Shark Tank businesses are everywhere: DoorBot, Bombas socks, Scrub Daddy, etc. These businesses invade our culture even when the “Sharks” don’t pick them for investment. So, when Editor Jake said, “Tell me about up-and-coming businesses,” Elizabeth thought immediately of the businesses that vie for investments on Shark Tank.
By Elizabeth Shay
Shark Tank, the critically acclaimed, multi-Emmy Award-winning show, has become a go-to for my family over quarantine. The show features a panel of investors called “sharks,” to whom entrepreneurs pitch their products or companies, hoping to secure an investment. Some of the most successful products that have appeared on Shark Tank include the Scrub Daddy sponge, Bombas socks (Investopedia), and the DoorBot–what became the Ring video doorbell! Fun fact, the sharks actually rejected the DoorBot, which was sold to Amazon for $1.1 billion in 2018 (Mental Floss).
Here are three companies and products that have recently been pitched on Shark Tank.
The Chirp Wheel
Founded by Tate Stock when he was pursuing his degree in economics at Brigham Young University, the Chirp Wheel helps relieve back pain without doctors, drugs, or surgery. It stretches, strengthens and releases tension in the muscles surrounding the spine. By relaxing muscles throughout the body, the wheel helps with headaches and neck pain (All Shark Tank Products). Shark Lori Greiner invested $900,000 to be paid back over the course of 18 months, for a 2% stake in the company (Meaww).
SparkCharge
While electric cars are increasing in popularity, what’s stopping many people from converting is something known as “range anxiety.” Charging stations for electric vehicles have become more common, yet they are still few and far between, especially in rural or less populated areas. That’s where SparkCharge comes in. The SparkCharge is a compact, portable electric car charger. This charging rate is actually eight times faster than the standard wireless charging stations. As of right now, SparkCharges are only being sold to roadside assistance providers, but the company hopes to introduce a product for consumer purchase in the near future (All Shark Tank Products). SparkCharge secured a whopping $1,000,000 in funding from Marc Cuban and Lori Greiner, for a 10% stake in the company (split 50-50 between them). The deal also included 2% advisory shares for Cuban and Greiner, and a seat on the company board (Buffalo News).
GarmaGuard
GarmaGuard is a garment and fabric cleanser that eliminates odor molecules. There are other air and fabric fresheners on the market, but these trap odor molecules, temporarily masking them. Such products usually include harsh chemicals that can be irritating or even toxic. GarmaGuard is vegan, cruelty free, biodegradable, and contains no abrasive chemicals (All Shark Tank Products). This product also was tested and proven to kill the COVID-19 virus, but was awaiting official certification. Shockingly, no sharks invested in the company, but I believe that GarmaGuard will be successful and benefit from the publicity that comes from being featured on a popular show.
If you have a product in need of investors–Dog-Poop Cone? Pimple-Popping Toy? Drum Pants?–consider marketing it to Shark Tank.
Sources Referenced:
https://abc.com/shows/shark-tank/about-the-show
https://www.investopedia.com/articles/investing/082415/10-most-successful-products-shark-tank.asp
https://www.mentalfloss.com/article/546955/shark-tank-most-successful-products
https://allsharktankproducts.com/sharktankproducts/season-12-products/
Up-and-Coming Businesses Editor: Jake Sonderman