Welcome to another exciting update on one of the most innovative businesses to grace the Shark Tank stage – Zorpads! Zorpads, a shoe odor eliminator company, has made quite a splash since its founders, Taylor Wiegele and Sierra Smith, appeared on the show. Today, we bring you a comprehensive Zorpads Shark Tank update, taking you from the initial pitch to the company’s current standing.
The Zorpads Pitch and Deal at Shark Tank
When Taylor and Sierra entered the Shark Tank, they were seeking a $150,000 investment for an 8% stake in their company. Their product, Zorpads, was a one-size-fits-all shoe insert that used NASA-tested technology to eliminate shoe odors.
The sharks were impressed, and eventually, a deal was struck with sharks Charles Barkley and Lori Greiner, who invested $150,000 for a 22.5% stake in the company.
Is Zorpads Still in Business?
Yes, Zorpads is proudly still in business! Despite facing challenges such as supply chain issues and inventory problems, the company has shown great resilience. They have successfully navigated these hurdles and continue to thrive, earning about $4 million in gross revenue sales per year. Interestingly, Zorpads are a hit on Amazon’s marketplace, further solidifying their success.
What Was Zorpads Net Worth?
Within a year of launching, Zorpads had earned $100,000 in gross revenue sales. Today, with lifetime revenues at $4 million, the company’s net worth has seen an impressive increase. This success is a testament to the effectiveness of their product and their strategic business decisions.
Impact of Shark Tank on Zorpads
Being on Shark Tank gave Zorpads a significant visibility boost, and the investment from Lori and Charles helped the business expand. The company used the investment wisely to resolve any operational issues and scale up production. It’s safe to say that Shark Tank played a pivotal role in propelling Zorpads to where it is today.
Business Overview
Zorpads was born out of a school project at Harvard Business School. The shoe odor elimination pads were further developed in the Harvard Innovations Lab and now have a patent pending.
The pads, smaller than a business card, stick to the insole of any shoe and work for about 60 wears. Priced affordably at $4-$5 per pair, they provide an effective and inexpensive solution to shoe odor.
Future Plans of Zorpads
Despite Taylor stepping away from the business in March 2020, Zorpads continues to grow. As part of their future plans, they aim to further expand their market reach and continue improving their product.
In an admirable move, the company has also pledged to donate 10% of their profits to No Kid Hungry during the Covid-19 pandemic, showing their commitment to social responsibility.
Conclusion
Zorpads has shown that with a unique product, a clear business strategy, and a little help from Shark Tank, success is achievable. They’ve turned a simple idea into a multi-million dollar business while also giving back to society.
As we wrap up this Zorpads Shark Tank update, we can only anticipate greater things from this innovative company in the future.
Also Read: