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Northeast Florida Business Profile
CordaRoys: Bean-bag chairs and beds
Byron Young was looking for an inexpensive way to boost sales for his Gainesville-based CordaRoys, which makes bean-bag chairs that convert into foam-filled beds. He found the solution with “Shark Tank,” the ABC show that allows entrepreneurs to pitch to venture capitalists. “Just by being on there, even if you don’t get a deal, you get a million bucks worth of advertising,” says Young. He did make a deal when he was on the show, with investor Lori Greiner putting in $200,000 in exchange for a 58% stake in the company. Young says he doesn’t mind giving up a majority stake in the company he founded in 1998 because of Greiner’s expertise in sales — her nickname is “Queen of QVC.” Since the show aired in March, Young says his sales have doubled. He took in $1.5 million in revenue last year and expects to earn $3 million this year.
Business Beat - Week of May 3rd
