The Most Successful Shark Tank Products
Shark Tank is where aspiring entrepreneurs are given the chance to pitch their products. The most successful Shark Tank products are those that have the potential to make a lot of money. These products range from useful household items to high-tech software. These companies offer products that make life easier and are easy to use. For example, the New Jersey entrepreneurs created a handy product for house painting called the plastic protector. This product helps keep paint wet for up to 30 days and reduces the need to wash brushes. Another Shark Tank product is a test prep company that ensures students get high SAT and ACT scores. Shaan Patel’s company has increased its sales from $600,000 to over $7 million. The Halloween production company has also been extremely successful and has organized camps and haunted hayrides around Halloween time.
Scrub Daddy
After being featured on Shark Tank, Scrub Daddy has received an onslaught of media attention. In addition to national interviews, the company has received numerous magazine articles. Recently, an independent broker helped the Scrub Daddy team book a live QVC demonstration. Currently, the Scrub Daddy is one of the best-selling household cleaning products in the market.
Scrub Daddy is an innovative sponge that provides better hygienic and durable results than ordinary sponges. Its unique design uses an exclusive FlexTexture material base. As the product gets wet, it hardens and becomes more absorbent. The product has been so successful that Lori Greiner has invested $200,000 in the company. She has also helped the Scrub Daddy reach big-name retailers. In 2017, Scrub Daddy generated more than $100 million.
Groovebook
After the Shark Tank episode, GrooveBook has increased its subscription numbers and revenues. The duo received a warm response from viewers and were able to sell 500,000 subscriptions within five days. This resulted in a massive revenue boost for the duo who expect to top $4 million by the end of the year.
The app offers a user-friendly experience and is easy to use. Users can create a personalized cover and a beautiful 4.5X6.5cm framed photo. They can choose either a portrait or landscape photo. When they first appeared on the Shark Tank, the app was valued at $187,500. In November 2018, the product was bought by Shutterfly.
Upon entering the Shark Tank, the company had already gained 18,000 subscribers. It needed an infusion of cash to continue to grow its business. The Whitemans and their wife Julie came up with the concept after working for commercial print shops and running into issues with shipping costs. Ultimately, they sold their business to Shutterfly for $14 million.
Bouqs
While the majority of Shark Tank products fail to gain market traction, the company Bouqs was able to secure over a hundred million dollars of sales from its shark tank appearance. Since then, the company has continued to attract new customers and investors. Here are some of the reasons why Bouqs has succeeded so well.
Despite their ugly looks, the company’s product solves a real problem: keeping your glasses in your pocket. Designed by former Home Depot employees, the ReadeRest prevents glasses from falling out of your pocket when you bend over. It sold 100K units in its first appearance on QVC and is now worth nearly twenty seven million dollars.
Everlywell
EverlyWell, a startup that offers mail-order lab testing services, has made its way onto Shark Tank, an American television program that features high-profile investors pitching startups. The company has recently secured a $1 million line of credit from Lori Greiner. In the show, EverlyWell’s CEO Julia Cheek offers five percent equity in exchange for a $1 million investment.
The Sharks were impressed by EverlyWell’s initial revenue numbers. However, they feared that further growth would require additional capital and that this could dilute the equity. However, only one Shark was willing to take a chance, Lori Greiner, who offered the company a $1 million line of credit with 8% interest and 5% equity. Despite the sharks’ reservations, EverlyWell has since expanded at a fast rate and made $65 million in lifetime sales.
Squatty Potty
The Squatty Potty has become one of the most popular products featured on Shark Tank. It was a hit among Sharks and secured a $350,000 investment. The Sharks were impressed by the product’s effectiveness in helping people deal with constipation and hemorrhoids. It has already sold more than a million units in the first three years of its sale.
The first Shark Tank show aired in 2009. Since then, many popular products have been introduced. From restaurant chains to smartphone applications, the show has helped launch many dreams. The show also helped hone the skills of those who participate. Today, most Shark Tank investors are household names. Some of the most popular products produced by Sharks include Scrub Daddy, Bombas, and Squatty Potty. The Scrub Daddy, for example, has sold more than 25 million units since its initial appearance on the show in 2012. The company was valued at more than $200 million in 2019.