Most ambitious entrepreneurs are acquainted with “Shark Tank”. It is an American TV reality show that aired on ABC. In this show, aspiring entrepreneurs present their product to a panel of investors popularly called “Sharks” who may or may not invest in their company. The “Sharks” are self-made millionaires or billionaires. Let’s know 9 Successful Shark Tank Businesses Owned By Millennials .
Many pitches turn out to be successful while others do not get their desired deals from the investor. Some millennial businesses impressed sharks and made them invest in their business. These millennials have a shining future ahead of them as they secured investments from the sharks. The Painted Pretzel, EzVip.com, Beatbox Beverages, and Litter Jewelry are some of the businesses pitched to the millennials which became successful because of their fantastic pitch and ideas.
Simple Sugars:
In 2013, a 19-year-old Lani Lazzari appeared on Shark Tank with her idea, Simple Sugars. Once during Christmas, when her mother insisted that they make handmade gifts for their friends and family, she got inspired and started making skin care products at her home. She was not able to use any of the products available in the market without facing skin irritation or rash. This pushed her to research and create her formulation. That product became a great hit with her friends and family.
She appeared on Shark Tank in the fourth season. After she explained her product, she was able to impress billionaire Mark Cuban. He invested $100,000 in her product in exchange for a 33 percent stake.
After the show was aired, her product reached a mark of $600,000 by the following weekend and a total of $1 million within six weeks. At the end of 2014, the company had reached more than $3 million in sales making Simple Sugars a successful business.
BeatBox Beverages:
BeatBox Beverage is a new idea put forth by co-founders Brad Schultz, Aimy Steadman, and Justin Fenchel. Their idea was to add flavors to the wine like “Blue Razzberry Lemonade” and “Cranberry Limeade.”
After pitching their idea to the sharks, Mark Cuban invested around $1 million in their product in return for 30 percent equity in their company. They later became popular and BeatBox is now offered in more than 700 retail locations.
Litter Jewelry:
The idea behind Litter Jewelry was to make unique jewelry items from broken ones. It was founded by sisters Rachel Mann and Mackenzie Burdick in 2009.
When they presented the idea in front of sharks, they were excited by their reactions. John and Mark Cuban invested in the company with $80,000 in return for 70 percent equity.
EzVip.com:
Alashe Nelson presented his three-year-old business EzVip.com in 2012 at Shark Tank. His website helps users to pre-book tickets at luxury events online. This spares people from standing in long lines.
Alashe accepted the joint offer of $150,000 from Daymond John and Mark Cuban for a 30 percent equity in the company.
The Painted Pretzel:
Raven Thomas presented The Painted Pretzel at Shark Tank in 2012. The Painted Pretzel makes unique pretzels like candy-covered pretzels, pretzel rods, and party packs.
Mark Cuban believed in her business and invested $100,000 for a 25 percent share.
After that, her business gained popularity and sales spiked around 300 percent.
CitiKitty Inc:
Founded by 24-year-old Rebecca Rescate, CitiKitty is a device that helps toilet train cats. She pitched her product on Shark Tank in 2011. Kevin Harrington invested in her company with $100,000 for 20 percent equity.
After CitiKitty appeared on Shark Tank, it earned more than $1 million in revenue.
PolarPro:
A student of the University of California, Jeff Overall created a PolarPro in 2011. He was not very pleased with the quality of the camera, he found that a DSLR polarized lens could help cut glare. He taped one on his GoPro camera. He loved the idea and pitched it on Shark Tank.
He received $500,000 from Mark Cuban and Robert Herjavec for 10 percent equity.
UnShrinkit:
Harvard Business School graduates Desiree Stolar and Nate Barbera pitched their product “Unshrinkit” on Shark Tank. The idea of the product is to unshrink woolen sweaters. Mark Cuban offered him $150,000 for 15 percent equity which he accepted.
Since then, their product became popular and became available in big retail stores like Amazon.
Conclusion:
The Shark Tank is a worldwide famous show which provides a path for aspiring entrepreneurs. Millennials have put forward great ideas in front of investors which made them millionaires at a small age. But some ideas may not get accepted which can happen due to weak pitch or common products. The entrepreneurs need to be able to explain their product to the sharks to gain their attention.
FAQS
Who is the newest shark on Shark Tank?
Emma Grede, the CEO of Good American.
How many businesses on Shark Tank get successful?
Around 94% of businesses in Shark Tank become a success.
Are all Shark Tank deals successful?
Around 70% of the deals do not become successful.
