Aaron Krause pitched his company, Scrub Daddy, on Shark Tank in 2012. His product is argued as the most successful product to have ever been pitched on Shark Tank. In addition to the wonderful creativity of his product, Aaron’s pitch was extremely thought-through and concise, drawing interest from most if not all of the Sharks. Scrub Daddy is essentially a sponge that is shaped like a smiling face. However, behind the simplicity of its look, the Scrub Daddy uses a technology that changes the sponge’s texture based on the temperature of the water, making it easier to use depending on the cleaning task. Also, the smiling face style of the sponge allows users to handily clean inside tight spaces such as cups, vases, and more. After his successful pitch to the Sharks, Aaron was able to agree on a deal with Lori, granting her 20% equity in his company in exchange for $200,000. To put his success into perspective, Lori has made at least $20 million from her $200,000 investment in Scrub Daddy since 2012. The company itself is said to be worth around $250 million, generating over $50 million in sales since the notorious Shark Tank pitch. The story of Scrub Daddy shows the power of creativity in capturing investor attention as well as what a complex but intriguing pitch can do for investment worth.
A pitch can really make or break a product. I enjoy watching shark tank and it is sad when pitches for products do not match the quality of those products. I remember watching the scrub daddy episode and being really impressed with the presenter.
I also remember watching this Shark Tank episode! It’s so interesting to me that something as simple as a smiley sponge can result in a multimillion-dollar company. It’s impressive that he didn’t just stop with Scrub Daddy. He has proceeded to start up four new companies and mentors budding entrepreneurs in his free time. He’s not only innovative and successful, but also willing to share his thoughts and tried-and-true methods with others who are also looking to become successful.
This was a very interesting and fun pitch to watch on Shark Tank! I thought it was interesting how he was inspired by his pain of washing the dishes, as well as his wife’s pain, so he decided to do something about it as an entrepreneur would. And the interest of many of the investors showed that this idea was very innovative and entrepreneurial.