Highlights
- Marc Newburger and Jeffrey Simon introduced Drop Stop, a device to prevent items from falling into the gap between car seats and the center console, on Shark Tank.
- The inventors were inspired after Marc’s near-fatal car accident caused by reaching for a fallen item.
- Lori Greiner invested $300,000 for 20% equity, promising to make Marc and Jeffrey millionaires.
Overview
| Category | Details |
|---|---|
| Name | Drop Stop |
| Founders | Marc Newburger and Jeffrey Simon |
| Industry | Automotive Accessories |
| Product | Device to prevent items from falling between car seats and center console |
| Funding | Self-funded pre-Shark Tank |
| Investment Ask | $300,000 |
| Equity Offered | 15% |
| Valuation | $2,000,000 |
Drop Stop inventors Marc Newburger and Jeffrey Simon pitch the Sharks on their solution for keeping things out of the “Carmuda Triangle,” that little gap between a car seat and the center console. Marc was inspired to invent the Drop Stop when he nearly wrecked his car after reaching for his cell phone that had fallen into that gap in his car as he was driving. He nearly killed a pedestrian, and came within inches of smashing his car into a metal pole.
After that nearly fatal experience, Marc and his friend Jeffrey started brainstorming. They tried a bunch of different solutions to plugging that gap, but they didn’t come up with anything until Marc had an epiphany. He stuffed an automotive sponge into an old sock, cut a few slits in it (for the seatbelt receptacle), and tested it on his car; the Drop Stop was born! After a few years of developing the prototype, Team Drop Stop shot an infomercial and decided to swim with the Sharks.
Drop Stop Shark Tank Recap
Marc Newburger and Jeffrey Simon entered the Shark Tank seeking $300k for 15% of their business. After telling the tale of the inspiration for their product, they reveal they’ve sold over 250,000 units with sales of $1.3 million!
Even with the big sales numbers, Robert isn’t a true believer in Drop Stop, so he’s out. Daymond likes the numbers, but he follows Robert out. Mark likes the product and thanks the guys for the sample, but he doesn’t think he can add value, so he’s out.
Mr. Wonderful offers $300K for a $2 per unit royalty. Lori jumps in and offers $300K for 20% and says she’ll make Marc and Jeffrey millionaires. Mr. Wonderful counters with $300K for a $1 royalty, but Lori turns up the heat. She has the guys visualizing sailing around Martha’s Vineyard as she hands them a check for a million bucks. The guys like her vision and accept.
Drop Stop Shark Tank Update
In an Update interview with Shark Tank Blog, Marc and Jeffrey revealed they did close to half a million dollars in sales following the show. They aired on The View and did another $120K in sales. As of last summer, they were plowing all profits back into the business. They are scheduled for an update segment in episode 511 in season 5 and are one of season four’s Shark Tank Success Stories!
Since their original appearance, Drop Stop is the number one selling automotive accessory on Amazon. The product is in Bed Bath and Beyond, WalMart, Target, Staples, and more. Sales are approaching $10 million and show no signs of slowing down.
Drop Stop gets a long update in Beyond the Tank episode 104. Read about more of their progress HERE.
In yet another update segment, Drop Stop gets an appearance in season nine, episode 913. In the update, they reveal they have $24 million in total sales. They’re also the number 1 selling automotive accessory on Amazon. As of July, 2024, the company is still in business and doing $5 million in annual revenue and over $40 million in lifetime sales.
Posts About Drop Stop on Shark Tank Blog
Company Information
Thank you for inventing the Drop Stop. My father, just this week, dropped his keys in between the console and seat. He just purchased a car with a push button start and is trying to figure out what to do with the keys. We were on our knees in the car for a few minutes trying to find the keys. I am interested in purchasing this product for them.