Shark Tank, ABC’s entrepreneur pitch show that premiered in 2009, has done a business out of making businesses. The show’s theme, currently in its 12th season, is simple: innovators and entrepreneurs present their products to real-life investors called sharks. The sharks analyze the products and determine whether to invest their own money in the start-ups.
Only a small proportion of the hundreds of products featured on the show are successful. In reality, many deals fall through during the diligence stage. Here is a list of the top 11 most successful brands that started in Shark Tank.
Scrub Daddy, the single biggest non-edible success story to emerge from Shark Tank. Aaron Krause, the inventor who appeared on the show in season 4, Episode 7, convinced Greiner to invest $200,000 in his smiley-faced sponge business. The mouth is suitable for washing utensils. However, the Scrub Daddy is more than simply a tool for removing dried-on chili from pans. It becomes malleable enough to use counters after being rinsed with hot water. When you run it under cold water, it tightens up and becomes ready to handle baked-on messes. Krause sold over 10 million sponges and made $50 million in sales in 2017.
In Season 6 Episode 1 (September 2014), the co-founders of sock company Bombas received a $200,000 offer from Daymond John for a 17.5% stake in the company. The company now has total lifetime revenues of $225 million.
For every item purchased, the company donates an item to organizations that help homeless people .it has contributed more than 40 million items to more than 2,500 community organizations so far.
Simply Fit Board
Greiner’s second successful investment is Simply Fit Board, a balance-board fitness tool with $160 million in lifetime sales. The Simply Fit board resembles a skateboard without its wheels, is a core balancing gadget designed to strengthen abdominal muscles. Greiner offered its mother-daughter co-founders, Gloria Hoffman and Linda Clark, $125,000 for a 20% ownership in Simply Fit Board in a season 7 episode that aired in November 2015. According to Hoffman, Simply Fit made $1.25 million in sales just 24 hours after the show.
The Squatty Potty, a plastic stool intended to facilitate the effective emptying of the colon, created a splash when it was featured on the show in 2014. In the 24 hours after the show, the firm sold more than $1 million in the product, in addition to Greiner’s $500,000 investment. In 2016, the company’s sales surpassed $30 million.
Bobby Edwards attributes the idea to his chronically constipated mother, Judy. Since there has been a slew of different “toilet stools,” scientific studies have been written to demonstrate that they make pooping easier.
Sleep Styler, a company that sells heat-free hair rollers, appeared on season 8 of “Shark Tank” and piqued Greiner’s interest.
The product is heat-free hair rollers made of memory foam that may be used while sleeping. In an episode that was aired in March 2017, Grenier offered Brown $75,000 in return for a 25% interest in the company. Sleep styler company has done a $100 million in a lifetime sales.
The Original Comfy
Since its establishment, The Original Comfy, a company that offers blanket-sweatshirt hybrids, has made $150 million in sales. According to USA Today, the founders’ “Shark Tank” proposal, which aired in December 2017 on season 9, was Barbara Corcoran’s favorite pitch.
They possess a sweatshirt-blanket hybrid with a hood. Corcoran believes the product can become viral and offered $50,000 in exchange for a 30% share in the firm.
Wombi Rose and John Wise, co-founders of Lovepop, a pop-up greeting card seller, appeared on season 7 of “Shark Tank” in December 2015, when Kevin O’Leary offered them $300,000 in exchange for a 15% share in the company. Lovepop has now earned $80 million since its inception.
Rose and Wise were naval architecture students with a passion for shipbuilding before founding Lovepop. Lovepop makes 3D pop-up paper art for every type of occasion. A Lovepop is a beautiful keepsake that opens like a miniature surprise.
The doorbell-camera hybrid Ring was recently sold to Amazon for $1.1 billion, but during a 2013 appearance, CEO James Siminoff faced a Sharks panel that couldn’t keep their eyes open. Only one, O’Leary, bothered to make an offer. Mark Cuban later claimed that he would reject if given the opportunity again, citing a high valuation as a stumbling block. The Amazon sale also benefited Shaquille O’Neal, who agreed to be a pitchman for the product in exchange for shares in 2016.
The ugly Christmas sweater party trend was nothing new in 2011, but few had taken advantage of the potential to capitalize on it. Evan Mendelsohn and Nick Morton noticed this potential and quit their professional careers to launch Tipsy Elves, which sells ugly Christmas sweaters.
The use of high-quality fabrics for their self-made patterns distinguished Tipsy Elves from other firms selling tacky sweaters. Their dedication and enthusiasm for the business persuaded Robert Herjavec to make them an offer for 10% of their company. Since then, Tipsy Elves’ prices have grown to more than $125 million. The company has new products, including a wide selection of clothes for men and women.
The Bottle Breacher, if nothing else, is a conversation starter. The bottle openers are handcrafted and decommissioned. The bullets are 50 calibers and are meant to represent military support.
Bottle Breacher co-founder Eli Crane is a Navy SEAL who runs the company with his wife, Jen. In 2014, Mark Cuban and Kevin O’Leary invested and watched as sales increased from $150,000 to $15 million. A part of the revenue is donated to several non-profit military organizations.
The Bouqs is a farm-to-table flower company that eliminates the middleman by having every order fresh-cut and delivered straight to the consumer from the farm, avoiding the need for expensive storage facilities and additional labor expenditures. When compared to regular florists, taking out the middlemen offers a savings of up to 80% for the client when ordered once or as a subscription.
Before coming on Shark Tank, John Tabis, the creator of Bouqs, had already received over $1 million in venture capital investment and was well on his way to building a highly successful company.
Hundreds of entrepreneurs have been on Shark Tank over the last 11 seasons, with the aim of getting investment deals from business tycoons known as “the sharks.” Some have been clever, while others have been memorable. And then there are the ones bringing in a ton of money. Some businesses failed, but some companies emerged as a multi-million dollar shark bite.