Young Entrepreneur Impresses With Wise Pocket Products | Shark Tank US | Shark Tank Global

Summary

In this inspiring *Shark Tank* pitch, 13-year-old entrepreneur Sophie Overton presents her innovative business, *Wise Pocket Products*, which creates socks and leggings with pockets large enough to hold phones and other essentials. Seeking a $30,000 investment for 15% equity, Sophie impresses the sharks with her product's practicality and social mission, donating socks to kids in need. Despite some sharks passing on the deal, Sophie successfully negotiates with Lori Greiner and Damon John for $35,000 in exchange for 25% equity, marking a pivotal moment in her entrepreneurial journey.

Takeaways

• 😀 Sophie Overton, a 13-year-old entrepreneur from Bentonville, Arkansas, presents her business, Wise Pocket Products, seeking $30,000 for 15% equity.
• 😀 Wise Pocket Products creates socks and leggings with pockets designed for kids to safely carry small items like phones while engaged in activities.
• 😀 Sophie pitched her idea by demonstrating how kids often struggle with the lack of pockets in clothing, leading to the invention of a practical solution.
• 😀 The socks feature a patented design, allowing kids to securely store important items like phones while engaging in active play or sports.
• 😀 Sophie has already sold $166,000 worth of products, showcasing the demand for her innovative product.
• 😀 She invested $10,000 of her own money into the business, earning the funds through competitions and business pitches.
• 😀 Sophie emphasized the importance of giving back, with the company donating a pair of socks to kids in need for each one sold.
• 😀 The retail price for each pair of socks is $15, with a production cost of $5.47 per pair, which has led to some challenges in profitability.
• 😀 Sophie’s pitch highlights the difficulties she faces in scaling production, currently only producing 100 units per month, and her goal to streamline this process with the requested investment.
• 😀 After a few sharks decline to invest, Sophie negotiates a counteroffer of $35,000 for 25% equity, eventually securing a deal with Lori Greiner and Damon John.
• 😀 The investment deal includes a licensing partnership, with Lori and Damon aiming to scale Wise Pocket Products and help Sophie grow her business further.

Q & A

What is Sophie Overton's business idea?

Sophie Overton created a line of socks and leggings with pockets designed for kids to safely store important items like phones while engaging in activities like sports, climbing, or dancing. The product is called 'Wise Pocket Products.'

What inspired Sophie to start her business?

Sophie was inspired when her cousin put her phone in her boot because kids' clothing often lacks pockets. Sophie experienced the same issue and decided to create a more functional solution, leading to her idea for socks with pockets.

What is the main feature of the socks Sophie created?

The socks Sophie designed have pockets big enough for kids to store essential items like their phones. The design is patent-pending, ensuring that items stay securely in place during activities.

How does Sophie market her socks as unique from other similar products?

Sophie’s socks stand out because they have larger pockets compared to competitors, designed to hold more than just small items like keys, offering a better solution for kids who need to store phones and other personal items securely.

How much money did Sophie invest in her business initially?

Sophie invested $10,000 of her own money into the business, which she saved up through a combination of personal earnings and winning business pitches and competitions.

What were Sophie's sales figures at the time of her pitch on Shark Tank?

Sophie had made just under $166,000 in sales by the time she pitched her product on Shark Tank.

What was the production issue Sophie faced?

Sophie was only able to produce around 100 units per month due to limitations in her production process, which she wanted to streamline with the $30,000 investment she was seeking.

How much does it cost to make one pair of Sophie’s socks, and what is the retail price?

It costs Sophie $5.47 to make one pair of socks, and she sells them for $15 at retail and $11 wholesale.

What was the offer Sophie received from the Sharks?

Lori and Damon offered Sophie $30,000 for a one-third stake in her business, with the intention of licensing the product in the future.

Did Sophie accept the first offer from Lori and Damon?

Sophie made a counteroffer of $35,000 for 25% equity in her company. Lori and Damon accepted this counteroffer, and they formed a partnership.