Snapshot
- Since 2009, Shark Tank has opened avenues for new entrepreneurs to gain investors and upscale their businesses.
- In its long-running history, the Sharks have come across products belonging to different categories.
- Regardless of whether the products received an investment or not, many have been growing at an exemplary rate.
Standing on the verge of entering its 15th season, Shark Tank is a show that promotes entrepreneurship. It has carved a niche for itself with its innovative products, intriguing success stories, and lucrative business deals.
Ever since 2009, be it energy bars made out of crickets or a video doorbell system, the Sharks have come across a plethora of products touching different market segments and audiences. And after a lot of deliberations, they have made calculative decisions relating to the companies in which they should invest.
Here is a list of six of the fastest-growing Shark Tank companies of all time which have helped both the entrepreneurs and the Sharks to soar high in the business landscape:
1. Scrub Daddy
Description: Possibly the most successful product in the history of Shark Tank, Scrub Daddy is a smiley-shaped sponge or kitchen scrubbing tool that completely changes its structure by adjusting to the water temperature. The scrub cleanses using just water, no chemicals, causing no scratches.
Finding great success, the company further launched a series of other such products, such as Scrub Mommy, which cater to plenty of other cleaning needs.
Founder: Aaron Krause
Investor: Lori Greiner was the sole investor who made a deal of $200K for 20% of equity.
Latest Update: Before Shark Tank, its sales were $100K, which has now grown up to over $926 million.
2. Bombas
Description: To put it simply, Bombas is a sock brand with its focus on offering comfort along with a strong commitment to make an impact socially by donating a pair of socks for every one sold. This is because the founders felt socks are one of the prime necessities of homeless people.
Founder: Randy Goldberg and David Heath
Investor: Daymond John made an investment of $200K for a 17.5% equity stake.
Latest Update: Bombas is regarded to be the most successful product in the history of Shark Tank by having made a whopping lifetime sales of $1.3 billion.
3. Squatty Potty
Description: The name might seem funny to some but the sales it’s made till date reflects pretty serious numbers. Squatty Potty is a creative attempt designed to ease down bowel movements. Brought up by a mother-son entrepreneur duo, the investment sought was $350K for a 5% equity share.
Bringing a new wave in the way Americans use toilets, Squatty Potty garnered immense attention and received huge orders from across the nation.
Founder: Bobby and Judy Edwards
Investor: Lori Greiner managed to secure a deal of $350K for a 10% stake in equity.
Latest Update: Having made a total sales of around $ 260 million, Squatty Potty has emerged as one of the most successful and fastest-growing Shark Tank companies of all time.
4. Tipsy Elves
Description: Tipsy Elves bring to you unique Christmas outfits perfect for the holiday season. The uniqueness here lies in its quirky designs, which rightly fit its slogan “Not Your Mama’s Christmas Sweater.” In their interesting little pitch, the two founders of the company showcased their multiple products, such as bomber hat, Elf sweater, Hanukkah sweater, bucktooth Rudolph sweater, Reindeer matchmaker jumpsuit, etc.
The investment offer made by the two founders of the company was $100K for 5% equity stake.
Founder: Evan Mendelsohn and Nick Morton
Investor: Robert Herjavec nabbed the deal with an investment of $100K for a 10% equity stake.
Latest Update: Ever since its appearance on Shark Tank, Tipsy Elves has quickly risen up to become one of the most successful products on the show with a lifetime sales of $317 million.
5. Bala Bangles
Description: Bala Bangles was one deal that led all the five Sharks to compete in a fierce manner. Here’s what the product has in store:
Bala Bangles are nothing but stylish and wearable wrist weights, which helps increase heart rate, burn fat, and build muscles. Whether you’re doing Yoga or preparing for a marathon, these bangles, as claimed by the entrepreneur couple who own the brand, would help you “sweat in style.”
The investment offer that they presented to the Sharks was $400K for 10% of their company. Impressed by their pitch, each of the five Sharks jumped into the negotiations, leading to a partnership battle between guest Sharks Maria Sharapova & Lori Greiner, Maria Sharapova & Daymond John, and finally Maria Sharapova & Mark Cuban.
Founder: Natalie Holloway and Max Kislevitz
Investor: Maria Sharapova and Mark Cuban bagged the joint partnership deal for $900K at 30% equity.
Latest Update: Bala Bangles was a hit product of Shark Tank which managed to touch the sales figure of $20 million within a few years of its appearance on the show.
6. Sleep Styler
Description: This was one the quickest deals ever on Shark Tank. As the name suggests, Sleep Styler helps you style your hair while you have a good night’s sleep, without worrying about the hassle of washing and styling your hair the next morning.
The brand owner, who’s also an ophthalmologist, claimed that made out of memory foam, these heat-free plush rollers are the perfect alternative to the heat based rollers, which are highly time-consuming and damage the hair. All you need to do is wrap it around your hair based on the hairstyle you want, go to sleep, and remove the Sleep Styler the next morning for desired results.
The proposed investment offer was $75K for a 20% stake in equity.
Founder: Tara Brown
Investor: By making an offer of $75K for a 15% equity share, Lori Greiner managed to convince Brown into sealing the deal.
Latest Update: If you’re wondering whether Sleep Styler is still relevant today or not, then let me tell you that it very much is by having generated a sales of over $100 million.
Conclusion
Shark Tank provides budding entrepreneurs with a global platform through which they can reach out to their target consumers in the most efficient way. The cherry on the cake happens when they get to collaborate with one of the greatest business moguls, which in turn helps them to take their business to newer heights.
References
Scrub Daddy’s famous sponge was rejected by a Fortune 500 company and forgotten in a box for years. It’s now a $220 million empire, Fortune, Kevin Sanchez Farez
https://fortune.com/2024/02/02/scrub-daddy-founder-interview-shark-tank-success-story/
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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