What Is Mad Optimist Soap?
Indiana University is located in Bloomington, Indiana, which is also the home of the vegan soap company The Mad Optimist. They provide soap, lip balm, shaving cream, perfumes, and bath soaks among other sustainable body care products.
Their USP (unique selling proposition) is that you may customize the goods’ size, shape, and aroma. This service is properly referred to as “build your body care,” and it offers a sliding scale of prices and inclusions.
Customers may do this on their website by spending between $7 and $14 for each product and following clear, step-by-step instructions. They also use all-natural, vegan-friendly products that are derived from plants.
The company was started in 2012 by Mohammed A. Mahdi, Mohammed M. Mahdi, and close friend Anthony Duncan. Muhammad A., Muhammad M., and Mohammed M. all received degrees in political science, psychology, and linguistics from Indiana University (Anthony).
They all had jobs in Bloomington, Indiana, where they all grew up. The three men are still identified as the company’s co-founders and executives on its website, and the business still has offices there.
The idea for the business came to the three founders while they were living together in their apartment and learned that conventional soaps need animal fats to be produced. This went against their core beliefs as Muslims who practiced veganism.
As a result, they started making soap at home using oils as the main component and later partnered with LPK, a rebranding company. The Mad Optimist, a name inspired by a dedication to putting people and the environment ahead of business, was thus developed.
They only sold their products online and at farmers’ markets for seven years, during which time they produced over $800,000 in revenue. They realized they needed to grow in order to assure the company’s long-term viability after abandoning their jobs and relying on family support instead of receiving a paycheck.
Who Are the Founders of Mad Optimist Soap?
Mohammed M. Mahdi, Anthony Duncan, and Mohammed A. Mahdi.
What Transpired with The Shark Tank Pitch for Mad Optimist Soap?
On Shark Tank Season 11 Episode 24, Mohammed, Mohammed, and Anthony ask for $60,000 in exchange for a 10% ownership in their company. This suggests that the company is worth $600,000 in total.
They talk about how each bar of soap is made to order, priced, and manufactured. Robert and Kevin are not happy. The business model is referred to by Kevin as the “third hell.” Additionally, sales aren’t exactly healthy. Last year, they made $97,000 in sales, $21,000 of which were bespoke products.
The entrepreneurs are full of great, vibrant energy, but they still have a long way to go, said the CEO of Shark and Kind Snacks, Daniel Lubetzky, who was a visitor. They are obscuring the visibility of the product because they are overly intent on their goal.
“I love your spirit, but I can’t be against your enterprise. The free market rewards results over good intentions,” Shark Robert Herjavec was in agreement with Lori Greiner. The business model is referred to by Kevin as the “third hell.”
The Sharks are unimpressed—all but Mark. Mark values candor and believes it will lead to repeat business. The boys accept his offer of $60,000 in exchange for 20% right away.
Mad Optimist Soap After the Shark Tank Pitch
The deal with Mark was never ever completed. On the day they were initially broadcast, it was the Shia Muslim feast of Ashura.
They donated the whole proceeds from the sale, or $80,192.39, to “deserving groups that battle social prejudice by assisting populations such as the homeless, refugees, and LGBT children” between the hours of 8 p.m. and 3 a.m. Eastern time.
With a $1 million yearly revenue as of November 2021, they are still in operation.
Mad Optimist Soap Net Worth
The founders accepted Mark Cuban’s offer of $60,000 for a 20% ownership, bringing the worth down to $300,000. The founders had sought $60,000 for a 10% investment, valued at $600,000.
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