The hit show Shark Tank gives entrepreneurs a chance to pitch incredibly wealthy and successful investors. It’s a microcosm of the American dream – work hard enough and you too can make millions. Of course, not all the people that appear on the show walk away with a deal, and sometimes even those that do end up failing or backing out after the cameras stop rolling.
But for others, appearing on Shark Tank catapults them to levels they never imagined possible. It’s inspiring to see a small business that often starts in the entrepreneur's home expand into something incredible.
In honor of the 10th anniversary of the show, here are ten of the most successful companies in Shark Tank history.
Scrub Daddy: Revolutionizing Cleaning
Scrub Daddy is a sponge designed with a smiley face that makes cleaning easier and more fun. Founded by Aaron Krause, it quickly caught the attention of investors on Shark Tank. With a simple yet effective design, this product has taken the cleaning industry by storm, showcasing how innovation can lead to massive success.
Before its appearance on the show, Scrub Daddy was only available in five supermarkets. After securing a deal with Lori Greiner for $200,000 in exchange for a 20% stake, the sponge is now sold in thousands of retailers and boasts annual sales exceeding $175 million! This success story highlights the importance of understanding consumer needs and market demands.
Squatty Potty: A Royal Solution to Bathroom Needs
The Squatty Potty is a clever invention that enhances the way we use the bathroom. With its ergonomic design, it promotes healthier toilet posture. Founders Bobby and Judy Edwards found success on Shark Tank, sealing a deal with Lori Greiner for $350,000 in exchange for 10% equity in their company.
After the show's airing, the product generated $1 million in sales the very next day, demonstrating how effective marketing and a unique product can lead to rapid growth. In 2017, they reported $33 million in sales, proving that innovative solutions can capture the market's attention.
Tipsy Elves: Holiday Cheer and Style
Tipsy Elves specializes in quirky holiday apparel, particularly ugly sweaters. Co-founders Evan Mendelsohn and Nicklaus Morton prepared thoroughly for their pitch, understanding the niche they were entering. They landed a deal for $100,000 from Robert Herjavec for a 10% stake.
Before appearing on the show, Tipsy Elves generated $600,000 in annual sales. Today, they bring in around $50 million a year, with their products being worn by celebrities and everyday consumers alike. This transformation showcases the power of targeted marketing and the popularity of niche products.
Wicked Good Cupcakes: Sweet Success in a Jar
Tracey Noonan and Dani Vilagie launched their cupcake-in-a-jar business on Shark Tank and walked away with a deal that allowed them to retain full ownership of their company. Partnering with Kevin O'Leary, they agreed to pay him $1 per jar until he recouped his initial investment of $75,000.
Wicked Good Cupcakes has expanded significantly, with sales exceeding $14 million. Their success illustrates the potential for unique food products to thrive in both retail and food truck markets.
Bantam Bagels: Bite-Sized Goodness
Bantam Bagels entered the Shark Tank with a unique product: bite-sized stuffed bagels. After impressing Lori Greiner, they secured a $275,000 investment for a 25% stake. In less than four years, they were acquired for $34 million, showcasing the potential for innovative food products to succeed rapidly.
This acquisition highlights how compelling product concepts can lead to significant financial success in a competitive market. Bantam Bagels is a prime example of how creativity and execution are key in entrepreneurship.
Chord Buddy: Making Music Accessible
Chord Buddy is a guitar learning device created by Travis Perry, aimed at making music more accessible to everyone. Robert Herjavec was impressed by the device and invested $175,000 for a 20% stake. The product made $2 million in its first year, demonstrating how technology can simplify learning.
This success story emphasizes the importance of innovation in education and the potential for niche markets to flourish when the right product meets consumer needs.
LollaCup: Kid-Friendly Drinking Solutions
Hanna and Mark Lim created LollaCup to make drinking easier for children. Their valve-free straw cup became a hit after appearing on Shark Tank, earning a combined investment of $100,000 from Mark Cuban and Robert Herjavec for 40% equity.
With sales reaching $2 million after their Shark Tank appearance, LollaCup has established itself as a leading kids' product. Their success reflects the growing demand for practical solutions in the parenting market.
Groovebook: Digitally Preserving Memories
Julie and Brian Whitman developed Groovebook, an app that allows users to create photo books from their smartphones. The couple secured a $150,000 investment from Kevin O'Leary and Mark Cuban for 80% licensing rights. Shortly after, the app was acquired by Shutterfly for $14.5 million.
This story illustrates how technology can transform traditional products, appealing to the digital-savvy consumer. Groovebook’s journey showcases the potential for innovation in preserving memories.
Cousins Maine Lobster: A Culinary Adventure
Cousins Maine Lobster has made waves with its food truck business, bringing delicious lobster rolls to the masses. Founders Jim Tselikis and Sabin Lomac were initially hesitant to appear on Shark Tank but eventually secured a $55,000 investment from Barbara Corcoran.
With nearly 20 trucks in 13 cities and over $20 million in annual sales, their success story highlights the power of branding and marketing in the food industry. This venture demonstrates how leveraging media exposure can propel a business to new heights.
BuggyBeds: Innovative Pest Control Solutions
BuggyBeds began as a bed bug prevention company, capturing the attention of all five sharks on Shark Tank. Each shark invested $50,000 for a combined 25% stake. The company quickly grew, generating $1.2 million in 2016 and expanding its product line to include various pest control solutions.
This case underlines the importance of addressing consumer pain points with effective solutions. BuggyBeds has shown that even niche markets can yield significant profits with the right approach.
As we reflect on the success stories from Shark Tank, it's clear that innovation, a solid business model, and strategic marketing can turn an idea into a thriving business. These entrepreneurs have not only achieved financial success but have also inspired countless others to pursue their dreams.
