When Sue Kruskopf and Nancy Bush, two female startup co-founders from Minneapolis, appeared on the season premiere of Shark Tank this year I really thought they would get funded. If you watch the Shark Tank than you know that Kevin O’Leary loves the death business because it’s certain. However he couldn’t wrap his hands around the business and thought it could be easily copied.
Kruskopf and Bush are the founders of mywonderfullife.com. The web based service allows people to plan their after life celebrations and death wishes. While many still opt for the traditional funeral there are a lot of people that don’t want the sadness associated with that. They rather have a celebration of their life rather than a funeral. If you want all of your friends and family to go have a good time at your favorite local bar of all time, or take a two day retreat at the beach, your plans can be laid out clearly on mywonderfullife.com
The business idea came up after Bush’s husband passed away about five years ago. Her husband had been sick for about a year however Bush admits when he finally passed away they still weren’t sure what he wanted. Bush told the Shark’s that they put together a really nice celebratory party and that sparked the idea for mywonderfullife.com. Now people can use their free tool to plan their funerals and after life details.
More after the break
Bush and Kruskopf told the sharks that they have entered into a deal with a major insurance company that allows their users to start saving up through the insurance company for their funeral or celebration. When that person passes away there are up to six people that they have designated to carry out their plans. Those people get access to the site and the person’s wishes and if they’ve set aside a fund, they know how to access that as well. Unfortunately the insurance deal isn’t an exclusive which turned the sharks away.
At the time the first episode of season three for Shark Tank was recorded mywonderfullife.com had 7,000 registered users. They’ve picked up 11,000 users since then, reports minnpost.com. Despite the Shark Tank’s audience of 6 million they still have yet to turn a profit, but things are looking up.
“That has propelled interest from multiple angles – things we would never have thought of,” Kruskopf said in an interview with minnpost. “We’re starting to see multiple revenue models that can make this profitable.”
Linkage:
Find out more about mywonderfullife.com here
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Source: Minnpost
Here’s their appearance on Shark Tank
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