‘Shark Tank’ is the one-stop reality show for aspiring entrepreneurs who can pitch their businesses to the big shot investors, Mark Cuban, Lori Greiner, Daymond John, Kevin O’ Leary and Barbara Corcoran. ‘Shark Tank’ is back with Season 11, and amidst the COVID crisis, Season 12 has resumed.
Here are the Top 3 products in Shark Tank that have made millions ever since sealing the sharks! Out of the top three, the queen of QVC, Lori Greiner, has bagged a stake in two of the best companies. Read on to see how the companies are doing in 2020.
Table of Contents
TOP THREE SHARK TANK PRODUCTS AND THEIR VALUATION IN 2020
1. BOMBAS
A generous thought of contributing to the society took entrepreneurs David Heath and Randy Goldberg a long way. The concept of donating a pair of socks for every pair of socks sold caught Daymond John’s attention. Daymond’s clothing brand ‘FUBU’ stands for the cause and helps to contribute to the underprivileged.
‘Bombas’ struck a deal with Daymond and got 200,000 in exchange for a 17% stake in their company. ‘Bombas’ also voiced their support for black lives, and they donate clothing and socks to homeless shelters.
The website keeps track of every clothing donation, and it reads up to 39 million donations to date. In 2018, the valuation of ‘Bombas’ was a whopping $102 million, and it rose from just $4,6 million in 2015 to $46.6 million in 2017.
2. SCRUB DADDY
The brand sold itself, calling it ‘America’s Favourite Sponge!’. This catchy, simple sponge swept people off their feet ever since it aired on ‘Shark Tank’ in 2012. Being a household product and very likely a QVC product, you guessed it right! Lori offered $ 200,000 for a 25% stake in the business and signed a deal with the creator Aaron Krause.
This sponge is designed to be scratch-free, non-toxic, odor-resistant, and uses a ‘FlexTexture’ mechanism that changes its texture according to the water’s temperature. If the water is cold, the sponge acquires a firm shape and turns soft in warm water.
The product’s design looks pretty amiable in the form of a smiley face. ‘Scrub Daddy’ made over $150 million in retail, and the valuation is estimated to be about $250 million by August 2020.
3. SQUATTY POTTY
This product has a hilarious tagline that will have you hooked on, and it reads ‘The #1 way to #2″. As self-explanatory as it is, this is a stool that helps you form a squat position while on the toilet seat. The scientific benefits being, it helps straighten out a colon blockage in the flow of feces. The modern style of sitting on a toilet seat makes it harder to flow; this simple change in position helps prevent constipation, hemorrhoids, and bloating.
The product flew off shelves making a million dollars in sale right after airing on the show. Lori offered ‘Squatty Potty’ $350,000 for a 10% equity stake in the business. Bobby Edwards, the CEO and creator of ‘Squatty Potty,’ has done up to $33 million in 2017.
