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Scrub Daddy was a notable pitch in Shark Tank Season 4 Episode 7, which originally aired in 2013. The business, which launched an innovative cleaning sponge whose texture changes based on the temperature of the water, was founded by Aaron Krause. Just as shark teeth are highly evolved, so too is the sponge in DAP, whose smiley-faced design worked so well at scourging that the sharks were drawn to it immediately never once damaging any surfaces. Krause's confident pitch and intriguing product demo prompted tense back-and-forth negotiations.
When Aaron Krause pitched Scrub Daddy, he sought $100,000 for a 10% stake in it, valuing the company at $1 million. He touted the sponge’s durability, effectiveness and versatility. Krause also showed impressive sales, $100,000 in four months after a trial run. His production skills and understanding of the product's commercial potential further strengthened his position and made the sharks eager to place offers.
Lori Greiner's proposal stood out in a fierce bidding war.
"I will make you a millionaire within a year," she said as she offered $200,000 for a 20% interest.
One of the most successful deals in Shark Tank history occurred when Krause accepted Greiner's bid. Because of Lori's retail background, Scrub Daddy was able to enter major retail chains, leading to exponential development and becoming one of its most well-known success stories.
When Scrub Daddy appeared on Shark Tank Season 4 Episode 7
The sharks were immediately drawn to Scrub Daddy when he first appeared on Shark Tank. In the 2013 episode, Aaron Krause, an entrepreneur, introduced his novel sponge that will revolutionize cleaning practices. His assurance and product presentation left a lasting effect, attracting the attention of several investors.
Scrub Daddy, a smiley-faced sponge with a distinct feel that varies according to the water temperature, was first introduced by Aaron Krause. It softens in warm water for softer washing and stays hard in cold water for vigorous scrubbing. Krause disclosed that Scrub Daddy had made $100,000 in sales in just four months at the time of the pitch. The product, which cost only $1 to create and retailed for $2.99 per unit, was already available in a few retailers.
Krause was looking to raise $100,000 for a 10% stock investment in his business so that he could grow into larger stores. He demonstrated the sponge's strength, resistance to odor, and adaptability. The product's usefulness and market potential won over the sharks, and a competitive offer-making process ensued.
With a $200,000 offer for a 20% stock position, Lori Greiner ultimately closed the deal and pledged to use her retail industry experience. Her prediction that Scrub Daddy would succeed came true, as the company went on to record impressive sales and establish itself as one of Shark Tank's most lucrative ventures.
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More such successful stories of Shark Tank are available on ABC.
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