One of the things I really enjoy about watching Shark Tank is getting to see how entrepreneurs who make deals go on to enjoy success. In fact, ABC realized that other people enjoyed seeing that success too and that’s why the show Beyond the Tank started. I want to share some of the most successful businesses that have appeared on Shark Tank to date because I think they can offer motivation and also help you determine what you need to do to start your own business.
In 2013, the Sharks met Charles Michael Yim, and he offered them something he called the Breathometer, which is essentially a device that works with a smartphone as a portable and personal breathalyzer. All five of the sharks invested in this company. We got 30% of the company in exchange for $1 million in investment money.
In just a year, Breathometer hit $10 million in sales. Now, the products have been improved through a partnership with the Cleveland Clinic Medical Laboratory, and the newest smartphone devices are being sold at Brookstone as well as Best Buy stores across the country.
Spencer Quinn and Eric Child made a deal back in 2013 with Lori for their product FiberFix, which is a wrap that can be used to repair a number of different things. Of course, Lori took the product to QVC and it has sold as much as $10 million in its short life. Now, it is being sold in Home Depot and TruValue hardware stores across the nation.
This screen repair product was brought to the Sharks by Brian Hooks and his two daughters. He also made a deal with Lori to sell his product on QVC. At the time Hooks appeared on Shark Tank, he had only $4,000 in sales. Now, ScreenMend has reached over $1 million in total sales and it is being offered on QVC as well as in Lowe’s and Bed, Bath, and Beyond.
Back in 2013, an eighteen-year-old named Lani Lazzari struck a deal with Mark Cuban for her facial product company that used all-natural ingredients. Within twenty-four hours of the airing of that Shark Tank episode, sales of Simple Sugars jumped from $50,000 to $220,000 and went over $1 million in just six weeks. Just two years later, sales have gone over $3 million total.
TEN THIRTY ONE PRODUCTIONS
This company made history on Shark Tank. The entrepreneur, Melissa Carbone, had a production company for haunted house attractions. When she appeared on Shark Tank, she struck the biggest deal in the history of the show, getting $2 million from Mark Cuban in exchange for 20% of the company. Now, annual revenue from Ten Thirty One Productions is over $3 million.
Villy Custom, a custom bike maker, appeared with its owner, Fleetwood Hicks, in 2012. The business had about $200,000 in annual sales at that time. Hicks struck a deal on the show with Barbara, and since then, the company has grown by leaps and bounds. In 2014 alone, it amassed $2 million in revenue and is expected to surpass that in 2015. Villy Custom has partnered with Pepsi, Monster Energy, Aerosmith, and the boy band, One Direction.
Not every business that comes onto Shark Tank will have this kind of success, but many of them do quite well. As you can see, even young entrepreneurs (sometimes as young as eighteen!) can succeed at business if they put their passion behind it and continue moving forward toward their dreams. Even people who never appear on Shark Tank can find success if they believe in their company.