The Shark Tank Prodigy
Shark Tank ABC has the touch of King Midas in the business world. Whether or not a deal is successfully made, any start up featured on the show instantly sees an increase in sales due to the show’s audience of 7 million viewers, all curious potential customers.
While most, if not all, companies reap the benefits of the free publicity on Shark Tank, none have come close to the success of Season 4’s Scrub Daddy. Since the show, the sponge company that struggled to make $100,000 in 18 months has now made over $1 Million in four years.
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Scrub Daddy took on the niche market of a common household sponge by offering a proprietary smiley-face design with more durable, hygienic, and effective qualities than traditional sponges. Scrub Daddy becomes hard in cold water and soft in warm water thanks to their exclusive FlexTexture™ material base, and what isn’t made better when put into the shape of a smiley face?
Lori Greiner, the Shark Tank investor of $200,000 for 20% equity, helped CEO Aaron Krause expand his retailers to big name brands like QVC, Bed, Bath & Beyond and Target, where his best selling products have been able to expand beyond the original Scrub Daddy and into daisies, wands, mommies and more.
Many start ups are eager to get funded, but how useful is that money if you don’t put it to good use? In many cases, the right leadership or mentorship is more important than any amount of venture capital or equity financing.
By working with FundKite, you get financing AND the ability to speak one-on-one with a funding specialist who would be happy to tell you how the funding process works. If you’re interested in seeing how additional working capital can help take your business to the next level, apply today through our quick and easy online app!
Category: Business Profile