What Happened to Le-Glue After Shark Tank?
What is Le-Glue?
Le-Glue is non-permanent glue that was created specifically for gluing together constructions made of building blocks. Tripp Phillips, 12, invented the patented Le-Glue.
His parents, sister Allee, and dog Skippy live in Dalton, Georgia. In December 2014, Tripp entered the ‘International Torrance Legacy Creativity Awards’ competition.
To win the competition, Tripp had to come up with something new, something that had never been done before, something that youngsters (and some adults) really needed. Le-Glue took first place in the area of innovations – toys and games. The complete list of 2014 winners may be seen here.
Who founded Le-Glue?
Tripp Phillips, 12, is the inventor of the patented Le-Glue. His parents, sister Allee, and dog Skippy live in Dalton, Georgia. Tripp needed to develop a new product, something that had never been done before, something that youngsters (and some adults) really needed.
Le-Glue took first place in the area of innovations – toys and games. The complete list of 2014 winners may be seen here. Tripp and Lee developed the idea in 2014 after Tripp’s third-grade teacher pushed his class to create something. Because Le Glue dissolves in warm water, the link formed by “gluing” your LEGOS together is just temporary.
Tripp accepted his teacher’s challenge and came up with the idea while playing with LEGOS. Whenever he messed with a structure, such as a spaceship, it crumbled. To keep things together, he’ll need a temporary adhesive. Tripp’s father, Lee, thought it was a million-dollar idea.
Tripp’s teacher agreed and encouraged him to participate in the Torrance International Creativity Awards. Tripp won first place! In late 2015, he launched a Kickstarter campaign and raised around $4000 to get the company off the ground.
Tripp and Lee started making Le-Glue at their kitchen table in 2017 and have now sold over 7000 units. They paid for their patent with business profits, and it was issued in April 2018.
With addition to being water soluble, the product is solvent-free and antibacterial, which aids in mold prevention. It protects their LEGO creations and eliminates the possibility of messy breakdowns. Tripp sells his products on Amazon and on his company’s website. Prices range from $6 to $15.
What Happened to Le-Pitch Glue’s on Shark Tank?
Tripp, Lee, and his sister decided to contact Shark Tank investors for help in growing retail toy distribution.
Tripp, his sister, and Lee appeared on Shark Tank, seeking $80,000 for a 15% stake in their business, which was valued at $533,000.
He finishes his pitch by tossing two sets of Legos onto the floor, one with and one without his adhesive. The bonded Legos, of course, stay together. He then dissolves the glue with water. He distributes samples after his talk.
Tripp’s astute demeanor and utility patent astound the Sharks. He has sold a total of $125,000 since starting the business.
Kevin contributes $80,000 in exchange for 25% equity in the company and a 50% fee on any licensing transactions until he recoups his investment, at which time his stake lowers to 20%. The deal was contingent on the company gaining access to big-box retailers.
He also wants him to attend meetings, dress like Kevin in a black suit, and pitch.
Daymond makes an equal offer of $80,000 for 25% equity shares to Kevin, but they accept Kevin’s offer and walk away from the pitch with a deal.
What Happened to Le-Glue After Shark Tank?
The deal with Kevin was finalized after everyone applauded throughout the pitch. They made a bit more than $500,000 in revenue in a year.
In February 2020, the company appeared in the baby sharks category on The Shark Tank Greatest of All Time Special. As of November 2021, the business has earned over $1 million in sales and had a monthly revenue of between $17,000 and $20,000 on average.
Le-Glue’s Net Worth
During the pitch, the firm was valued at $533,000; following Kevin O’Leary’s investment, the company was valued at $320,000. Since then, the firm has done well in sales, with annual revenue of $1 million in 2021. This indicates that the company’s net worth might have been higher than that of pitch.
How does Le-Glue work?
It only takes a few seconds to administer, and the glue dries in a matter of minutes. This simulates epoxy or other expensive adhesives that are often messy, hard to apply, and temporary.
How much does Le-Glue cost?
Le-Glue is sold at the price of $7.99 on the official website, while it costs $6 on Amazon.
How to use Le-Glue?
The process of using Le-Glue involves applying a thin layer of glue to both surfaces that they want to stick together and then placing them together firmly and letting them dry.
What is Le-Glue made of?
Le-Glue is made from a special adhesive. However, the glue is completely certified and free from harmful substances that can cause discomfort to users or harm the environment. In addition, the product is also water-soluble and has an antibacterial composition.
Can I use Le-Glue on metal?
Le-Glue can be used on all types of LEGO products, including metal pieces, as long as it doesn’t hinder their movement.
How long will Le-Glue last when used?
The glue lasts for approximately 12 hours on average. Also, the product can be used continuously and is designed to be used repeatedly.
How long does it take to set?
The glue sets within roughly two minutes of applying it to both surfaces. After this time, users can still move the product by pressing down, or they can use a hammer to separate it from the bond. However, if a piece is stuck firmly together and doesn’t release easily, then they might have a larger problem and should get help from a professional.
Which materials will I use Le-Glue?
LEGO products can be used with Le-Glue, including LEGO bricks, minifigures, and LEGO accessories. It can also be used on wood and foam pieces.
Does it work with other materials?
LEGO products can be used with Le-Glue because the glue does not harm and it does not affect the performance of the product. However, users should avoid using too much glue on their material to prevent it from getting hard or cracking.
What is Le-Glue return policy?
LEGO products cannot be returned because they are not covered by the company’s return policy. It also discourages its users from using more than the necessary amount of glue on their product.
What if I don’t want to use Le-Glue anymore?
Once a user has used up all the glue, it will have to be replaced so that the product does not crack or become hard. In addition, some users might want to refrain from using Le-Glue because there are many options out there, including other products with similar uses.
What is Le-Glue weight?
Le-Glue weighs 0.7 oz. when dry. However, it has a dimension of 1.4 x 2.8 x 5 inches when stored in a package and 3 inches when stored in its bottle form.
What is Le-Glue’s return policy?
Users can return the glue only if they are not satisfied with the product, but they must be able to present proof of purchase within 30 days.
Who is Le-Glue’s inventor?
The inventor of Le-Glue is Stephanie Tripp, a Seattle resident and the daughter of Lee Tripp, the founder of the company.
Is Le-Glue available on Amazon?
The product is available on Amazon, but only in its gel form. However, the firm’s official website sells the bottle.
Is Le-Glue a good product?
The product has received mostly positive reviews from customers as it provides an equally effective and inexpensive option for adhering LEGO bricks and their accessories.
In addition, it is also very easy to use because it only takes a few seconds to have the product set in place.