Shark Tank where entrepreneurs make pitches to self made million/billionaires (the Sharks) for investments in their companies in exchange for equity or some other deal. My husband and I do, and routinely suggest to ourselves how the entrepreneur's idea could be improved, how the pitch could be better, and the likelihood of which Shark will invest and how much.

Last night, the creators of Honeyfund appeared on Shark Tank. I nearly threw my wineglass at the TV. It appears this husband and wife couple spawned this thing 10 years ago FOR THEIR OWN WEDDING and raised 5k. The "company" now sees over 50 million in honeyfund payments per year, though their post expenses and salary revenues are not "high" compared to other businesses that have appeared on the show. The only commendation that I can give them is that while they showed the site and the "purchase this activity" segment, they flat out said that people give the money via pay pal, they get a percentage off the top, and the happy couple gets the remaining money.

They are trying to bust out new "funds" including one that's been rolled out, "plumfund." The new funds are to include anniversaryfund, gradfund, babyfund, etc. They're also hoping to have a Honeyfund page in Spanish (the sales pitch for that one had the Spanish words for Honeyfund in the colors and design of the Mexican flag).

Throughout the whole thing, I kept making scathing remarks about the greed they were promoting, and the level of exposure they will now get from the show. Unfortunately, 3 Sharks decided to make them an offer. They chose to go with the one nicknamed "Mr. Wonderful." He's not getting equity, but he's getting a percentage of revenues until triple his investment is paid back (that will be about 1.2 million) and then he walks away. 

At least with Wonderful, I have some cold comfort that he's a demanding jerk, and they get to enjoy his peachiness until they pay him back all the money. One of the other Sharks did have the grace to look disgusted by the lack of etiquette and polite behavior this company promotes (could see it all over her face). If I hadn't had kitties purring and cuddling with me last night, the TV and my wine might have suffered severe consequences.

I started watching this but I had to go to the bathroom and missed the rest of it. That segment I mean, not that whole show. I wasn't in the bathroom that long. 

I get Mr. Wonderful investing. He isn't really worried about morality and tact. Just making some cold hard cash money. Which hey, that is why he's a billionaire. 

Now which one of the women seemed to have the problem? Because honestly, I could see it with either. Barbra seems to be much more etiquette minded and moral, but Lori being younger might be thinking about her own friends doing it and going oh just ick.

larrygaga

Okay, it's a brilliant business idea. It really is. It's rude and tacky, but that's not going to stop people from making millions of dollars. I totally would be proud to be in charge of that company, and I still wouldn't have a honeyfund at my wedding. I really don't blame business for making a buck off stupid people. I blame stupid people for buying into it. 

Fairyjen1

      I saw this episode and thought The Knot would have a field day with it. None of the sharks mentioned it being an etiquette breach. I think they are there to invest in lucrative businesses, not preach etiquette. The only thing you could do is boycott Kevin's other businesses. Lets face it, Honeyfund has potential to be very lucrative. 

     I had to explain to my husband why Honeyfunds were rude. Good thing we are married now and too late for him to want us to set up one!

plainjane0415

speaking of shark tank...

 

 

plainjane0415

http://www.huffingtonpost.com/2014/10/28/jimmy-kimmel-horse-pants-shark-tank_n_6060694.html

 

 

plainjane0415

plainjane0415 said:

http://www.huffingtonpost.com/2014/10/28/jimmy-kimmel-horse-pants-shark-tank_n_6060694.html

 

 

***Apologies** for the  double, now triple post.

tcnoble

plainjane0415 said:

http://www.huffingtonpost.com/2014/10/28/jimmy-kimmel-horse-pants-shark-tank_n_6060694.html

 

 As an equine enthusiast, this pitch made me so happy. I love Jimmy.

headhurt

We watched this. While the business model was a good idea, I don't think that Honeyfund is sustainable for growth. Resorts are now offering their own honeymoon registries, plus there's GoFundMe and Kickstarter. Honeyfund does not hold the monopoly on crowdfunding, and we thought the expansion ideas were "meh" at best.

Weddings are becoming less and less conventional, that includes all the things associated with it. Honeymoon registries are here to stay, ladies. I never even knew people had passionate feelings against it until I started reading boards here. I think the majority of the population could fill a teacup with the amount of farks they give about it.

Knottie07406325

I am getting married oct 2015 and my fiance and i were trying to think of a way to have people gift money towards our honeymoon vs buying us 20 of the same pot we already own. My sister saw this on shark tank and thought it would be a fun idea. I like that it allows you to enter and link the website to whereever your going so your family and friends can see hey if I give this much money they can go to this during there honeymoon. I personally am using it and if a friend had it i would buy from it simply because its so fun and shows you all that the honeymooners are doing on there honeymoon.

lyndausvi

Knottie07406325 said:

I am getting married oct 2015 and my fiance and i were trying to think of a way to have people gift money towards our honeymoon vs buying us 20 of the same pot we already own. My sister saw this on shark tank and thought it would be a fun idea. I like that it allows you to enter and link the website to whereever your going so your family and friends can see hey if I give this much money they can go to this during there honeymoon. I personally am using it and if a friend had it i would buy from it simply because its so fun and shows you all that the honeymooners are doing on there honeymoon.

but your guests are NOT buying you any thing.  They are giving you cash minus a service fee.  

I normally give cash anyway.  Which means you get 100% of the cash.   Such a waste.

beethery

Knottie07406325 said:

I am getting married oct 2015 and my fiance and i were trying to think of a way to have people gift money towards our honeymoon vs buying us 20 of the same pot we already own. My sister saw this on shark tank and thought it would be a fun idea. I like that it allows you to enter and link the website to whereever your going so your family and friends can see hey if I give this much money they can go to this during there honeymoon. I personally am using it and if a friend had it i would buy from it simply because its so fun and shows you all that the honeymooners are doing on there honeymoon.

So, basically, you didn't read any of this at all and you don't mind asking your guests for money. And you resurrected a dead thread just to go off on this. Awesome.

Chipmunk415

So, basically, you didn't read any of this at all and you don't mind asking your guests for money. And you resurrected a dead thread just to go off on this. Awesome.


Beethery, my immediate reaction when seeing this pop up was "wtf why is this back" and im the op!!!

To be honest, id rather see reactions to my update on my ugly sweater entry- I won second place and my reward was q home made Christmas wreath made predominantly of burlap and looking like a grain sack exploded in Santa's stables. We gave it to SMIL for a Christmas gift :-D

theartistformerlyknownas

Knottie07406325 said:

I am getting married oct 2015 and my fiance and i were trying to think of a way to have people gift money towards our honeymoon vs buying us 20 of the same pot we already own. My sister saw this on shark tank and thought it would be a fun idea. I like that it allows you to enter and link the website to whereever your going so your family and friends can see hey if I give this much money they can go to this during there honeymoon. I personally am using it and if a friend had it i would buy from it simply because its so fun and shows you all that the honeymooners are doing on there honeymoon.

Kahlyla

Knottie07406325 said:

I am getting married oct 2015 and my fiance and i were trying to think of a way to have people gift money towards our honeymoon vs buying us 20 of the same pot we already own. My sister saw this on shark tank and thought it would be a fun idea. I like that it allows you to enter and link the website to whereever your going so your family and friends can see hey if I give this much money they can go to this during there honeymoon. I personally am using it and if a friend had it i would buy from it simply because its so fun and shows you all that the honeymooners are doing on there honeymoon.

This is definitely what happens. Every person who doesn't register for cash always gets 20 of the same pot they already own.

raissyrais

Kahlyla said:

Knottie07406325 said:

I am getting married oct 2015 and my fiance and i were trying to think of a way to have people gift money towards our honeymoon vs buying us 20 of the same pot we already own. My sister saw this on shark tank and thought it would be a fun idea. I like that it allows you to enter and link the website to whereever your going so your family and friends can see hey if I give this much money they can go to this during there honeymoon. I personally am using it and if a friend had it i would buy from it simply because its so fun and shows you all that the honeymooners are doing on there honeymoon.

This is definitely what happens. Every person who doesn't register for cash always gets 20 of the same pot they already own.

THIS. And I cannot find my facepalm GIF for the life of me.