After appearing on “Shark Tank,” Obvious Wines seemed to have a promising future ahead. However, despite striking a deal with investor Lori Greiner, it appears that the partnership did not come to fruition. While the exact reasons for the deal falling through are unclear, it is not uncommon for agreements made on the show to ultimately dissolve due to various factors.
Following the failed deal on “Shark Tank,” Obvious Wines had to explore alternative avenues to secure the necessary investments to sustain and grow their business. In 2021, the founder turned to crowdfunding as a means to raise new capital. Crowdfunding has become an increasingly popular way for entrepreneurs to raise funds by directly engaging with their customers and potential investors.
Crowdfunding offers the opportunity for Obvious Wines to leverage their existing customer base and enthusiasts who believe in their product. By allowing individuals to invest in their company, Obvious Wines can not only raise the necessary funds but also create a sense of community and loyalty among their supporters.
One advantage of crowdfunding is that it allows companies like Obvious Wines to retain control over their business. Instead of relying on a single investor or a small group of investors, crowdfunding enables them to tap into a larger pool of individuals who are interested in their product and mission. This diversification of funding sources can provide a more stable financial foundation for the company.
However, crowdfunding also comes with its own set of challenges. Successfully running a crowdfunding campaign requires significant planning, marketing, and engagement with potential investors. It is essential to create a compelling story and value proposition that resonates with potential backers.
Furthermore, the success of a crowdfunding campaign relies heavily on the existing customer base and brand loyalty. Obvious Wines will need to leverage their existing customers and engage them in the campaign to drive participation and investments. This involves effective communication, transparency, and providing incentives for individuals to invest in the company.
While the outcome of Obvious Wines' crowdfunding efforts remains uncertain, their decision to pursue this route demonstrates their determination to secure the necessary investments to continue growing their business. Crowdfunding can be a powerful tool for companies to access capital and build a community around their brand.
As a sommelier and brewer, I have observed the challenges that small businesses face in the wine and beverage industry. It is not uncommon for entrepreneurs to seek alternative funding methods when traditional avenues, such as securing deals with investors, fall through. Crowdfunding has provided a viable solution for many companies, allowing them to connect directly with their customers and raise the funds needed to fuel their growth.
After not finalizing the deal on “Shark Tank,” Obvious Wines turned to crowdfunding in 2021 to secure new investments. Crowdfunding offers them the opportunity to engage directly with their customers and supporters while diversifying their funding sources. However, the success of their crowdfunding campaign will depend on their ability to effectively communicate their story, engage their customer base, and offer compelling incentives for individuals to invest. Only time will tell the outcome of their crowdfunding efforts and the future direction of Obvious Wines.