Since its debut in 2009, the reality show Shark Tank has seen a lot of innovative startup ideas turn into successful businesses. The reality show is based on a concept where aspiring entrepreneurs present their business ideas to a panel of investors and convince them to invest in their startups. Of these numerous business ideas, there are certain products which became massively successful over time. Here are 6 such products which had their beginning from Shark Tank.
Most successful Shark Tank products
1) Scrub Daddy
Invented by Aaron Krause, Scrub Daddy is a cleaning tools company, best known for its sponge, also called Scrub Daddy. The sponge is made up of strong “hi-tech polymers” and changes its texture according to the water temperature. Founded in 2012, it is the most successful Shark Tank product yet. On Shark Tank, Krause made a deal with one of the panelists Lori Greiner for $ 200,000 in return for 20 % equity stake in Greiner’s name in the Company. The following day, they went on to sell almost 42,000 sponges in just under 7 minutes. The company Scrub Daddy has been growing ever since and is now valued at $ 170 million.
2) Simple Sugars
Simple Sugars is an all natural skincare brand, founded by Lani Lazzari when she was only 10 years old. Lazzari appeared on season 4 of Shark Tank in 2013 and successfully pitched her company to investor Mark Cuban, who made an offer of $ 100,000 for a 33 % stake in the Company. The Company’s sales went up to $ 220,000, just 24 hours after its launch and reached $ 1 million just after six weeks. Now, the Company has grown to become a $ 10 million business.
3) Tipsy Elves
Co founders Evan Mendelsohn and Nick Morton successfully pitched their company Tipsy Elves during a season 4 episode of Shark Tank to investor Robert Herjavec. Herjavec offered the duo $ 100,000 for a 10 % stake in the Company. The Company’s sales skyrocketed to $ 12 million in 2014. Since then, the Company sold over $ 70 million worth of its products. Herjavec once stated Tipsy Elves was the best performing investment out of all his Shark Tank investments.
Bombas is a sock manufacturing company founded by Randy Goldberg and David Heath and follows a one for one business model, where the Company donates one pair of socks to homeless people for every pair sold. Goldberg and Heath appeared on Shark Tank in 2014 and received funding of $ 200,000 from investor Daymond John for a 17.5 % stake in the Company. Bombas made $ 50 million in sales in 2017 and donated almost 7 million socks to homeless people.
Founded by Rick Hopper, ReadeREST sells magnetic eyeglass holders, patented by Hopper. Hopper appeared on season 3 of Shark Tank and pitched his company successfully to investor Lori Greiner for $ 150,000 for a 65 % equity in Greiner’s name. Made as a replacement for glass straps, ReadeREST has made over $ 27 million in sales and grabbed shelf spaces with retailers like Walmart.
The journey of these products and their founder to success is quite inspirational and interesting as they turned a small idea into a success story.
The success story of which of these products impressed you the most? Comment below and let us know.
Gucci Unknown Facts
Gucci, the famous Italian luxury brand known for its innovative designs, is adored by many. Gucci is considered one of the most valuable brands in the world, with a brand value of $ 18.6 billion. Here are some unknown facts about this reputed Italian brand.
Unknown facts about Gucci
1) Gucci was founded by an Italian fashion designer named Guccio Gucci. Guccio Gucci was in his 40s when he started his business. He was inspired by celebrities like Marilyn Monroe, Frank Sinatra and Winston Churchill, whom he met while working as an elevator operator at London’s Savoy Hotel. Guccio wanted to create a brand which would be adored by every celebrity in the world.
2) It is well known celebrities around the world are huge fans of the brand. However, American rapper 2 Chainz took his Gucci obsession to the next level when he said, “When I die, bury me in a Gucci store.”
3) Gucci is famous for its floral scarves. These scarves were designed by Guccio Gucci’s son Rodolfo Gucci for famous Hollywood actress and Princess of Monaco, Grace Kelly.
4) The Company suffered from bankruptcy after news of Aldo Gucci’s tax evasion was made public by his son Paolo Gucci. To control the damage caused by the scandal and to boost its sales, the Company hired famous American designer Tom Ford as its creative director. Tom Ford modernized the brand and increased its sales by 90 %.
5) In 1998, a jeans created by the brand found a place in the Guinness World Records as the most expensive jeans in the world. Named “Genius Jeans,” it was sold for $ 3,134 in Milan. However, the record was then broken by Levi’s, which sold a pair of jeans for $ 60,000 in 2005.
6) During World War II, when Italy was under the rule of dictator Benito Mussolini, the brand found it difficult to acquire leather. This forced Gucci to experiment with other materials like silk and bamboo.
7) In 2017, Gucci became the first brand in history to host a fashion show at the famous Westminster Abbey in London.
Which of these unknown facts about Gucci surprised you the most? Comment below and let us know.
Ex Facebook Employee Reveals How He Made $ 1 Million In A Year
Patrick Shyu, a YouTuber who previously worked as a tech lead at Google and software engineer at Facebook, uploaded a video discussing his income after leaving the giant companies.
Shyu, whose channel TechLead has more than 500,000 subscribers, said in the video while others prance around in their business suits, driving Jaguars and acting self important, he made a million just by sitting in his toolshed, sipping coffee.
Shyu was able to generate such a huge amount from two primary sources—YouTube, which Shyu considers his main job and Facebook, which is his “side hustle gig.” By making YouTube videos, Shyu made over $ 240,000 from ad revenues over a period of 12 months and another $ 260,000 from affiliate sponsorships. While at Facebook, Shyu made a total of $ 500,000 from base pay, bonus and equity, before getting fired. After adding both the incomes, the total comes to a million dollars a year, Shyu explained in the video.
Even though making a million may sound easy, Patrick Shyu discussed how difficult it is in reality. Shyu had to work 80 hours a week continuously. This included working from 8 A.M., to midnight every day, including Sundays. While Shyu urged people not to follow his footsteps, he did acknowledge how beneficial it is to have a second job to boost one’s income.
Patrick Shyu admitted he was able to make more money as a YouTuber than he did working at Google and Facebook. However, there is a downside to earning such a large amount as one does not have enough time to enjoy the money they are earning. In Patrick Shyu’s words, he had to sacrifice gaming, movies and spending time with family in order to earn the million dollars.
Earlier, Patrick came into the limelight when he uploaded a video titled Day in the Life of a Facebook Software Engineer. In the video, Shyu explained the reason behind him getting fired from Facebook was his YouTube channel. He further explained the Human Resources at Facebook did not like his YouTube channel, resulting in him being fired. In the same video, Shyu also ridiculed the work culture at the Company.
Even with the disadvantage, Shyu put more emphasis on how important establishing a business is. He concluded the video with the statement that there is always a fear of being replaced when working under someone. However, working on your own business gives you the freedom of generating as much revenue as you want on your own conditions.
The Rapid Growth Of OYO Into India’s Biggest Hospitality Chain
OYO, the famous Indian hotel chain, entered the US market in June 2019 and in just four months, was able to acquire 100 hotels under its management. It also stated it adds one hotel a day to its chain and plans to invest $ 300 million in the US market. The Company, in a short period of time, was able to expand to over 60 cities in the US, including Las Vegas, Houston, Seattle and Miami. It also opened a 35,000 square foot casino called OYO Hotel and Casino.
The Gurgaon based startup has been rapidly growing since its inception in 2012. Founded by Ritesh Agarwal, the startup was initially called Oravels Stays, which enabled listing and booking of budget accomodations. After extensive research, Ritesh Agarwal decided to change the name of the company to OYO a year later. The startup also secured a funding of $ 100,000 from PayPal co founder Peter Thiel, just after being launched. OYO has successfully raised $ 1.5 million from global investors ever since.
Within a span of 7 years, the Company has grown globally, with its presence felt in 500 cities across 10 countries. It has over 17,000 employees globally. Today, the Company has over 173,000 rooms under its management and is considered to be India’s largest hotel chain. OYO has also become the world’s third largest hospitality chain.
The Company’s growth can be clearly seen from its 2018 annual report. OYO reported the Company saw a three fold growth and earned a revenue of Rs. 416 crores from its operations in India.
With the Company growing so rapidly in such a short period of time, its founder, Ritesh Agarwal, aims to make OYO the largest hotel chain in the world by 2023.
- Gucci Unknown Facts
- Ex Facebook Employee Reveals How He Made $ 1 Million In A Year
- The Rapid Growth Of OYO Into India’s Biggest Hospitality Chain
- Celebrities Who Invested In Startups
- 20 Inspiring Quotes By Young Entrepreneurs
- Sony Unknown Facts
- TikTok Owner Makes 7 Million In Revenue In The First Half Of 2019
- Lessons To Learn From Joanne Malone
- From Popularizing Fast Fashion To Filing For Bankruptcy – The Journey Of Forever 21
- Five Unusual Yet Useful Japanese Innovations
- 20 Inspiring Quotes By Successful Entrepreneurs
- UNIQLO Unknown Facts
- The Rise Of OTT Platforms In India
- What Is Inside The Mind Of Bill Gates?
- Wacky Stories About Entrepreneurs
- Yakult Unknown Facts
- Lessons Every Entrepreneur Can Learn From Shark Tank
- Is AI The Future Of Retail?
- Zomato – Food App Introduces Video Streaming Feature
- Most Incredible Japanese Innovations