With the help of her dad, Kiowa Kavovit, 7, pitched Boo Boo Goo, on Shark Tank.  Their idea consists of a liquid bandage that comes in various colors and skin tones.  Kiowa said she didn’t like how band-aids fell off all the time and how they were uncomfortable to remove.  Although liquid band-aids already exist, Kiowa’s father explained how this is an entirely new, waterproof formula, not to mention how it comes in a variety of colors.

Though most of the sharks felt that there was too much competition, they did manage to secure a deal consisting of a $100,000 investment for 25% of the company (contingent on obtaining a patent) .  The plan would be to license this product to the existing players who already have a decent share of the market with the distribution channels in place.

The best part of this episode was the encouragement given by Lori Greiner.  She told Kiowa to “keep thinking of things…you’re so young right now, you can set the world on fire with more and more ideas.  It only takes one to become successful.”

Additionally, her father commented that “We feel that the more entrepreneurially-minded kids are from the outset, the better the chances that they’ll try out their ideas when they’re young, [which] will just give them more freedom in their lives later.”

An entrepreneur’s journey is filled with ups and downs, encouragement and disappointment, successes and failures.  This roller coaster of emotions and events is perhaps why successful entrepreneurs are so well respected; it takes a stroke of luck and a generous amount of determination to achieve success.  It is for this very reason that Sara Blakely, founder and inventor of Spanx, is an entrepreneur worth emulating.  She managed to take an idea no one believed in, created a product no one knew they needed, and broke into a multi-million dollar male-dominated industry.

The big idea was made possible because she could never figure out what to wear under white pants.  That is, until the day she cut off the feet of her pantyhose.  She could immediately tell that this was a product women needed, and she spent two years convincing others to share in her vision.  Using her sales experience, she managed to land spots in retail stores, and before she knew it – Oprah called naming Spanx as one of her “Favorite Things.”

Oprah’s PR is what really launched the product to new heights, but the company has grown exponentially since then.  With an expanded product line, products for men, and Blakely’s recent philanthropic efforts, it seems as though there is no stopping this global brand.  My favorite part about this founding story is that Blakely never took any outside funding.  She was able to bootstrap the company from the ground up, and has remained the sole owner of Spanx.

Intel Capital, a venture capital firm, has their youngest business partner ever in Shubham Banerjee.  While his original model was made out of Lego blocks at the school science fair, he has quickly gained legitimacy and funding for his new Braille printer.  Shubham has said that he was inspired when he learned about the millions of visually impaired people that are living in developing countries.  Their income levels kept most of the cutting edge technology out of their reach, but Shubham wanted to change that.  This young tech entrepreneur is hoping that the cost for this printer will continue to go down as development continues so it can be available to as many people as possible.  

Shubham, who seems to accept his “founder” title over the 18-year old requirement for being “CEO” is ready to make a huge impact in the world, and it seems as though his inquisitive nature will take him to new heights.  He has been quoted saying that “math sucks”, and he doesn’t get straight A’s, but I believe this right-brained kid will definitely have a bright future.

While most 10-year old kids are playing video games, Cory Nieves is busy being an entrepreneur.  Known on Instagram for his style, Cory has over 34,000 followers, and leveraged this following when starting his business.  Mr. Cory’s Cookies sells $1 cookies in a wagon that Cory and his mom take around town, selling around 1,000 every weekend.  His mom, who refers to herself as the COO, acknowledges that her son is her boss!  His Instagram tagline states “Driven, Focus, Inspired, a 10 year old Entrepreneur need we say more.”

Having already scored an appearance on Ellen, Cory seems to be on the road to success.  I liked how much initiative he has, and I hope it continues!  Though the cookies-in-a-wagon business may not last long-term, I’m excited to see what Cory thinks of next (with his mom’s help, of course!).

Catherine (15), Dave (16), and Geoff (26) Cook have taken the term “family business” and given it a whole new meaning.  They are the founding team behind MeetMe (formerly known as MyYearbook).  This social media site has over 90 million members, and it allows people to meet, play games, and interact.  The site has evolved over the years as it was acquired by another company, launched a mobile dating app, and now allows users to sign in through Facebook.

My favorite part about this story was that Geoff, who was already a successful web entrepreneur, decided to invest in his siblings’ idea at the dinner table.  And it wasn’t a small amount either.  He wrote a check for $250,000, which is a lot of faith to put in two kids who are just learning how to drive.

Another interesting aspect of Catherine and her siblings’ approach was their target audience.  They knew that the top spots for social media sites for the masses were already taken, so they focused their approach specifically on teenagers, just like LinkedIn focuses on professionals.  It was because of this approach that they were able to find market share in a seemingly already-saturated market.

Duct tape is the single solution to every broken, torn, or damaged item in your house, right?  At least that’s what the solution used to be.  That was until Spencer Quinn invented a revolutionary new product – FiberFix.  Modeled after the casts used by medical doctors, Quinn invented a home-repair tape that is a hundred times stronger than duct tape.  It has been featured on Shark Tank, and he is the winner of the 2013 Global Student Entrepreneur Award.  Even more impressive is that Quinn started this company before he even graduated from college, and he’s had this product featured on QVC and in thousands of retail stores.

In 2013, while still enrolled in college, Quinn made the statement that FiberFix was started to “fill a gap in the marketplace with a compelling, unique product that meets a legitimate need.”  One could say that he has more than the average amount of content for his resume.

I think that Spencer Quinn is inspiring because his idea was simply the re-purposing of something that had already been invented! Doctors have been using his “ridiculously strong repair wrap” for broken bones for years, but Quinn was smart enough to see the need in another area and has seen the market’s reaction.

To see FiberFix in action, check out the video below: