Shark Tank: 7 Success Stories

 

Now in their tenth season, Shark Tank has seen many products walk through their door, and there’s a good chance you may be using one at home or in your office. I was surprised to learn this morning that both my socks and the pancakes I had for breakfast appeared on Shark Tank. While one product received investment from the sharks, the other was passed, but both have gone on to great success. Here are 7 products and entrepreneurs that appeared on Shark Tank and a look at how much the sharks invested (or didn’t) in their idea.

Scrub Daddy- Pitched on 10/26/12

One of the first and most successful products to come out of Shark Tank is America’s favorite sponge, Scrub Daddy. Aaron Krause, who calls himself a “serial inventor and entrepreneur” has over 30+ years of experience in creating and selling businesses, products, and has acquired over 15 patents. A past sponsor for Make48, the Scrub Daddy has had their own “napkin to prototype” story! Lori Greiner offered $200,000 with 20% equity.  Their total sales has hit $170 million and climbing.

Squatty Potty- Pitched on 11/14/14

The Shark Tank product with a “Cult” following. Squatty Potty is one of the top 5 most successful products since the show first premiered in 2009. “Squatty Potty had 3 huge breaks” said Jason Burrows, Director of Marketing, “Howard Stern, Unicorn videos with the Harmon Brothers, and of course, Shark Tank.” Lori Greiner invested $350,000 for 10% equity. With a bold video campaign and marketing strategy, Squatty Potty became retail stars. As a sponsor for Make48, we were thrilled to have both Judy and Bobby Edwards mentor our season 1 teams and have Bobby judge at our season 2 event. 

Bombas- Pitched on 9/26/14

I love hearing about companies who are built on helping others, and that’s exactly what the sock company Bombas is all about. Co-founder and CEO, David Health came across a quote that said, “Socks are the #1 most requested clothing item in homeless shelters.”  That quote stuck with him and he teamed up with Randy Goldberg to create an apparel company that would follow the buy-one, give-one model — for every pair of socks a customer purchased, a pair of socks would be donated to a homeless person. Shark Daymond John invested $200,00 and sales have totaled $78 million.

Sand Cloud- Pitched on 2/24/17

I have to admit, when I read about the founders of Sand Cloud, scenes from Office Space came to mind. Bruno Aschidamini, Steven Ford and Brandon Leibel were selling life insurance from a call center in San Diego 6 years ago. They dreamed of quitting their jobs to work for themselves, which they turned into a reality with their beach towels with a purpose idea, originally called Cloud Nine. But after a few early attempts to sell their towels, they departed from their idea. A few years later, after a day on the beach, they decided to commit, created a business plan and changed the name of their product to Sand Cloud. It paid off and Robert Herjavec paid up. Sand Cloud was offered a $200,000 investment. Sales have totaled $20 million.

Tipsy Elves- Pitched on 12/13/13

Tipsy Elves|Instagram

Have you seen the social media post with Hugh Jackman, Jake Gyllenhaal tricking Ryan Reynolds into thinking there’s an ugly Christmas sweater party? He was wearing a Tipsy Elves sweater. The “Ugly” Christmas sweaters have been one of Robert Herjavecs’ favorite investments. He put up $100,000 for a 10% stake with the holiday-themed apparel company and made back his investment in just a few months. They’ve brought in more than $100 million in sales.

 

Kodiak Cakes- Pitched on 4/4/14

These Protein Pancake Power Cakes didn’t get invested but now they are the fourth-largest pancake mix brand and the largest whole grain pancake mix company in the U.S. With more than than $54 million in revenue last year, it was a far cry from the beginning. CEO Joel Clark was barely making ends meet at one time, but he stuck with Kodiak because his mother, Penny, was the creator of the pancake line. After borrowing $250,000 to keep his pancake mix company alive, he hired Cameron Smith, who was a big Shark Tank fan and got them in front of the sharks. They asked for $500,000 with a 10% stake, but they didn’t bite. Their appearance helped with sales and with new recipes and added products, Clark transformed the struggling startup into a thriving business.  

Ring- Pitched on 11/15/13

One of the most-talked about products to be on Shark Tank that didn’t get an investment is Ring. The video doorbell company, then called Doorbot, appeared in the 2013 episode. CEO Jamie Siminoff, who worked out of his garage, went on, seeking a $700,000 investment in exchange for 10 percent of his company. None of the sharks made an offer to invest except for Kevin O’Leary, who Siminoff turned down. Forward 5 years later, and Amazon announced that it would purchase Ring in a deal reportedly worth $1 billion. A missed opportunity for the sharks? 

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