5 top Shark Tank products that were successful
Shark Tank has built a reputation for launching startups since its debut in 2009. The platform allows entrepreneurs to present their products to a panel of possible investors, including Mark Cuban, Kevin O'Leary, Lori Greiner, Daymond John, Robert Herjavec, and Barbara Corcoran, on the widely watched ABC show. Creative ideas are rewarded with support and funding.
While crime dramas are intriguing, there's something curiously rewarding and fascinating about watching a group of aspiring entrepreneurs pitch their creatively-structured, smart ideas to investors. At the same time, Shark Tank also offers some valuable life lessons about investment.
Only a small proportion of the hundreds of products showcased in the series go on to achieve remarkable achievements. Here are the top five most spectacular products from Shark Tank's long run of 12 seasons.
Traversing the most successful products from ABC's Shark Tank
5) The Original Comfy
In 2017, brothers Brian and Michael Speciale appeared on Shark Tank season 9 with a proposal for a blanket that doubles as a reversible hoodie called The Original Comfy, in the hopes that one of the Sharks would be interested.
They came into the show looking for a $50,000 investment in exchange for a 20% stake in the company. Finally, the two accepted a $50,000 offer from Barbara Corcoran in exchange for a 30% interest.
The Original Comfy capitalizes on people's need to be as warm and comfortable as possible at all times. Barbara even considers their pitch to be one of the best till date. She jumped at the chance to invest and her judgment proved fruitful as the brand has made $150 million in sales since its debut.
4) Simply Fit Board
The Simply Fit board, which looks like a skateboard without wheels, is a core stability gadget designed to develop core muscles. Gloria Hoffman and Linda Clark, co-founders, convinced Lori Greiner that it was a worthwhile investment in a 2015 appearance. Before appearing on Shark Tank, the brand had made sales worth $500,000.
However, 24 hours after being on Shark Tank in 2015, they made $1.25 million in sales. Soon after, they expanded their sales to other countries like Japan and are now selling all across the globe.
With exposure at Home Depot and Walmart, their sales increased from $575,000 to $9 million in a couple of months. The company has made $160 million in sales to date.
3) Squatty Potty
The Squatty Potty, a plastic stool designed to help with bowel emptying, created an impact when it was featured on the show in 2014. In the 24 hours preceding the show, the firm made over $1 million in products, in addition to Lori Greiner's $350,000 investment for a 10% stake.
In 2015, the brand launched a video, which was soon to go viral, earning $19 million in sales. At the same time, they also attracted the interest of celebrities such as Dr. Oz, Howard Stern, and others. The company topped $175 million in sales since Shark Tank as their brand turned into a multi-million dollar company.
Judy, Bobby Edwards' chronically constipated mother, was the source of inspiration for the product that changed their lives. There have been a bunch of new and different toilet stools since then, with scientific articles demonstrating that they make defecation smoother.
2) Scrub Daddy
Inventor Aaron Krause convinced Lori Greiner to invest $200,000 for a 25% stake in his smiley-faced sponge. The product is possibly the single largest inedible successful product to materialize from Shark Tank.
Scrub Daddy, on the other hand, is more than simply a receptacle for removing dried-on stains off pans. It also becomes malleable enough to be used on countertops after being rinsed in hot water. It hardens when exposed to cold, making it ideal for tackling baking dishes as well.
The reusable sponge has also been lab-tested to withstand odors for up to two months. The functional design of the product is meant to wipe both sides of the kitchenware at the same time.
Till date, the company has made sales worth $209 million compared to the $100,000 sales they had before appearing on Shark Tank.
1) Bombas
Randy Goldberg and David Heath, the company's creators, discovered that socks were the most requested item at homeless shelters in 2011. This truth inspired them to start Bombas, with the simple goal of creating the ultimate pair of socks and donating a pair for every item they sell.
The creators pitched their brand to the Sharks in the sixth season of Shark Tank, asking for $200,000 in return for a 5% share in the company. Daymond John, the founder of FUBU, ultimately invested $200,000 for a 17.5% share.
The company has since expanded to include shirts and undergarments and has donated over 40 million items to more than 2,500 organizations till date.
Since the first season of Shark Tank debuted in 2009, the Sharks have invested in hundreds of startup businesses with new products, many of which have become hugely successful due to their appearance on the show. These were a few products that have gained worldwide popularity, encouraging hundreds of other aspiring entrepreneurs to dream big.
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