Tie-Not is a company that creates a device to make it easier to tie water balloons. The device consists of a long stick that is used to wrap water balloons and it comes with a filler so you can easily fill them. It is available on Amazon and sells for $4.99. However, the company did not achieve great success. As a result, they were not able to maintain a positive Shark Tank net worth. In fact, they have gone out of business.
There were several different companies that pitched on Shark Tank, including Tie-Not. They were all in need of money to get their products off the ground. One of the companies, Eco Nuts, actually saw a significant boost in sales after appearing on the show. At the time, the company was generating less than $1 million in annual revenue. Their founders requested a $175,000 investment for 15% equity.
Another company that pitched on Shark Tank was SoapSox. Founded in 2007, the product was sold in more than 20 countries. They were on track to generate $250,000 in sales before appearing on the show. After the episode, SoapSox began a partnership with Disney Baby, and their sales almost doubled from $3.6 million in 2013 to $6.7 million in 2014.
Other businesses on the show were Proof Eyewear and DoorBot. The proof of this is that the eyewear has sold in more than 20 countries. These products are worth an estimated $7.5 million in 2022. Although they were offered an equity stake, the company did not accept this offer.
Another business on the show that was offered an equity stake was Copa Di Vino. This wine was served in a single-serve plastic container. While the Sharks offered to purchase the container, they did not offer to purchase the wine. Eventually, the company grew enough to become the flagship store in Boise, Idaho.
A third company on the show that did not have a great deal of success was Nerdwax. Nerdwax is an all-natural liquid that helps prevent glasses from slipping down the nose bridge. The company was started by Kevin O Leary, who has a storied history in the business world. He started his first business, SoftKey Software Products, in his basement in Toronto. Before Shark Tank, he had started his company with a $10,000 investment from his mother. During his time in law school, he gambled his student loans on the stock market. His net worth is now estimated at around $200 million.
Another company that did not do well on Shark Tank was Total Tie Keep. Their product is a device that keeps a neck tie in place. At the time of their appearance on the show, the company was valued at $200,000. Fortunately, they were able to secure a licensing agreement with Imperial Toy Company in 2012. Currently, the licensing agreement is at 6%. If the company does not renew this licensing agreement, their products will go out of business.