Nerdwax
Nerdwax is great for people who wear glasses and have problems keeping them on their face. They pitch the Shark Tank on their wax that gets applied directly to the bridge or nose pads of the glasses. Nerdwax keeps the glasses in place.
Don was a touring audio engineer getting super sweaty and he was outside all the time and he searched for a solution to keep his glasses on his nose. He determined that a beeswax based product provided an excellent opportunity to keep his glasses on his face.
It’s not chaotic even though it comes in a lip balm container. They sell online and have 30 wholesalers. They sale online for tend dollars a tube with cost at thirty-five cents per tube. Nerdwax sold $136,000 and made $65,000 in profit. They just started selling via their website.
They received “PR Viagra” according to Mark. The company has been featured in numerous online portals such as Mashable.
Don estimates that you get eight months before they renew.
Nerdwax Episode Data
- Company: Nerdwax –Website
- Entrepreneur: Don and Lydia Hejny
- Ask: $80,000 for 20% equity
- Episode Season 7 Episode 703
- Companies in this episode:
- Foot Cardigan
- Two Guys Bow Ties
- ValPark
- Nerdwax
- – Featured Update
- Sharks:
- First Aired: 10/09/2015
- Deal: Offers, but No Deal
What do the Shark Tank Investors say about Nerdwax?
- Mark Cuban – thinks that they should not lower the price, because they are profitable. Mark doesn’t want them to go high volume. He thinks it is the biggest mistake they can make. Right now they can control their own destiny and they think it is not investible so he is out.
- Troy Carter – likes to be in early, and is making an offer of $80,000 as a loan until he recoups $120,000 and 10% equity.
- Kevin O’Leary – tells them to reduce the size of the tube and lower the cost so you are able to get reorders more often. He thinks this is venture debt, and you are a product not a company. Kevin will give them a loan of eighty thousand dollars with a royalty of 10% until $240,000 is paid back and they will give him 3% equity in the company.
- Lori Griener – is out because she doesn’t think she will make her money back.
- Daymond John – thinks they are way too early, and he’s out. He’s begging them not to take money right now.
Don and Lydia don’t have any debt, and they won’t do debt on their company. They are going to decline the offers.
Nerdwax after Shark Tank
Nerdwax has sales over a million dollars. They are focusing more on introducing new products into the mix over doing PR to drive traffic to their store.