ABC’s award winning reality show shark Tank It has seen a lot of great and not-so-great ideas during its 13th season. Among the many, many businesses persuading the hosts to invest, Bombus is one of the biggest success stories the show has ever seen. There are many reasons why that is, so let’s take a look at this cool company on the eve of the new season to see what the shark bites.
Bombus was one of the biggest hits of the show
Bombas appeared in the show in season 6 of 2014. Actually, it was the first episode of the season. The product was simple – a really good athletic sock for a good reason. Claiming to be cheaper and more comfortable than competing brands, the company also promised to donate one pair of socks for each pair it sold.
With a surprisingly well-understood pitch, founders Randy Goldberg and David Heath were able to convince Daymond John to invest $200,000 in their company in exchange for a 17% stake.
While some other sharks expressed skepticism about the idea (especially with the idea of donating as much product as you sell), John finally gave the last laugh at how successful the business has become. As of 2018, he made a profit of more than $100 million, meaning he multiplied that initial investment by more than 500 times in just four years.
The company does a lot to help others with its profits
As he explained during his pitch, the company’s founders’ biggest motivation for creating their own socks was to be able to continually help those in need. Socks are the most requested clothing item at homeless shelters, followed closely by underwear and T-shirts.
By making their own socks, they hoped that they would be able to consistently produce more of their profit and give them to various shelters and community organizations in need.
By all accounts, they are more than successful in this. As of 2020, Bombas has donated over 35 million pairs of socks to the homeless community. They have also begun to produce and donate underwear and T-shirts, checking off the other two items on the list of most essentials.
Many other good businesses have benefited from the show.
Bombus isn’t the only business that took off after a big win shark Tank. When it comes to success stories, Investopedia Some big ones have broken.
For starters, we have Season 8’s Sleep Styler. Greiner also saw the product as a good opportunity, raising $75,000 in funding for a 25% stake in the company. So far, these heat-free hair curlers you can wear to sleep have raked in a stylish $100 million since the start of the business.
In Season 9, we saw Barbara Corcoran invest in The Original Comfy. For $50,000, she got a 30% stake in an ultra-soft wearable blanket with hood. While something that couldn’t be simpler, it’s the biggest money maker out there, currently generating over $150 million in revenue for everyone involved.
Finally, there’s the ever-popular Scrub Daddy of Season 4. Spotted in dollar stores nationwide, it’s a charming little sponge in the shape of a smiley face with lab-test results to back up its claims. Lori Greiner was the shark who offered $200,000 in exchange for a 25% stake in the company. So far, it has made over $200 million.
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