Teen's brilliant umbrella idea he had at age 8 lands him a whopping $100,000 ‘Shark Tank’ offer

ABC's "Shark Tank" sees plenty of budding entrepreneurs who embrace the stage to put forward their innovative business ideas every year. According to CNBC, one contestant in the current season of the show gained all the limelight not just for his product idea, but for the age he was when he came pu with it. Meet Nathaniel Wellen, a 15-year-old entrepreneur who wowed judges with a creative business plan that he figured out at the ripe old age of 8. 

Wellen, a Los Angeles-based high schooler, created "The Duo" - an umbrella with a second extendable handle that enables two people of different heights to stand beneath it comfortably. A year after coming up with the idea, the then 9-year-old joined forces with his father to develop and design the umbrella, and at the same time, obtain a utility patent for it.

As the episode progressed, the young teen gave a demonstration of his product with the assistance of his sister and mother. Wellen asked the show’s investor judges for $100,000 in exchange for 10% of his company, which was pre-revenue and only had prototypes at the time of filming.

During his pitch, Wellen also mentioned the involvement of a partner in his company with the weather accessories brand Shed Rain. Wellen said, "They own 49% of the company. They’re going to help us [with] prototypes, manufacturing, distribution... They’re going to get us in stores like Target, Walmart, Kroger and Costco."

All five judges - Herjavec, Greiner, Barbara Corcoran, Kevin O’Leary, and Mark Cuban appreciated the young boy's pitch and showed interest in the innovative product. However, Greiner, Corcoran, and O'Leary ruled themselves out from investing in the product. O'Leary had specific reasons as he said, "I’m very impressed with your presentation, but I have a basic rule: I have to be able to call my CEOs 24 hours a day." He also added saying, "I don’t like the fact that you’re in school. What’s your teacher going to say when I call your cell and you’re in class? They’re not going to let you answer, and that pisses me off."

It was Robert Herjavec who entered into negotiating a stake in the umbrella company. Herjavec offered $100,000 for 20% of the company and in return, Wellen asked for 15%, with Herjavec countering with 18%. Both of them closed the deal at 18% - making Wellen one of the youngest entrepreneurs to acquire investment on the show.

With a joyous smile on his face, Wellen was asked if he had any advice for other kid entrepreneurs and he said, “Just keep moving. Keep going. Reach for your goals and maybe you [too] will make a deal with Robert."