What Is Hot Tot?
The most current innovation in specialty hair care is a set of markings called Hot Tot. created to take into account the unique structure of children’s strands. By providing high-quality hair products to a younger demographic, Hot Tot encourages fashion.
Megan Gage, a social worker originally from Denver, Colorado, started out in the field. She had made significant career advancements and held a master’s degree in clinical social work. She chose to be a stay-at-home parent after the birth of her second child, Christian since she didn’t want to miss out on his formative years.
Related: Lord Von Schmitt Shark Tank Updates 2022: What We Know About The Tough Tie Brand After Shark Tank?
In an effort to give Christian cool-looking curls, she started experimenting with lotions and eventually developed her own blend of baby lotion and pomade. It didn’t take long before their parents asked her wherever she went where she could buy the same styling cream.
Who Is the Founder of Hot Tot?
After growing concerned about the usage of potentially harmful chemicals and synthetic scents in the majority of children’s hair care products on the market, Megan Gage developed Hot Tot in 2010 and is based in Colorado.
Megan learned about the media coverage of children’s hair care products around the same time that many of them, including numerous well-known brand names, included dangerous ingredients.
Because of labeling laws, substances like formaldehyde, which could be hazardous in the long term, were exempt from having to be stated on the labels of such products. She started looking into the possibilities of developing her own non-toxic product after being encouraged by her hubby.
Her newly created product, Hot Tot, saw a brief trial run after she got in touch with a private-label producer in Canada in 2011. She started her business with just $40,000 and operated from her home with little expense; she even created her own company logo in Photoshop.
Within 12 hours of the initial release, Megan had an inquiry from the hugely popular Pregnancy and Newborn magazine, among other prompt and favorable responses. She then swiftly began distributing press releases.
A piece on Hot Tot and photographs of Christian appeared in the magazine in August 2011, while another story appeared in a parenting magazine in March 2012.
What Happened to Hot Tot at The Shark Tank Pitch?
In episode 12 of Season 4, Hot Tot entrepreneur Megan Gage pitches the Shark Tank her line of children’s hair care products in hopes of finding a Shark to help with scaling and distribution.
With a business that was just 15 months old and $20,000 in revenue, Megan joined the Shark Tank. She was asking for $50,000 for a $333,333 (15%) ownership part in her business.
She promises the sharks that her product is better than every other kid-friendly hair care item available. Kevin is out because he thinks that nobody cares about how kids’ hair is styled (and that he shouldn’t be doing it).
In addition to going outside, Lori dislikes packing and thinks it is too early. Mark admires Megan and the idea, and he makes an offer of $75,000 in exchange for 40 percent of the company’s equity. He also advises that the first step be testing to allow the product to bear the label “hypoallergenic.”
Since he was unable to match Mark’s offer, Robert leaves as well. Daymond claims that his relationship with Paul Mitchell makes him a better partner, yet he still enjoys going out. Megan closes the deal with Mark and comes out of the pitch with a deal, looking delighted.
What Happened to Hot Tot After Shark Tank?
After Megan left the pitch with a deal in the episode, Mark and she finished the deal and allergy testing for the product.
Hot Tot is now hypoallergenic-certified! Megan has received numerous requests to distribute her product, but she has chosen to stick to her original plan of steady growth and distribution through high-end, luxury hair salons.
High-end, kid-friendly hair care products are a brand-new industry that she helped create. As of January 2022, the company is still selling in salons and online on her website and Amazon. $5 million is the company’s yearly revenue.
Related: Ice Chips Shark Tank: Did the Shark Tank Deal for Ice Chips and Xylitol Candy Fall Through After the Show?
Networth of Hot Tot:
During the pitch, the company was valued at $333,333; following Mark Cuban’s investment, the valuation was $187,500.
Since that time, the business has generated $5 million in annual revenues as of January 2022. This demonstrates why the company’s net worth increased.
Check Our Website to Get More Information: Browsedesk.Com