Glovestix is a company started by the mother of atheletes from Ashburn, VA, that has created a product to reduce odor from gloves, shoes, and other activewear.
Designed to attack odor causing agents where they grow best (in dark, warm areas with poor air circulation) Glovestix and its sister product Shoestix were designed to be placed into these areas to absorb moisture and deny odor causing bacteria an environment in which to grow. The “Stix” family of products rely on inserts to be placed into the main device to function and that must be replaced after several uses.
The primary difference between Glovestix and Shoestix is that Glovestix features the ability to hang gloves and other similar equipment whereas Shoestix are inserted into shoes on the floor.
The entrepreneur has received a patent on the product.
In eighteen months, Glovestix (and Shoestix) have made $506,000 in gross sales. 55% of their sales are through wholesale, presumably through Amazon, while the rest is direct to consumer through their website. The entrepreneur has appeared on QVC four times.
The product retails for $29.99 and inserts retail for $7.95.
The entrepreneur stated that she has just begun hiring people to help sell in other states, no doubt on a contract and commission basis.
A company that makes a product that will help reduce odor from gloves, shoes, etc Ashburn, VA
In what might be the perfect team up, Lori teamed up with guest sharkAlex Rodriguez for 18%. The appearances on QVC appealed to Lori, naturally and A-Rod had previously had a little experience in sports and no doubt identified with the issue being solved.
While the extra 8% they received in equity resulted in a bite of $642,857, this is small potatoes compared to what the sharks might be able to bring to the table in sales and additional value.
Krista Woods, the “mom-preneur” who invented GloveStix, struck a deal with Lori Greiner and Alex Rodriguez on the reality show's Nov.5 episode. Krista Woods has had some TV success. That history would repeat itself on ABC's “Shark Tank” was no guarantee.
We do know that she makes an estimated $1.1 million for a 22-episode season of Shark Tank and about $5 million per year from her retail business (the one she founded when she invented her very first product).
While all the Sharks have their own successful pursuits, Mark Cuban is by far the richest Shark, with a net worth of $6.2 billion under his belt as of 2023.
According to the company's website, Scrub Daddy, Inc. was officially founded in 2012 with grassroots marketing. On the Shark Tank episode originally airing in October 2012, Lori Greiner made a 20% equity stake deal with Krause for $200,000.
As of 2024, Bombas' yearly revenue is unknown, but it's thought to be worth around $100 million, according to Market Realist. John's 17.5% stake would give him a $17.5 million piece of that pie—but it's impossible to know how much John has really made from the company.
Ring. One of the most notorious (and successful) Shark Tank rejects started as a video doorbell name Doorbot. After a famously tepid reaction from the sharks, Amazon later bought the company for a deal worth nearly $1 billion. By early 2018, the company introduced a smart home doorbell dubbed Ring.
Usually, it's the Founder's fault. 90% of the deals fall through because the Founders believed the conditions weren't good for their business even though they took the deal on TV. Then, some deals have taken so long to negotiate that the episode has already aired.
'Shark Tank': This ex-SpaceX engineer scored a $150,000 investment for odor-eliminating shoe pads. What could be a tougher problem to tackle than reusable space rockets?
Address: Apt. 171 8116 Bailey Via, Roberthaven, GA 58289
Phone: +2585395768220
Job: Lead Liaison
Hobby: Lockpicking, LARPing, Lego building, Lapidary, Macrame, Book restoration, Bodybuilding
Introduction: My name is Sen. Ignacio Ratke, I am a adventurous, zealous, outstanding, agreeable, precious, excited, gifted person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
