Simple and fun ideas can get you far. Steve Gadlin created an online business called I Want to Draw You a Cat where he sold stick figures of cats. Somehow he got a chance to pitch his niche business on Shark Tank and landed a deal with Mark Cuban. As of 2024, I Want to Draw You a Cat is estimated to be worth $200,000.
Steve Gadlin’s Background
Steve Gadlin was born on February 27, 1976 in Illinois, USA. He received a degree in creative writing from the University of Miami. Later, he tried various careers.
He started out as a web developer and worked for companies like LifeServ, Heitman, and Chicago Public Radio. These companies eventually promoted him to web manager. Steve later co-created CAN21’s call-in comedy show Talkin’ Funny. He also became a writer, comedian, and businessman.
establish a company
The Chicago native tried his hand at running an online business with a random idea he had initially thought of as a joke, wanting to sell custom matchstick cats, but he ended up building a website for it.
The site was officially launched in 2011, initially with just a PayPal button and a YouTube video. To order, users need to pay about $10 and describe a cat and scene for him to draw. Steve revealed that he can draw about 25 custom cat models in an hour and 1,000 in a week.
Since the business was just his cat paintings, it was not large in scale. But he also encountered the problem of insufficient orders, and he sold 1,200 cat paintings in one year. Therefore, he believed that experienced investors could help him to realize his full capabilities.
Shark Tank Appearance
In 2012, Steve appeared on the third season of Shark Tank, before the show became a household name. The eccentric entrepreneur was looking for a $10,000 investment in exchange for a 25% stake in his company. He humorously explained his business with musical demos and dance moves.
He had all the Sharks laughing, even billionaire Mark Cuban dancing in his seat. After a long introduction, Steve got right down to business. He said in his speech, “Stupid people own the economy, and I’m drowning in stupid people.” With the universal appeal of his product, he hoped it could become the next Pet Rock.
Kevin O’Leary said he rarely invests in artists, so he chose to withdraw. Robert Herjavec made the same decision due to concerns about profit margins. Despite this, Mark Cuban offered $25,000 without hesitation, accounting for 33% of the shares, and Steve gladly accepted.
After Shark Tank
After Steve struck the deal with Mark, traffic to his website skyrocketed, as did orders from Shark Tank fans. By 2014, he had sold 18,794 custom paintings, and Cuban got in on the action, painting 10 cats!
He also started making cat-themed novelty items such as T-shirts. However, in 2015, the founder exited the business as he was busy filming his new show Steve Gadlin’s Star Makers and the comedy show Talkin’ Funny.
In 2021, he re-opened his business and is now selling each painting for $10. Steve confirmed on his website that he will be painting a cat a day in 2022, and all proceeds from the cat paintings will be donated to a non-profit organization. Due to high demand, Steve’s appointments for next year are already full, and the paintings are now selling for $25! All paintings are sent digitally.
In a July 2021 interview, Steve shared that he had sold 21,110 paintings. This means that the business has made over $200,000. However, his long break slowed down the growth of the business. This is why I Want to Draw You a Cat is only valued at $200,000. As of January 2024, according to Steve’s website, he has sold 21,940 paintings.
Categories: Shark Tank
Source: dut.edu.vn
