Introduction
The renowned TV show, Shark Tank, has been a platform for aspiring entrepreneurs to showcase their innovative business ideas to a panel of experienced investors, known as “sharks.” Over the years, this show has witnessed some truly remarkable success stories. In this article, we will explore ten of the best businesses that have flourished after appearing on Shark Tank, proving the show’s potential to launch successful ventures.
1. Scrub Daddy: Superior Sponges
Air date: October 2012
Shark: Lori Greiner
Deal: $200,000 for a 20% equity stake
Scrub Daddy, founded by Aaron Krause, revolutionized the cleaning industry with its bright yellow smiley-face-shaped sponge. Initially, Mark Cuban turned down the deal, expressing concerns about the company’s dependence on QVC for sales. However, Lori Greiner saw the potential and invested $200,000 for a 20% stake. Since then, Scrub Daddy has made its way into numerous retail stores, including Wal-Mart, Home Depot, Bed Bath & Beyond, and CVS. With impressive annual revenue and retail sales reaching $50 million in 2015, Scrub Daddy stands as one of Shark Tank’s most successful businesses.
2. Squatty Potty: The Toilet Stool
Air date: November 2014
Shark: Lori Greiner
Deal: $350,000 for a 10% equity stake
Squatty Potty, an innovative toilet stool designed to ease constipation by raising knees above the hips, captured the hearts of the sharks and viewers alike. Lori Greiner invested $350,000 for a 10% stake, and the company witnessed tremendous success after its Shark Tank appearance. The product’s popularity skyrocketed, thanks in part to a whimsical YouTube video featuring a unicorn using the Squatty Potty, which garnered 19 million views. Today, Squatty Potty boasts impressive revenue and continues to expand its product range.
3. Tipsy Elves: Festive Holiday Clothing
Air date: December 2013
Shark: Robert Herjavec
Deal: $100,000 for a 10% equity stake
Evan Mendelsohn and Nick Morton, tired of their demanding careers, decided to tap into the trend of ugly Christmas sweaters and founded Tipsy Elves. Their fun and whacky holiday wear became an instant hit, especially during the holiday season. Robert Herjavec saw the potential and invested $100,000 for a 10% stake. Since then, Tipsy Elves has expanded its product line, offering holiday-themed clothing for various occasions. The company’s creative designs and expanding customer base have contributed to its success, with estimated revenue between $10 million and $15 million in 2015.
4. Breathometer: Smartphone Breathalyzer
Air date: September 2013
Sharks: Mark Cuban, Lori Greiner, Robert Herjavec, Kevin O’Leary, Daymond John
Deal: $1 million investment for a 30% equity stake
Charles Yim’s invention, the Breathometer, a $50 smartphone breathalyzer, was an instant hit on Shark Tank. After the show, two venture capital firms invested an additional $700,000 in the product. Yim expanded his product line with new innovations, including the Mint, a device that quantifies bacteria in the user’s mouth, indicating potential dental issues. His dedication to innovation and expansion has propelled Breathometer to estimated revenue between $9 million and $10 million in 2015.
5. Rugged Races: Thrilling Obstacle Course Races
Air date: April 2014
Shark: Mark Cuban
Deal: $1.75 million for a 25% equity stake
Brad Scudder and Rob Dickens’ company, Rugged Races, has transformed the world of obstacle course races. Offering a unique blend of challenges and fun, Rugged Races quickly gained popularity. After their Shark Tank appearance, the exposure led to a significant boost in race participation and revenue. With races held in 28 cities across the U.S. and Canada, Rugged Races achieved impressive revenue of $8.4 million in 2015.
6. Tower Paddle Boards: Stand-up Paddle Boards
Air date: March 2012
Shark: Mark Cuban
Deal: $150,000 for a 30% equity stake and the right of first refusal to invest in founder’s future businesses
Stephan Aarstol’s Tower Paddle Boards caught the attention of Mark Cuban with its direct-to-consumer sales model and affordable prices. The exposure from Shark Tank propelled Tower Paddle Boards to success, with revenue soaring from $265,000 in 2011 to $1.3 million in 2012. Aarstol’s focus on search engine optimization and content marketing helped his website rank high in Google searches. With plans to expand their product offerings, Tower Paddle Boards continues to thrive in the industry.
7. Grace and Lace: Women’s Apparel with a Touch of Grace
Air date: November 2013
Shark: Barbara Corcoran
Deal: $175,000 for a 10% equity stake
Melissa and Rick Hinnant’s journey to success began with a heartwarming story of triumph over tragedy. Melissa started crocheting to cope with her hospitalization due to premature labor. Her handcrafted frilly boot socks became a hit on Etsy, leading to the creation of Grace and Lace. Barbara Corcoran saw potential in their unique product and invested $175,000 for a 10% stake. Grace and Lace’s creative and fashionable designs struck a chord with customers, leading to estimated revenues of $6.4 million in 2015.
8. Lumio: The Portable Lamp Disguised as a Book
Air date: January 2015
Shark: Robert Herjavec
Deal: $350,000 for a 10% equity stake
Max Gunawan’s ingenious creation, Lumio, captivated the sharks with its design and functionality. This portable lamp resembles a hard-cover book but unfolds to provide 360-degree illumination. Lumio’s unique concept and elegant aesthetics made it a sought-after item, with sales reaching over $6 million in 2015. With plans to introduce pocket-sized versions, Lumio continues to shine bright in the market.
9. Tom + Chee: The Grilled Cheese Haven
Air date: May 2013
Shark: Barbara Corcoran
Deal: $600,000 for a 30% equity stake
Trew Quackenbush and Corey Ward’s culinary adventure started with a food tent selling homemade tomato soup and grilled cheese sandwiches. Their simple yet delicious offerings attracted customers, and the pair decided to establish Tom + Chee. After their Shark Tank appearance, they received a staggering 2,400 franchise requests. Tom + Chee’s mouthwatering menu and expanding franchise network contributed to impressive revenue of $5.4 million in 2015.
10. Nuts ‘N More: Protein-Enriched Nut Butter
Air date: March 2013
Sharks: Robert Herjavec and Mark Cuban
Deal: $250,000 for a 35% equity stake
Fitness enthusiasts Peter Ferreira, Neil Cameron, and Dennis Ianotti sought an alternative to chalky protein shakes, leading to the creation of Nuts ‘N More. Their nut butter infused with protein and flax seed became a hit among health-conscious consumers. The sharks’ investment and guidance helped Nuts ‘N More negotiate better deals with suppliers, leading to estimated revenue of $5 million in 2015.
Conclusion
These ten businesses represent the pinnacle of success achieved through Shark Tank. From innovative cleaning sponges to portable lamps disguised as books, the show has been a launchpad for entrepreneurial dreams. The hard work, dedication, and innovation of these entrepreneurs have turned their ideas into thriving ventures, and their success stories continue to inspire aspiring business owners around the world.
