"Shark Tank" investors provides inventors and entrepreneurs with the financial resources they need to make their dreams come true. To date, hundreds of products and companies have launched thanks in large part to these investors. Yet "Shark Tank" products and companies have achieved varying levels of success.
Ultimately, there have been many "Shark Tank" success stories, and these include:
1. Rapid Ramen Cooker
The Rapid Ramen Cooker enables you to cook perfect Ramen noodles in the microwave in just 3 minutes – all without the hassle of dirty dishes, pots and pans. Thus far, more than 2 million Rapid Ramen Cookers have been sold. Consumers constantly rave about the Rapid Ramen Cooker, too.
Bottle Bright cleaning tabs have been shown to leave no smells, odors, germs or residue on dishes. They also have been recognized by About.com, She Knows and other globally recognized publications and websites for their dependability and effectiveness.
Grace and Lace make it easy for a woman to step into her closet and feel great about her wardrobe. It offers a wide range of fashionable and functional sweaters, scarves, arm warmers and other women's apparel and accessories, all of which are hand-knitted to perfection. Grace and Lace has been featured on Good Morning America, The Meredith Viera Show and other popular talk shows. Meanwhile, shoppers are sure to find lots to like any time they browse the Grace and Lace coupons to save on this fashionable look.
The aforementioned brands showcase the true power of "Shark Tank." On the other hand, not all "Shark Tank" inventors and entrepreneurs have capitalized on the opportunities at their disposal. Some of the "Shark Tank" products and companies that have missed the mark with consumers include:
1. Body Jac
Jack Barringer and his daughter, a personal fitness trainer, pitched the Body Jac workout system on "Shark Tank" in 2009. Body Jac was designed to help users perform the perfect push-up, and real estate mogul Barbara Corcoran backed the product. However, Body Jac was discontinued in 2012, and Corcoran called the product "her worst investment in the 'Shark Tank.'"
ToyGaroo had a simple goal: to become the "Netflix of toys." It was backed by "Shark Tank" investors Mark Cuban and Kevin O'Leary but failed to accomplish its goal. ToyGaroo filed Chapter 7 bankruptcy in 2012 and closed in 2016.
3. Hill Billy
Mike Abbaticchio and Shon Lees pitched their Hill Billy clothing line on "Shark Tank" and scored a deal with comedian Jeff Foxworthy. Unfortunately, Abbaticchio and Lees did not finalize their agreement with Foxworthy. "When we started dealing with [Abbaticchio and Lees] they said, 'We just wanted to be on TV for the free advertisement, we didn't really want to do a deal with you,'" Foxworthy told Forbes.
As inventors and entrepreneurs make their pitches to "Shark Tank" investors, they may want to consider the aforementioned hits and misses. That way, they can determine the best ways to earn investor support for their products and companies and ensure their offerings meet consumers' expectations.