Aaron Krause, the inventor of Scrub Daddy, hooks up with Lori and is cleaning up in the pocketbook as one of the most recognized Shark Tank success products. Aaron inked a deal with Lori Greiner who took Scrub Daddy into Bed Bath and Beyond as well as other stores.
Scrub Daddy's unique feature is how the texture of the sponge changes depending upon the temperature of the water used to clean. The Sharks salivate over his product as they see the difference.
Hot water turns the Scrub Daddy into a soft sponge while cold water activates the course texture of the sponge making it a powerful cleaning tool.
Scrub Daddy puts a smiley face on everybody
Everyone loves the Smiley Face of Scrub Daddy. Lori likes it because it is such a significant investment. Aaron loves it and is now creating new products to complement his sponge. The customers are cleaning up with this excellent tool.
You'll recognize Scrub Daddy as the sponge with the smiley face. The happy look is not only for branding but doubles as an easy way to grip the sponge using the eyes and mouth.
The Scrub Daddy Sponge had action on QVC, Amazon and in a few retail stores before the Shark Tank pitch, but now the dominant cleaning tool goes nationwide in Bed, Bath and Beyond as well as many other retailers. Aaron Krause doubled the deal in the Shark Tank, and is multiplying the business after Shark Tank!
Aaron Krause is more than a one-hit wonder; he's created another product, a double-sided buffing wheel targeting automotive detailers. He sold that business to the 3M company. What else do you think Krause will come up with next?
Aaron Krause entered the Shark Tank looking for $100,000 for a 10% investment and walked out with $200,000 for 20%. He ended with a great partner in Lori Greiner too!
Scratch Free Scrub Daddy Sponge is way more than your average sponge; it's a potent cleaning tool
Scrub Daddy Sharks hearing Aaron's pitch
“Do you have a patent on this?”
Lori told Daymond, no offense I don't need you. She offers $100,00 for 30% equity.
Lori comes back and Changes the offer to $100,000 for 25% after
She changes her mind and offers $150,000 for 25% after Daymond. and then Lori goes $200,000 for 25%
Aaron asks Lori to come down to 20%, and they do a deal.
Mark goes out early.
“I've never witnessed a live infomercial!”
Daymond offers $50,000 for 15% if Lori does the rest.
Daymond comes back and offers $150,00 for 25%
Daymond's last offer is $175,000 for 25%
Kevin offers $100,000 for 50%, saying let's start the bidding there. Aaron goes out.
Kevin offers a new deal at $100,000 getting .50 for every sponge until he gets the money back and then .10 forever.
Kevin goes down to .75
“So Scrub Daddy is humming.”
“What do you need the patent for?” He wants to set up a manufacturing facility with automated equipment. He does automated manufacturing.
Q: What were your total sales? A: In four months it is just over $100,000.
Robert Herjavec doesn't see the “retail vision” he's out.