The founders of SoapSox have developed a fun and unique innovation for bath time. Founders Ray Philllips and Alvin Uy created a plush animal that can be taken from playtime to bath time, while lathering up your children with bar or liquid soap.
The innovation uses an anti-microbial design to ensure a clean wash, even after the toy has been dragged around your home. The idea behind the toy was thought up while Ray Phillips was working at a home for abused children. He quickly found that children were more apt to bath when they had their favorite stuffed animal by their side.
The men came into the tank asking for a $2.6 million valuation. The founders were offering 10% of their company for $260,000 in capital infusion.
FUBU founder Daymond John started off a round of bidding after all of the other judges opted out. Daymond offered the men a steep $260,000 for 33% of the company, cutting their valuation by more than half. Shortly after Daymond entered his offer, Lori Greiner and Robert Herjavec entered back into the mix, offering $1 Million
The SoapSox product, which features utility and design patents sells for $19.99 and managed sales of $300,000 in the past 6 months.
Lori and Robert told the men that they saw the product moving in a different direction, and they said in order to move in that direction, they needed to own the company outright.
Lori Greiner attempted to distract the founders with compliments, telling them that they are obviously innovators who will design more products in the future.
Despite several options on the table, the two inventors decided to walk away from all of the Shark Tanks offers.
Here’s a video demo that showcases how simple it is to use the SoapSox during bathtime:
I personally think SoapBox has a bright future ahead of itself.
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