Founder: Krista Woods
Season: Appeared on season 9 in the week 6 episode
GloveStix makes athletic gear less stinky. When placed in gloves, the deodorizers absorbs moisture and eliminates odors. Woods was inspired to create the product after dealing with “the stink” from her children’s athletic equipment. They also offer ShoeStix.
According to their website, the deodorizers should be replaced every three months and “the antimicrobial protection in the stix will inhibit 99.9% of odor causing bacteria growth for a 10-year period.” They cost $29.99 individually, while a combination pack costs $69.99.
When Woods originally appeared on “Shark Tank,” she came in asking for $150,000 for 10 percent equity. Guest shark Alex Rodriguez was inspired by her story and said he wished some of his former teammates would have had the opportunity to use the product. Kevin O’Leary didn’t like the valuation and went out, as did Mark Cuban and Barbara Corcoran—who worried that Woods was too much of a perfectionist. Lori Greiner decided to offer $150,000 for 20 percent, along with partnering with Rodriguez. After exchanging counteroffers, Woods accepted Greiner and Rodriguez’s deal at $150,000 for 17.5 percent.
Woods spoke with Business 2 Community about GloveStix’s experience on the show and what their next steps are. Take a look at the Q&A below:
Q&A with GloveStix’s Founder Krista Woods
What was your strategy for navigating “Shark Tank”?
My strategy was to prepare and practice. I wanted to leave it all in the tank! I prepared every day during the entire months-long process, even before I knew whether or not I was going to be filmed. I went back and watched every episode and wrote down every question they asked. Then I figured out what my answer would be but I also went one step further. My husband and kids were my “sharks” and they would practice with me. They would throw out objections to my answers so I not only practiced an answer, I practiced answering objections too. My preparation really helped my confidence in the tank. I was ready for them.
How has GloveStix changed since the episode was first recorded?
After filming, waiting for an airdate is a very stressful time. You have this HUGE secret that you have spent so much time on. You can’t share it with anyone and you just have to wait to see if you were good enough for the producers to put you on air. During the process, the producers are very good at reminding you every day that you may or may not air so you know it is a huge risk because you could potentially do all of this work for nothing. I would say during this time my company didn’t necessarily change, but I did. I am an awesome secret keeper, haha!
And since it aired?
Since I aired, it’s been insane. Insane amazing though. I did so much business in the first few months, I didn’t even have time to do anything else. What’s amazing now is the number of repeat customers I am seeing already. Originally, I went in “The Tank” to get help with scaling my business for big box retail. I think the biggest change since after the tank is realizing that may not be the best option moving forward. My Amazon and website sales have been so good, even my mom-and-pop retailers are selling more units because of the national exposure and if I can just keep that going, why go into big box? I am all about the bottom line, not the top line. Who cares if I sell millions of dollars of product if I don’t make any money doing it?
Is there anything you would have changed about your time spent in the tank, including your pitch and valuation?
All in all, I was very happy with how my episode turned out, but if I could go back and change one thing it would be some of my responses to Mark Cuban. I could have handled his objections better. What I did not prepare for was for them to pick apart my personality. I was incredibly prepared for the business questions, I could have answered them in my sleep but I wasn’t prepared for the personal attack. I went in thinking they would be impressed with the fact that I didn’t have any employees and I had done so much by myself (and with my family’s help) but boy I was wrong, haha.
They threw out “perfectionist” so quick and before I knew it, they were arguing with each other about why or why not I should have hired people by now. I felt like I was standing in the “Twilight Zone” and I couldn’t get a word in. It’s like you are standing there listening to people talk about you, but it’s not you because they don’t know you, and you are just listening, thinking, ‘Wait, wait, no, that’s not it. Wait, what’s happening and how the heck did we get here…ahhhhh!!!’ I had no idea they all talked at the same time. That part is very overwhelming because before you can process their question and answer it, they have moved on to something else. I totally get it though—getting you off your game is how they make a great TV show!
AHHH! First pictures of me presenting in The Tank are out!! 2 more days… this is getting real!! Sunday night at 10pm… it’s sports stink vs. shark stank! * * *#sharktank #glovestix #shoestix #lacrosse #hockey #soccer #baseball #boxing #football #entrepreneur #smallbusiness #momofboys #momboss #momlife #momprenuer
Who’s your favorite shark?
Lori and A-Rod offered me a deal because we obviously bonded in the tank. Lori “got me” as an entrepreneur and A-Rod, being a professional athlete his whole life, has got stink! The two of them were great. Barbara came around and even though she started the whole “perfectionist” thing before she went out, she actually said, “You don’t need a Shark, you can do this on your own”. They didn’t air that part but let me tell you, I haven’t forgotten that compliment!
Do you think “Shark Tank” was the right move for your business?
Absolutely! And not just because sales have increased but because I have learned so much from it. I learned a lot about my business, of course, but more importantly about myself and who I am. The entire “Shark Tank” process is mentally challenging. I feel like if I can do that, I can do anything…and I can!
What are GloveStix’s next steps?
Believe it or not, I am still navigating them. I only had six-days notice of my original airdate so from the beginning of November until January, it was non-stop. I didn’t have any time to even think and you really don’t know what to expect so you just roll with it! I went into January ready to learn more and grow. I started this business with no experience in this industry and I have been extremely fortunate to have the success I have had while learning on the job. I am now actually taking some courses to learn about scaling my business and I have also been filming a pilot for a reality series. I’m really looking forward to seeing what 2018 has in store but I am certain whatever it is, it will be exciting.
Where do you see this industry in 5-10 years?
Online, of course! Everyone shops online. That’s where it’s at and where it’s going. There will be more Amazons popping up and with “Alexas” and “Google Home,” I wouldn’t be surprised if in a few years you can just think about what you want and it will show up two days later on your step!
What would you say to people who want to start their own business?
People always say the first step is the hardest. For me, that hasn’t been true. The first step is hard for sure, but the 2nd, 3rd, and 4th steps are even harder. The larger you get, the harder the steps get! I LOVE having my own business and couldn’t think of doing it any other way. I would tell them that it’s not the idea that is the most important thing, it’s the implementation of that idea. You must be ready to challenge yourself relentlessly, to be resilient and to push yourself past your comfort zone. Then push yourself again and again and again. There will be times when you think you can’t do it, but I promise you actually can and it’s an incredible feeling once you realize that! When you have your own business it can be one of the most challenging things you have ever done, but the absolute MOST rewarding.
What advice would you give to entrepreneurs who want to make it on “Shark Tank”?
I can’t say it too loud or often enough…IT’S A TV SHOW!!! Don’t forget that! Think about this: it’s not just about your product or your business. Ask yourself, why would people want to watch you on TV? Be prepared, be passionate, have energy and if you’re lucky enough to make it that far, leave it all in the tank!
Anything else you’d like to add?
When you are done filming “Shark Tank,” there is a reason they have you talk to a psychiatrist. I remember thinking that it was so weird at first and when he was talking, all I could hear was “blah, blah, blah.” I just kept thinking, “ I don’t need a psychiatrist, I just want to talk to my husband and tell him what happened.” Then, as the weeks went by and the silence from everyone at the show was deafening, I couldn’t sleep, my mind was racing and I was having trouble remembering things that happened while in the tank. I was like, “Hmm, did that guy give me his card?” LOL.
It was a long few months after filming and all you can do is just wait and see what happens but I learned this: Life has no guarantees…ever! You’re not even guaranteed to wake up tomorrow but nothing you do in life is worth anything unless you have challenged yourself to new levels. Everyone’s level is different; don’t compare your level to anyone else’s, just max out your level. Don’t wait, do it now!
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Responses have been lightly edited for clarity and length