When Tavis Malcolm couldn’t find a sleeping bag for his newborn son during a family camping trip, he didn’t see a gap — he saw an opportunity.
That moment sparked the idea for Morrison Outdoors, a company now generating over $1 million in annual revenue by making sleeping bags for babies, toddlers, and adults. But getting there wasn’t easy.
Speaking on ABC’s “Shark Tank”, Malcolm shared how he quit his marketing job in 2018, invested his family’s modest $3,000 savings, and built the business from his garage.
“I told my wife, ‘This could be serious. I want to quit my job and commit myself to launching this product,’” Malcolm said.
From idea to million-dollar business — the slow build of Morrison Outdoors
Morrison Outdoors launched in December 2018, focusing on a unique problem most outdoor brands ignored: safe, comfortable sleeping bags designed specifically for babies and toddlers.
Between launch and the show’s taping in September 2024, the company generated $4.3 million in total sales. For 2024, Malcolm projected $1.1 million in revenue, with $850,000 already secured year-to-date.
But growth hasn’t always meant profitability. In 2023, Malcolm admitted to overextending on marketing and trade shows, eroding the company’s margins.
“I blew out marketing on every channel at once,” he told Millionaire MNL. “We spent away our whole margin.”
Investor Mark Cuban highlighted this as a critical lesson: “When you chase topline growth, your profit margins will vanish. Focus on bottom-line growth so you can reinvest and stay attractive to investors.”
By 2024, Malcolm course-corrected. Morrison Outdoors spent less than $15,000 on marketing while maintaining strong sales — proof that controlled growth pays off.
Expanding beyond kids: The Mega Mo opportunity
While Morrison Outdoors made its name with kids’ sleeping bags, its Mega Mo product for adults caught investor attention. With pockets, sleeves, and a bottom zipper for mobility, the adult version targets a broader market.
“This would work,” said Kevin O’Leary, while Lori Greiner added, “That’s so fabulous.”
Yet, O’Leary and others bowed out, citing lack of fit. Ultimately, Mark Cuban and Barbara Corcoran teamed up to offer $300,000 for 20% equity — doubling the original ask. Malcolm accepted on-air.
Not every TV deal becomes reality
Despite the televised handshake, the deal didn’t close after due diligence.
“There’s a lot more that goes into an investment than what you see on TV,” Malcolm later told KOAT Action 7 News. “We worked with the Sharks for months, but in the end, the deal didn’t go through. Still, we’re grateful for the experience.”
Today, Morrison Outdoors remains independent, profitable, and growing — a testament to the power of finding a niche and serving it well.
Source: cnbc
