This Is The Best-Selling Product To Come Out Of A Shark Tank Deal So Far
Fans of ABC's "Shark Tank" know that for a hopeful entrepreneur to hook in the needed investment they are looking for, they need a product or concept that is not only unique, but stands above the competition. Less often, the financial partnership occurs when a person brings forth an already established product that has a brilliant enhancement to it. Almost never does a contestant present a product that consumers have been already buying for years and then actually strike a deal. But that's what happened after Randy Goldberg and David Heath presented their Bombas Socks, which — despite their cool aesthetic design and solid structure — were still just socks. However, it was the strong connection to a charitable cause that caught one of the Sharks' attention.
In 2014, on the Season 6 premiere of the long-running series, Goldberg and Heath walked down that terrifying hallway to stand in front of the bloodthirsty millionaires. The partners explained to the panel that they started their business through an Indiegogo campaign and were now asking for a $200,000 investment for 5% ownership of their company. The new entrepreneurs charity connection gave a hook to the product that Shark Daymond John appreciated and saw the company's profit potential. The deal he made with this small Start-Up proved to launch the most successful business to come out of "Shark Tank," bringing in an annual revenue of $250 million in 2022 (via Shark Tank Blog). That can't feel too good for the Sharks that quickly decided to pass on a partnership.
Bombas business model includes the homeless
When a deal is reached on "Shark Tank," the panel of investors are looking for a victory, just as the hopeful entrepreneurs who present their pitches for them are. And with all risky investments, there are winners and losers for all parties involved. When Randy Goldberg and David Heath asked the Sharks for a much-needed financial boost, it took a bit of convincing. Early in the pitch, Sharks Kevin O'Leary, Robert Herjavec, Mark Cuban, and Lori Greiner bowed out, leaving Daymond John as the sole potential partner to Bombas. The savvy mogul saw the businesses-opportunity as he believed in Goldberg and Heath's feel-good hook, which would convince customers to choose their socks. And boy, that was a spot-on assessment.
When Goldberg and Heath started Bombas, they became inspired when they heard that socks were the most requested clothing item in homeless shelters. They decided to add a special hook to their business by donating a pair of socks for each pair sold. It was this concept that got John's attention. After back-and-forth negotiating, the Shark agreed to fork over $200,000 for 17.5% of the company. The deal was made, and the rest is history. Today, to add to their incredible annual revenue, Bombas now offers much more than just socks. On its website, you can now also find underwear, T-shirts, and slippers. Customers knowing that they are not only purchasing a great product but also contributing to charity helped make Bombas become the most successful business to come out of "Shark Tank" so far.