Shark Tank has carved out a niche in the reality television genre. Reality television includes the lives of the rich and famous, cooking shows, extreme competitions, and more. Yet, Shark Tank stands out. The series features entrepreneurs with cutting-edge ideas looking to venture capitalists for investments.
The Squatty Potty
The Squatty Potty revolutionized how people went number two. The brand launched a viral commercial that was viewed by hundreds of millions of people in large part due to his comedic tone.
The commercial featured Dookie the Unicorn, who had problems releasing his rainbow “soft serve” in the bathroom. With the posture-correcting Squatty Potty, Dookie’s problems were solved, and children were delighted with his efforts.
Despite the comedic commercial, the Squatty Potty has an actual use. It helps position the body correctly on the toilet to relieve constipation as well as other common bathroom complaints.
On Shark Tank, Lori Greiner recognized the product’s potential. According to Investopedia, Greiner invested $350,000 for a 10% stake in Squatty Potty. The investment proved fruitful. The company has amassed $164 million in sales.
Since the inception of the original Squatty Potty design, other designs and products have been developed, leaving this company exponential room to grow. Yet, the Squatty Potty isn’t the most successful idea brought to Shark Tank investors. In fact, it is third on the list.
The most successful Shark Tank brand is Bombas. The company started with only socks, but now sells t-shirts as well. The socks are made of high-quality materials and a revolutionary design. They feature arch and heel support to provide all-day comfort.
Part of the Bombas success story also lies in their mission. Bombas is the Latin word for bumblebee, which are altruistic creatures that work for the common good. The creators wanted to give back to the world and discovered socks were the item asked for the most at homeless shelters.
They took this information and provide the homeless with one pair of socks for every pair sold. As of today, Bombas has donated more than 40 million items to varying organizations.
On Shark Tank, fellow fashion mogul Daymond John saw the potential in Bombas. He invested $200,000 for a 17% stake in the company. Today the company has an impressive $225 million in sales due to its mission and quality products.
The Scrub Daddy
In life, the most successful ideas are often the ones that solve a problem. The products do not even have to be complicated. One of such products is the Scrub Daddy. The Scrub Daddy is a sponge shaped like a smiley face that covers many common household concerns. The main appeal of the sponge comes from its smiley face design.
The smile is perfect for cleaning utensils, while the eyes make fantastic holes for cleaning hard places like glassware. In addition, the Scrub Daddy is completely hard in cold water while soft in warm water. It doesn’t scratch surfaces and is dishwasher safe.
When airing on Shark Tank, Scrub Daddy only had $100,000 in sales, but like the Squatty Potty, Greiner saw the potential. She invested $200,000 for a 25% stake. Today the company has $209 million in sales, making it the second most successful Shark Tank story.
The brand has also upped its sales potential by expanding its product line. Today there are Scrub Daddy erasers, organizers, and seasonal lines.