The concept of Shark Tank has taken the world by storm, providing a platform for entrepreneurs to showcase their innovative ideas and products to a panel of investors. One such product that caught the attention of the Sharks was PhoneSoap, a revolutionary smartphone sanitizer that uses UV light to eliminate germs and bacteria from your phone’s surface. But did PhoneSoap get a deal on Shark Tank? Let’s dive into the story of PhoneSoap’s journey on the show and explore what made it a successful pitch.
The Problem That PhoneSoap Solved
Before we delve into PhoneSoap’s Shark Tank experience, it’s essential to understand the problem that the product solves. Our smartphones are breeding grounds for germs and bacteria, with studies suggesting that they can carry up to 25,000 germs per square inch. This is alarming, considering how often we touch our phones and bring them close to our faces. The founders of PhoneSoap, Dan Barnes and Wes Barney, recognized this issue and set out to create a solution.
The Birth Of PhoneSoap
Dan and Wes, two Brigham Young University graduates, started working on PhoneSoap in 2012. They were inspired by the medical industry’s use of UV light to sanitize equipment and wondered why the same technology couldn’t be applied to smartphones. After months of research and development, they created the first prototype of PhoneSoap, which used UV-C light to kill 99.99% of germs and bacteria on phone surfaces.
The Shark Tank Pitch
PhoneSoap’s founders appeared on Season 4, Episode 9 of Shark Tank, which aired in 2012. They walked into the tank seeking an investment of $200,000 in exchange for 10% equity in their company. Dan and Wes confidently presented their product, highlighting its unique features and the growing demand for smartphone sanitizers.
The Sharks’ Reactions
The Sharks were impressed by PhoneSoap’s innovative technology and the significant market potential. However, they did raise some concerns about the product’s durability, price point, and competition. Here’s a brief summary of each Shark’s reaction:
- Mark Cuban: Cuban was interested in PhoneSoap’s ability to tap into the growing concern for germs and bacteria. He offered $200,000 for 12% equity, but eventually dropped out due to concerns about the product’s durability.
- Lori Greiner: Greiner, also known as the “Queen of QVC,” loved PhoneSoap’s unique selling proposition and saw enormous potential for the product on her network. She offered $200,000 for 12% equity, but Dan and Wes ultimately decided to accept another offer.
The Deal That Changed Everything
After some intense negotiations, Dan and Wes accepted an offer from QVC veteran and Shark Tank investor, Robert Herjavec. Herjavec offered $200,000 for 10% equity, along with a strategic partnership to help PhoneSoap expand its reach. This deal not only provided the necessary capital but also gave PhoneSoap access to Herjavec’s vast network and expertise in the consumer electronics industry.
The Impact Of The Shark Tank Deal
PhoneSoap’s Shark Tank deal had a profound impact on the company’s growth and success. Here are some key highlights:
- Increased Awareness: The Shark Tank appearance exposed PhoneSoap to a massive audience, resulting in a significant surge in website traffic and sales.
- Partnership with QVC: Robert Herjavec’s partnership with PhoneSoap led to the product being featured on QVC, further expanding its reach and customer base.
- Improved Product Development: The investment and guidance from Herjavec helped PhoneSoap refine its product and develop new features, such as the PhoneSoap Pro and PhoneSoap Explorer.
- Expansion into New Markets: With the Shark Tank deal, PhoneSoap was able to explore new markets, including retail stores, hospitals, and government institutions.
The Success Of PhoneSoap Beyond Shark Tank
PhoneSoap’s success didn’t stop at the Shark Tank deal. The company continued to innovate and expand its product line, becoming one of the leading smartphone sanitizer brands in the market. Here are some impressive statistics that demonstrate PhoneSoap’s success:
- $1 Million in Sales: Within the first year of its Shark Tank appearance, PhoneSoap reached $1 million in sales.
- Over 10 Million Units Sold: As of 2022, PhoneSoap has sold over 10 million units worldwide, making it one of the most popular smartphone sanitizer brands.
- Awards and Recognition: PhoneSoap has received numerous awards, including the 2015 CES Innovation Award and the 2016 Martha Stewart American Made Award.
The Lesson Learned From PhoneSoap’s Shark Tank Experience
PhoneSoap’s Shark Tank deal serves as a testament to the importance of innovation, hard work, and strategic partnerships. Here are some key takeaways from their journey:
Identify A Problem And Create A Solution
PhoneSoap’s founders recognized a critical issue – the presence of germs and bacteria on smartphones – and created a product that addressed it. This demonstrates the importance of identifying a problem and developing a solution that resonates with your target audience.
Be Prepared to Adapt and Refine
PhoneSoap’s Sharks Tank deal highlighted the need for the company to refine its product and adapt to changing market conditions. This flexibility is crucial for any business looking to succeed in today’s fast-paced market.
Conclusion
PhoneSoap’s Shark Tank deal was a pivotal moment in the company’s history, marking the beginning of its journey to becoming a leading smartphone sanitizer brand. The founders’ innovative approach, resilience, and strategic partnerships helped them turn their vision into a reality. As we reflect on PhoneSoap’s success, it’s clear that their Shark Tank experience was just the starting point for a journey that has inspired countless entrepreneurs and inventors around the world.
What Is PhoneSoap And What Does It Do?
PhoneSoap is a company that specializes in creating innovative products that use UV-C light technology to sanitize and charge electronic devices. Their flagship product, also called PhoneSoap, is a device that uses UV-C light to kill 99.99% of germs and bacteria on smartphones and other devices. This is especially important in today’s world where our phones are breeding grounds for germs and bacteria that can cause illness.
PhoneSoap’s products are designed to provide a convenient and effective way to keep devices clean and germ-free. They have expanded their product line to include other sanitize-only devices and even a laptop-sized sanitizer. PhoneSoap’s mission is to provide a healthier and more hygienic way to live in a world heavily reliant on technology.
How Did PhoneSoap Get Its Start On Shark Tank?
PhoneSoap’s founders, Dan Barnes and Wes Laporte, appeared on Season 6 of Shark Tank in 2015. They pitched their product to the Sharks, seeking an investment of $200,000 in exchange for 10% equity. After a successful pitch, Mark Cuban and Lori Greiner jointly invested $300,000 for 15% equity. The deal catapulted PhoneSoap’s brand into the national spotlight, and the company saw a significant surge in sales and growth.
The Shark Tank appearance not only brought financial investment but also valuable mentorship and guidance from Mark and Lori. Their involvement helped PhoneSoap refine its business strategy and scale its operations to meet growing demand. The company’s experience on Shark Tank is often cited as a prime example of the show’s ability to launch successful businesses and entrepreneurs.
What Were Some Of The Challenges PhoneSoap Faced After Shark Tank?
After the Shark Tank episode aired, PhoneSoap faced an immediate surge in demand, which presented several challenges. The company struggled to keep up with the sheer volume of orders, leading to shipping delays and frustrated customers. Additionally, PhoneSoap had to rapidly scale its manufacturing and logistics operations to meet the new demand.
Despite these challenges, PhoneSoap’s founders remained committed to delivering high-quality products and customer service. They invested heavily in infrastructure and personnel to address the bottlenecks and ensure timely delivery of products. Through hard work and perseverance, PhoneSoap was able to overcome these obstacles and continue its upward trajectory.
How Has PhoneSoap Grown And Expanded Since Shark Tank?
Since its Shark Tank appearance, PhoneSoap has experienced explosive growth, with revenue increasing from $1 million to over $20 million in just a few years. The company has expanded its product line to include a range of sanitize-only devices and laptop-sized sanitizers. PhoneSoap has also established partnerships with major retailers like Amazon, Best Buy, and Walmart, making its products widely available to consumers.
PhoneSoap has continued to innovate and invest in research and development, exploring new applications for its UV-C light technology. The company has also expanded its team, hiring experienced professionals to drive growth and operations. PhoneSoap’s commitment to quality, customer service, and innovation has enabled it to maintain its position as a leader in the sanitization and hygiene industry.
What Makes PhoneSoap’s UV-C Light Technology So Effective?
PhoneSoap’s UV-C light technology is a proprietary system that uses a specific wavelength of ultraviolet light to kill germs and bacteria on devices. This technology is scientifically proven to be effective against a wide range of microorganisms, including bacteria, viruses, and fungi. The UV-C light is safe for use on electronics and does not damage screens or harm device functionality.
UV-C light technology has been widely used in hospitals and healthcare settings for decades to sanitize surfaces and equipment. PhoneSoap has adapted this technology for consumer use, making it accessible and convenient for people to sanitize their personal devices. The company’s commitment to using high-quality, medical-grade UV-C LEDs ensures that its products deliver exceptional performance and effectiveness.
What Sets PhoneSoap Apart From Its Competitors?
PhoneSoap’s focus on innovation, quality, and customer service sets it apart from its competitors in the sanitization and hygiene industry. The company’s commitment to using only the highest-quality materials and components ensures that its products are both effective and durable. PhoneSoap’s founders are constantly looking for ways to improve and expand their product line, staying ahead of the curve in terms of technology and design.
PhoneSoap’s exceptional customer service is also a key differentiator. The company has a dedicated customer support team that responds promptly to inquiries and concerns. PhoneSoap’s hassle-free return policy and generous warranty program demonstrate its commitment to customer satisfaction and loyalty. These factors have contributed to the company’s strong reputation and customer loyalty.
What’s Next For PhoneSoap And Its Founders?
PhoneSoap continues to push the boundaries of innovation, exploring new applications for its UV-C light technology. The company is working on developing new products and services that address emerging health and hygiene concerns. PhoneSoap’s founders, Dan and Wes, remain committed to their mission of providing a healthier and more hygienic way to live in a world heavily reliant on technology.
PhoneSoap is also focused on expanding its global presence, establishing partnerships with retailers and distributors around the world. The company is poised for continued growth and success, driven by its founders’ vision, passion, and dedication to innovation and customer satisfaction. As the sanitization and hygiene industry continues to evolve, PhoneSoap is well-positioned to remain a leader and innovator in the field.