What Is Drain Wig?
Everybody is aware of the discomfort and annoyance brought on by a clogged drain. No matter how you look at it, the situation is unpleasant whether you are a do-it-yourselfer or if you need to employ a plumber and pay some money.
The Drain Wig is a gadget that uses a straightforward hair-stopping method to keep drains from clogging. A chain that floats in the drain is all that the Drain Wig is. Drain Wig catches all the hair that is obstructing your drain and removes it. Additionally, it is less than $10.
|Company Name||Drain Wig|
|Entrepreneur||Gifford Briggs and Jennifer Briggs|
|Product||Drain Plug That Catches Hair|
|Investment Asking For||$300,000 For 5% equity in Drain Wig|
|Final Deal||$300,000 For 15% equity in Drain Wig|
|Episode||Season 9 Episode 6|
|Business Status||In Business|
Who Is the Founder of Drain Wig?
The Drain Wig was inadvertently created by Jennifer and Gifford Briggs. Jennifer was a stay-at-home mother of five daughters and had no prior experience with business or entrepreneurial endeavors.
She spent a lot of time and energy still developing prototypes and refining the product in their bathroom. They saw hairs sprouting out of a piece of dental floss that was still stuck in the drain.
The idea was developed as a result of this. The design was fine-tuned, and all production and sales partners were identified. The Drain wig has received numerous honors, including one of The TODAY Show’s tops “Bright Ideas of 2013” and the National Hardware Show Innovation Gold Award.
Jennifer Briggs has spoken at numerous sizable conferences and trade exhibitions, places she never would have imagined, but she and her husband have also learned many important lessons along the way, such as what it means to be open to feedback and recommendations and what it means to serve others.
Drain Wig Before Shark Tank:
The Drain Wig was created by Jennifer and Gifford Briggs of Salem, Utah, in response to a plumbing issue. There were in fact five issues with the parents, but the girls’ long hair—not the children themselves—was the problem.
It is simple to remove hair from a shower drain before it clogs thanks to the innovative and unusual device known as the Drain Wig. One day, Jennifer realized something while taking a shower.
With the floss that had gone down the drain and gotten twisted in a huge clump of hair, Jennifer was able to pull most of the hair out of the pipe. Gifford found that the unpleasant task of unclogging his shower, which no one enjoys, had a straightforward fix right at hand.
After that, an additional three years of development followed, during which the family’s shower served as the testing ground for a number of prototypes until a Drain Wig design was refined.
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Before going on Shark Tank, Jennifer and Gifford sold millions of their straightforward and successful products. The Drain Wig was available at Bed Bath & Beyond, Walmart, CVS, Walgreens, Amazon, QVC, and Amazon, but Jennifer and Gifford still need Shark Partners.
How Was the Shark Tank Pitch of Drain Wig?
In exchange for $300,000 and a 5% ownership stake in their company, Jennifer and Gifford join with their daughters. They describe the development of their product and the role that their girls had in its creation.
After the pitch, they distributed samples before leaving the Tank. Daymond is eager to hear the numbers. It costs $1.10 to produce and $9.99 to sell. “All big department stores” carry the product.
The Shark is interested in the $14.2 million total sales to date. From an infomercial business engaged, the company has only received royalties totaling $800,000. But now that everyone has been acquired, the firm is the sole owner.
Declaring that he does not want to reinvent the company, Mark leaves. For a 20% ownership part in the company, Kevin offers $300,000. Sara leaves after saying they can do the job on their own. While Lori offers $300,000 for a 25% share, Daymond offers $300,000 for a 20% stake.
They respond with 10%, which the Sharks mostly ignore. They then counter with 15% while listing the several advantages of doing business with hotels. Kevin says, “I’ll do it,” in response to Daymond’s opening statement.
What Happened to Drain Wig After Shark Tank?
Drain Wig gave the sharks a unique pitch. Excellent sales, strong retail connections, and high-profit margins were all present. Jennifer and Gifford Briggs received exactly what they requested from Kevin O’Leary: a shark ally with the clout to secure for them a deal that was substantially more profitable.
They also obtained a partner who was uniquely suited to help them build a business from the ground up around their useful invention, guaranteeing that they would earn 100% of the profits, naturally after deducting Kevin’s 15% share.
Although Gifford and Jennifer have been sharing early information about having Kevin O’Leary on board, it is likely that Drain Wig’s formation and deal negotiations will take place behind the scenes. It is also challenging to estimate the marketing impact of a Shark Tank appearance on an already popular product.
The founders of Drain Wig joined Kevin for the first Mr. Wonderful Shark Tank Summit, which brought all of Kevin’s Shark Tank partners together to talk about their opinions and effective business practices.
Shark Tank Update: Drain Wig
It looks that the DrainWig couple just what they needed, as Gifford and Jennifer stated on the DrainWig Facebook page that they learned a lot at the summit and were pleased to have met a whole new family of creative, intelligent, and committed people to help them thrive.
Other than that, DrainWig hasn’t received any new upgrades. The business offers twin packs on its website, Amazon, and virtually every major retailer in your area. Jennifer and Gifford will finally be allowed to keep a sizeable portion of DrainWig’s profitable pie because of Kevin O’Leary’s savvy in negotiations.
In December 2017, Kevin gave Gifford and Jennifer a potato with Mr. Wonderful’s picture pasted to one side. While the potato had little meaning, it was fascinating to people who were interested in how sharks behave outside of the tank and in front of the cameras on television.
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You now know what a bad friend, like Mr. Wonderful, gives his friends for the holidays. Kevin and Drain Wig came to an understanding. A lot of people enjoy Drain Wig. They are still accessible on Amazon and at practically all big-box stores. The business is still running and bringing in $1 million years as of January 2022.
Is Drain Wig Still in Business?
Yes, Drain Wig is still operating as of January 2022, bringing in $1 million years.