Seven years ago, Tavis Malcolm and his wife faced a challenge on a camping trip—they couldn’t find a proper sleeping bag for their newborn son. To keep him warm, they layered pajamas, a snowsuit, and a swaddle, sparking the idea that would eventually become Morrison Outdoors. Drawing on his background as a New Mexico native, former Eagle Scout, and the child of entrepreneurs, Malcolm took a leap of faith in 2018. He quit his job in marketing, invested the couple’s $3,000 savings, and launched the company from his garage six months later.
Morrison Outdoors now sells outdoor sleeping gear for babies, toddlers, and adults. On a September 2024 episode of “Shark Tank,” Malcolm asked the investor panel for $300,000 in exchange for 10% equity. Since launching, the company had generated $4.3 million in sales, with $850,000 already brought in for the year and a projected $1.1 million for 2024.
In 2023, the company was barely profitable due to Malcolm’s aggressive marketing approach. He overspent on campaigns, trade shows, and staffing, sacrificing margins in pursuit of growth. Mark Cuban called it a valuable lesson: chasing top-line revenue often results in shrinking profit margins. He emphasized that maintaining profitability allows founders to reinvest and grow more sustainably.
Malcolm explained that in 2024, the company had significantly scaled back marketing expenses, spending less than $15,000 while generating substantial sales. He noted that Morrison Outdoors was on track to end the year profitably, showing resilience and improved financial discipline.
The panel was impressed by Malcolm’s story, especially the broader market appeal of the product line. Kevin O’Leary and Lori Greiner both praised the adult sleeping bag model, the Mega Mo, which includes sleeves, pockets, and a bottom zipper that allows wearers to walk while bundled up.
Although Cuban and Barbara Corcoran teamed up to offer the full $300,000 for a 20% stake, Malcolm later revealed the deal fell through during post-show due diligence. Despite months of negotiations, the agreement wasn’t finalized. Still, Malcolm remains optimistic and grateful for the experience, emphasizing that appearing on the show gave his company valuable exposure. Morrison Outdoors continues to grow, fueled by a founder’s passion and a clear vision for innovative outdoor products for families.
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