Krista Woods, a “momtrepreneur,” is looking for a Shark to work with her on GloveStix, a product that gets rid of odors from hockey gloves and other athletic items. To launch the company, Woods took out a mortgage on her home and left a six-figure job. In 2014, while returning from a lacrosse game, she had the thought. There was a “big stink party in the back seat, and I was tired of being invited,” as she puts it.
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She looked for a fix for the foul-smelling gloves, and the outcome was GloveStix. Excess moisture, she discovered, was the cause of odorous sporting clothing. The initial GloveStix prototype was created when she found a substance that absorbs moisture, placed it in two cigar-shaped plastic tubes, and secured them with a paracord.
She had 1500 prototypes produced in her garage by a Chinese firm by the end of June 2015. Although the family received some pre-orders through their website and social media sites, the majority of their sales came from attending hockey and lacrosse events and cold phoning sports goods businesses. She was featured on QVC after winning the Today Show’s “Next Big Thing” competition in May 2016.
The price of a pair of GloveStix is $29.99. For shoes, there is also ShoeStix. Every 90 days, you should buy a $7.99 replacement piece of media to get rid of the smell. For the refills, she provides a subscription option at a 30 percent discount. Over 10,000 GloveStix have already been sold. Woods wants a Shark probably to aid with large box distribution. Will a shark consider that this investment isn’t a total dud?
Shark Tank Recap for Glove Stix
Krista enters the Tank with a $150,000 asking price for 10% of her company. She gives the Sharks some samples after her pitch and product demonstration. She tells the Sharks she has ShoeStix as well as them as she distributes them. The goods have patents on them. She has generated $550,000 in revenue in her business’s first and a half, $440,000 of which came in the previous year.
She sells through her website, Amazon, and wholesale, which accounts for 55% of her revenue. She really met Lori in the QVC cafeteria one day during one of her four appearances there. With $7.95 refill packs, every sale generates recurring money.
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Kevin tells her that she is worth more than she is worth, so he just leaves. After an emotional pause, Mark is the next to go. Barbara is out because she believes in Krista but not the end result. However, before making an offer, Lori wants Alex to visit for the “sports side of things.” For 20 percent, they offer $150,000. Krista does not intend to exceed 15 percent. The sale will go through, according to Alex, if they share the difference and reduce it to 17.5 percent. In agreement!
Update on Glove Stix from Shark Tank
Entrepreneurs that have appeared on the Shark Tank TV show are frequently updated and followed up on in the blog for the show. The agreement with Alex and Lori was unsuccessful. Krista refrained from entering the retail industry and still uses the same sales strategy that she did on the show. She is currently making $1 million in sales every year as of April 2022.
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