Usually, when businesses appear on Shark Tank, they already have a somewhat-lengthy track record of success. Maybe they’ve hit a rough patch, maybe they’ve made a few poor decisions, but they’re all in need of capital and expertise.
That’s where the sharks come in. With a little bit of guidance and an injection of cash, some of the companies that have appeared on Shark Tank have gone to have astronomical success.
While you most likely haven’t heard of Groovebook, you’ve probably heard of the company that bought them for nearly $15 million: Shutterfly. Eleven months after appearing on Shark Tank and reaching a deal with Mark Cuban for the monthly photobook subscription company, Shutterfly reached out and a deal was made. Not a bad year.
Who would’ve thought that a stool for you to put your legs on while you’re going to the bathroom would be so popular? Apparently, Lori Greiner did, and she made an investment in Squatty Potty on the first episode of season six. The first 24 hours after appearing on Shark Tank, Squatty Potty earned $1 million in product sales and is expected to bring in over $30 million annually.
Leave it to Lori Greiner to score another home run with a simple-yet-functional product. Scrub Daddy is a sponge that was originally made to help mechanics get the grease off their hands and tools, yet has transitioned into a household cleaning product that is tough on everyday cooking utensils. Scrub Daddy becomes soft in warm water and hard in cold water and has proved to be one of Shark Tank’s biggest sellers: since it’s appearance, Scrub Daddy has gone on to do over $100 million in sales.
Oftentimes, the inspiration for a great product idea can come in the most mundane of places, like socks, for example. Bombas set out with a simple goal: create the world’s most comfortable sock and give back to their community. After appearing on Shark Tank and scoring a deal with fashion mogul Daymond John, they’ve been able to do just that. 2017 marked their best year yet, grossing over $50 million sales and allowing them to donate 7 million pairs to homeless shelters – one pair donated for every pair sold.
Ironically, one of the most successful products to ever appear on Shark Tank was passed on by all five of the sharks for various reasons. Originally appearing under the name of Doorbot, this company specialized in home security with their flagship product, a doorbell with a camera attached to it. They eventually rebranded themselves as Ring and went on to do other home security type products as well. In February of 2018, Amazon announced that they were buying Ring to add to their stable of security devices. The price? $1 billion. Surprisingly, the sharks say they have no regrets about not buying in on Ring earlier, saying that it wasn’t right for them at the time and would still pass again if given the chance.