Getting on Shark Tank is a game changer for any product or business, we researched the top 8 most successful products from the Tank.
Shark Tank is now in its 8th season and 170 episodes in the can. What makes Shark Tank great is its simplicity. Entrepreneurs pitch their products to the sharks (investors) as they negotiate terms of a deal or the investors simply pass, it’s that simple. The sharks actually invest with their own money and have been known to make their strategic partners millionaire’s overnight. It’s the business version of hitting the lottery. “From alarm clocks that wake you up with the smell of bacon, to a scented candle that simulates the most alluring scents to attract a man (apparently this is beer, pot roast and barbecue), the show has exposed its audience of 5 million viewers to some of the silliest inventions ever conceived, according to Investopedia.Here are the top 8 most successful products that got their start in the Shark Tank (sales figures from the Financial Post).
- The Product: A BPA and phthalate-free children’s drinking cup featuring a flexible straw that allows toddlers to drink easily and effectively.
- Sharks that bit: Mark Cuban and Croatia-born, Canadian entrepreneur Robert Herjavec ($100,000 for 40% equity in the company).
- Sales: More than $1 million in sales since the Shark Tank pitch.
- The Product: Gourmet cupcakes in a jar shipped nationwide.
- Shark that bit: Canadian investor and financial pundit Kevin O’Leary, known as the tough shark ($75,000 for royalties and $1 per cupcake sold until he broke even, then $.50 per cupcake thereafter).
- Sales: In 2016, the company had $8 million in sales since episode aired in season four.
- The Product: Live-action horror entertainment company (think haunted house hay rides on steroids).
- Sharks that bit: Mark Cuban ($2 million for a 20% stake).
- Sales: Since Shark Tank, the company made $2 million, and revenues are expected to grow to $2-3 million in 2017.
5. Buggy Beds
- The Product: An early detection and prevention system for bed bugs.
- Sharks that bit: All five sharks bit. They are Kevin O’Leary, Robert Herjavec, Mark Cuban, Daymond John and real estate entrepreneur and investor Barbara Corcoran ($250,000 for 25%).
- Sales: International growth across 23 countries with sales of more than $1.2 million after the Shark Tank pitch.
- The Product: A subscription-based service that allows customers to receive a bound book of high-resolution photos taken from their smartphones.
- Sharks that bit: Mark Cuban and Kevin O’Leary ($150,000 in exchange for 80% licensing profits).
- Sales: A gain of 50,000 subscribers shortly after the pitch. Acquired by Shutterfly Inc. (SFLY)in 2014 for $14.5 million.
3. Tipsy Elves
- The Product: Holiday-themed apparel.
- Sharks that bit: Robert Herjavec ($100,000 for a 10% stake).
- Sales: Tipsy Elves raked in $600,000 a year in sales before appearing on Shark Tank. In 2016, the company’s revenue was projected to hit $8 million.
- The Product: A personal care company best known for its toilet stool manufactured for easier bowel movements.
- Sharks that bit: Kevin O’Leary and Lori Greiner ($350,000 for 10% equity).
- Sales: Twenty-four hours after the deal, Squatty Potty saw $1 million in sales. Revenue rose to $19 million in 2015 and last year’s sales were expected to top $30 million.
Image Source: Google Images
1. Scrub Daddy
- The Product: A reusable super sponge in the shape of a smiling face that gets firm in cold water and soft in warm water. Scrub Daddy has also been lab tested to rinse clear of debris and resist odors for up to two months. The ergonomic shape is designed to clean both sides of kitchen utensils at once.
- Sharks that bit: Lori Greiner ($200,000 for 20% equity).
- Sales: Scrub Daddy has moved 10 million units for total sales of more than $50 million since the pitch. Before Shark Tank, the company had $100,000 in sales.
Honorable Mention: Copa Di Vino
- The Product: A portfolio of seven different wines in a recycled glass-like container (patented) with a resealable, pull-off lid.
- Sharks that bit: None. Despite two appearances on the show, a deal could not be reached with the sharks.
- Sales: Copa Di Vina had sales of $500,000 before the pitch and $14 million in 2015.
The Bottom Line
Over the years, the Shark Tank stage has seen many great ideas and also a lot of duds. The countdown of its eight greatest products demonstrate there is still room for new ideas. No doubt, by offering exposure to millions of viewers and funding from shark investors, the Shark Tank will continue to launch successful entrepreneurs and products.