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Entrepreneurs who snag a spot on ABC's hit show Shark Tank are given the opportunity of a lifetime to showcase their products to more than 7 million viewers and introduce their business to a panel of judgespotential investors.
And if an investor or a shark likes their ideas, they try to broker deals and seal the deals with a golden handshake.
More than 500 companies have been featured on the show over five seasons ("Shark Tank" is currently in its sixth season), but more than 50% of the ideas that get the green light on the show don't close the deal when, according to The Richest.com the cameras are off.
Related:How Shark Tank's Mark Cuban became a big fish
The lucky few, like Mark Cuban, Barbara Corcoran, or Lori Greiner, who have snagged a coveted Sharks handshake, form invaluable business partnerships and gain notoriety that will hopefully result in a major sales boost.
If you're a fan of the show and have ever wondered what became of some of the most successful Shark Tank releases, read on.
Act:$200,000 for 20% of the deal
concept:Scrub Daddy is a smiley sponge that can outlast many average sponges. It also comes with a lemon scent and different colors. Scrub Daddy products can be used to clean household and outdoor items, cars and boats. Its unique design fits into hard-to-reach places, like the bottom of a mug or the corner of a shower, and won't scratch delicate surfaces.
Where are you now:After Greiner closed the deal with Krause for 20%, Scrub Daddy became "Shark Tank's biggest hit to date," reports Business Insider. When Krause snagged a spot on Shark Tank, his company was going through a rough patch, achieving sales of just $100,000 in 18 months.
Since his television debut, Scrub Daddy has grossed over $18 million. Consumers can purchase the product from QVC and from retailers such as Target and Bed Bath & Beyond. Krause has made it its mission to "reinvent the sponge" and the Scrub Daddy line has expanded to include different sizes.
In an interview with GOBankingRates, Krause shared some tips on how other entrepreneurs can perfect their presentations. "Proper planning prevents poor performance," he said. "Before going on Shark Tank, I watched each episode twice and created a flow chart of possible questions based on each shark's personality. There wasn't a single question I wasn't prepared for."
Krause gave another important piece of advice for the speaking time: "It is important to appear confident, not arrogant. You want to act like a person someone wants to do business with.”
Related:Find out 6 unexpected ways spring cleaning can save you money
hold your hips
Creator: Erin Bickley und Jenny Greer
Two:Barbara Corcoran and Lori Greiner
Act:$75,000 (plus a $100,000 line of credit) for 40% of the deal
concept:Calling themselves "shapewear redefined", Hold Your Haunches is a stylish pant with a stretchy waistband and built-in compression layer that stretches from waist to calf. This two-layer corset system shapes and flattens the customer's figure on the inside while remaining hidden by an outer panty layer.
Where are you now:The year before he appeared on Shark Tank, the company only made $165,000, according to the Daily Mail. Just six months after the episode aired, Hold Your Haunches was grossing more than $1.5 million.
When asked about the surprising success of the product, Greiner told GOBankingRates, “The Hold Your Haunches product helps women feel better about their bodies while wearing leggings. Who doesn't want to look better and feel better in their clothes? Also, [Bickley and Greer] are real rushes when it comes to getting the job done. That combination wins."
Two: Robert Herjavec
Act:$175,000 for 20% of the deal
concept:Music teacher Travis Perry created ChordBuddy for his daughter, a new guitarist. The device attaches to the neck of an acoustic or electric guitar and features colored tabs to help beginners learn chords. Perry's daughter learned to play so quickly that she knew she had a successful product on her hands.
Where are you now:ChordBuddy started in the first month before Shark Tank with sales of $150,000. In late 2014, Business Insider reported that the company was on track to hit $2 million in sales and even enlisted John Rich of popular country music duo Big and Rich as a company spokesperson.
Creator:Dallas Robinson and Mike Buonomo
Act:$200,000 for 40% of the deal
concept:Robinson and Buonomo came up with the idea for Kisstixx after not perfecting their kissing skills during college. They turned their Utah Valley University dorm room into a makeshift chemistry lab and created Kisstixx, a dual-flavored lip balm — customers can mix and match flavors to enhance their kissing experience.
Where are you now:Immediately after appearing on Shark Tank, the company's website saw a 3,000% increase in traffic and sold more than 5,000 units (popular flavors include Strawberry Daiquiri and Piña Colada), reports The Richest.
The lip balm is sold at various retailers including Walgreens, Bed Bath & Beyond and Kmart. Customers can also purchase the product online from Amazon, Drugstore.com and the company's website. The products have also become a bit more popular with women: Country musician Danielle Peck has reportedly teamed up with Kisstixx.
“I would say my luck with the ladies has definitely improved since I started Kisstixx. Since then I have married my beautiful wife and had an amazing girl. You could say I was very fortunate in the women's division," said Robinson.
Creator: Mark and Hanna Lim
Two:Mark Cuban and Robert Herjavec
Act:$100,000 for 40% of the deal
concept:Husband and wife team Mark and Hanna Lim came up with the idea when they couldn't find a good cup with a straw for their 9-month-old daughter. So they made a new and improved version of their own. Lollacup is valveless and comes with a special straw designed to absorb every drop of liquid.
Where are you now:According to Business Insider, Lollacup is the most successful children's product to come out of Shark Tank. Before appearing on the show, the Lims only had 50 accounts. They now have more than 650, including retail giant Walmart, and nearly $1 million in sales.
In regards to a plan for future Lollacup products, Hanna told GOBankingRates: "My eldest daughter is 7 now and we also have two younger daughters so we're surrounded by inspiration. We have plans to expand into other products. In fact, we've gone the other direction and created a fun and functional glass baby bottle that's set to hit stores in April 2015.”
Creator:Sabin Lomac and Jim Tselikis
Act:$55,000 for 15% of the deal
concept:Cousins Lomac and Tselikis are from Maine and wanted to start a food truck in Los Angeles called Cousins Maine Lobster. The company is famous for its lobster rolls, which are made with lobsters shipped from their home state.
Where are you now:Shortly after the Shark Tank episode premiered, Cousins Maine Lobster grossed an impressive $700,000. Since then, the cousins have franchised their truck across the United States and the business has grossed over $8 million.
Ava the Elephant
Act:$50,000 for 55% of the deal
concept:Ava the Elephant was one of the first and most successful products from "Shark Tank". The idea came to Krumins from her experience as a babysitter. A dropper disguised as a talking elephant head, Ava the Elephant helps children take their medicine in an 'elephant-friendly' way.
Where are you now:Wall Street Insanity reports that Ava the Elephant is currently sold in 10 countries and can be found in more than 10,000 retail locations, including CVS and Walgreens. Krumins cites his close relationship with Corcoran as key to his success.
Corcoran told GOBankingRates, “Most young entrepreneurs have great instincts, but they trust the experienced investor to make many of their business decisions. But the investor's best role is to stay close to the entrepreneur, nurturing their confidence and providing emotional support through the ups and downs of building a business. That is the role I play for my entrepreneurs.”
Creator:Marc Newburger and Jeffrey Simon
Two: Lori Greiner
Act:$300,000 for 20 percent of the deal
concept:Newburger and Simon, best friends and "straight life partners," developed this product while Newburger lived on Simon's couch for five years. Drop Stop is a gap filler for car seats.
An integrated slot connects the product to your seat belt buckle, blocking the gap between your car seat and the center console.
The high-quality neoprene contracts and expands to accommodate any size of your car, preventing items like keys, phones, loose change, and groceries from falling between your car seat and the center console.
Where are you now:Newburger and Simon spent weeks preparing their website prior to their Shark Tank experience, and all of that work has paid off. Simon told SharkTankBlog in 2013 that the page got 145,000 page views the night it aired.
They also appeared on "The View," which grossed $122,000. Shark Tank grossed $230,000 and two QVC shows grossed $250,000. However, you don't stop there. "These are like video game numbers," Simon told the blog, "they don't count yet. At the moment we are putting everything back into stock.”
Creator:Sean Conway, Justin Miller, DJ Stephan und Fadi Chalfoun
Two:Mark Cuban und Barbara Corcoran
concept:Notehall originally started as an online marketplace where students could buy and sell lecture notes and study guides for college courses.
Where are you now: The creators of Notehall were originally offered $90,000 by Corcoran, and it looked like they'd close the deal... until it reportedly fell apart.
After the season one episode aired, Venture Beat ran a story about Chegg.com's acquisition of Notehall (Chegg is a student center that provides school supplies, including affordable textbooks, to millions of high school and college students).
It is not known how much money Chegg paid for the company. But according to Form D in the company's SEC filing, Notehall received $3.7 million in equity. It seems that playing hardball might have paid off.
Related:Find out how to prevent your child from becoming a broke college student
Now learn what it takes to present to the sharks successfully...
Kevin O'Leary shares 3 essential elements of a great Shark Tank release >>
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