Credit: Bustle
Highlights
- Squatty Potty made its way to the panelists in the sixth season.
- The company acquired a landmark investment from QVC veteran Lori Greiner.
- With the widespread global acceptance of users, the company has evolved into a million dollar venture.
The success of Shark Tank rests heavily on the fate of its products in the real market. If buyers prefer a product, its sales go up, which leads to an increased word-of-mouth of Shark Tank. One of these notable products is Squatty Potty.
Making its way to the show in one its earliest seasons, it has turned out as an inspirational story for many. From being mocked due to its nature of business to becoming a million-dollar venture, walk through Squatty Potty Shark Tank success through this blog.
Squatty Potty Shark Tank Recap
Brought to the judges by a mother-son entrepreneur duo of Judy and Bobby Edwards, Squatty Potty was a specially created tool to improve body posture during pooping. Pitching it as an ideal solution to recurrent constipation and hemorrhoids, the duo sought $350K for 5% equity.
In order to convince the judges, the entrepreneurs presented a video demo explaining the functioning of puborectalis muscles, which play an essential role in bowel movements. When using the Western toilet system, these muscles get into a partially relaxing position, which stops them from performing their role.
Using the specially manufactured Squatty Potty, one could get into a squat position, which facilitates the regular functioning of puborectalis muscles, thereby resulting in smooth bowel movements.
The entrepreneurs also claimed that they had scientific backing to their proposed theory and that they had already sold more than 10,000 such items in 2012. The products were available in Bed Bath & Beyond stores spread across the US and Canada.
How Did The Sharks React to Squatty Potty?
Mark Cuban was the first Shark to inquire about the profits of this already thriving company. Bobby revealed that they had made $1 million in sales during their launch year in 2012.
Following this, they earned $2.2 million the next year and around $2.7 million during the first half of 2014. Robert Herjavec was stunned to hear about the massive figures.
The Sharks were further amazed by the enormous margins and asked why they wanted any more money. Bobby explained that the amount obtained from the deal would be used for getting an FDA Certificate in the medical device category.
Despite certain apprehensions, Kevin O’Leary then proposed the first offer at $350K for a 10% equity stake. Robert stepped out of the deal as he felt bringing a revolution in the way Americans had been pooping for ages was far from achievable.
After this, Bobby made a counteroffer of $700K for 10% equity in the company. But soon, Lori Greiner made the same offer as Kevin, i.e., $350K at 10% equity. Bobby countered again at $500K for a 10% equity stake. Lori disagreed.
Soon after this, Mark and Barbara chose not to invest and opted out of the deal.
Eventually, the mother-son duo decided to go ahead with Lori Greiner for $350K at 10% equity.
The Squatty Potty Shark Tank Success Story
Just like any other product on Shark Tank, Squatty Potty went through the ‘Shark Tank effect’ and made $1 million within a day after its appearance on the show.
They were even called on globally popular shows, including The Ellen DeGeneres Show, Jimmy Kimmel Live!, and Dr Oz. This helped enhance the reach of Squatty Potty as a brand in an unprecedented way.
Based on their consistent and successful run, the company received a special mention in one of the update segments of Season 11. During it, the entrepreneurs boasted to have achieved the landmark figure of $250 million in lifetime sales.
But things changed in 2021, when a publicly traded consumer products brand titled Aterian acquired Squatty Potty. It was bought for a whopping $31.1 million.
By 2022, the lifetime sales of Squatty Potty had reached up to $222 million. Apart from this, it was developing 20 new products (including toilet sprays and deodorizers) for the same purpose.
Squatty Potty achieved another pathbreaking milestone by making lifetime sales of $260 million by 2023. Moreover, it emerged as the tenth highest-earning company to have appeared on Shark Tank.
Lori’s presence as an investor further speeded up their successful run by helping the brand acquire a unique presence in the QVC space. Becoming a bestseller in a short period, Squatty Potty earned new customers in major retail stores, such as Walmart and Bed Bath & Beyond.
To Conclude
The Squatty Potty Shark Tank journey is an ideal example of a simple idea turning into a millionaire brand when fueled with creativity and investment. Shark Tank proved to be a stepping stone and allowed it to blossom into a mainstream product.
With staggering sales and widespread exposure, the company keeps writing new success stories with every passing year.
References
Shark Tank made the Squatty Potty famous—but is it actually any good?, USA Today, Camryn Rabideu
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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