What Happened to Nerdwax After Shark Tank?
What is Nerdwax?
Nerdwax is an organic, beeswax-based product that prevents glasses from slipping off when applied to the nose pads. It was formed in 2014 by Don Hejny, with headquarters in Nashville, Tennessee.
The wax is meant to be unrolled and applied directly to the bridge or nose pads of a pair of glasses, helping them to stay on your face for an extended period of time.
Don and Lydia’s implementation was flawed, despite the fact that the concept was fantastic. They contacted a manufacturer early in the process and ordered a huge quantity of gadgets.
Who founded Nerdwax?
It was formed in 2014 by Don Hejny, with headquarters in Nashville, Tennessee. They were, however, all proved to be defective.
The couple fought for months to recuperate from this catastrophe, which put them behind schedule and cost them a significant amount of money.
At this time, they had resorted to cranking out all of their units from their homes. The Henjeys finally solved the problem of eyeglasses slipping off the nose after months of experimenting with different waxes and other natural materials.
Knowing that millions of people confront this issue on a daily basis, and demonstrating it by raising over $61,000.00 from almost 3000 backers.
While the majority of successful Kickstarter campaigns have an ambiguous timetable for when you’ll “hopefully” receive your prizes.
The Nerdwax team has a strong plan in place to ensure that all purchases are sent within 90 days of the end of the campaign.
Nerdwax comes in a tube-shaped like a chopstick; apply it to your glasses and they will stay there for up to two hours.
Each tube is $10, and a three-pack is $20. Each tube is meant to last 6-8 months and can be purchased on Amazon. It will not offend 99.99 percent of customers because it is organic.
What Happened to Nerdwax On Shark Tank Pitch?
Don and Lydia Hejny submit their successful Kickstarter venture, Nerdwax, to the Sharks in Shark Tank episode 3 seasons 7 in order to build their company.
Nerdwax begins with the home section, in which Don tells how the light bulb went out in his head that inspired him to create his product.
When they first started, they encountered a major stumbling block: they hired a factory that created a subpar product, so they returned to making Nerdwax from home.
The Henley entered with their children, seeking $80,000 for a 20% stake in their firm, which is worth $400,000.
The Henley like their spectacles, which were worn by everyone in the family.
Don explains the concept and how he came up with it: while working in music festival production, he was frequently sweating and his glasses kept slipping.
He introduces the product, demonstrates how it works on his own eyeglasses, and hands out tubes of Nerdwax as well as pairs of glasses to the Sharks.
He’s careful to emphasize that it’s not Chopstick; it’s a separate formula. They mostly sell Nerdwax on the internet.
Each tube costs 35 cents to make and 10 dollars to sell. They make $130,000 in sales and earn $62,000 in their first year.
Nerdwax’s sales have surged as a result of favorable media coverage. Mark was interested in what occurs once the media coverage fades.
Because each tube lasts 6-8 months, the Sharks think the sales cycle was too long.
Mr. Wonderful says it was too expensive, and he suggests that they lower their costs and offer smaller packets.
Lori feels they should be more publicly available, but she does not believe she will be able to repay her investment, so she went out.
Daymond feels they are too early and goes out to beg them not to make a deal with a Shark.
Mr. Wonderful pledges to pay $80,000 for 10% of sales until he collects $240,000 back, plus a 3% stake in the company.
Mark urges them not to try to grow too big too fast. He feels it was not a company worth investing in, he also went out.
Troy Carter provides an $80,000 loan until he recoups $120,000, plus a 10% ownership in the firm.
Mark screams, “KEVIN JR!”
Mark tells the Henjeys again: they have no debt, and the problem with the two proposals on the table was that they would be saddled with debt before they can expand. He urges them to decline either offer. “Shut up, they’re not writing a check!” Kevin exclaims.
The Henjeys contemplate and decline both offers, much to Daymond and Mark’s joy! Finally, they walked away from the pitch without a deal.
What Happened to Nerdwax After Shark Tank?
Despite leaving the Sharks without a deal, they expanded the company to a million-dollar corporation. They are still in business in December 2021, with annual revenues of $2 million.
Apothecanna, Hero Nutritions, Hanz De Fuko, Lip Smacker, and Temptu are the company’s primary rivals.
Nerdwax’s Net Worth
During and after the pitch, the firm was valued at $400,000; since then, the company has performed successfully in sales, with annual revenue of $2 million in 2021.
How does Nerdwax work?
By applying a drop of wax to the glasses, the pair of spectacles will stay in place for 2 hours. This is quite possible with Nerdwax, since it’s a very unusual and innovative product.
Are Nerdwax glasses allowed for in the US?
Yes, Nerdwax glasses will allow people to wear them almost everywhere. However, it will not be able to do so if customers are in places such as the Florida Keys, Minnesota, or New York City.
What is Nerdwax made of?
Most Nerdwax is made up of organic oils, which are derived from natural sources.
How much does a size of Nerdwax cost?
The retail price for size of Nerdwax is $10 for two tubes and $15 for three tubes. A three-pack will cost $20, taking the total to $30.
How many colors are included in Nerdwax?
There are 12 colors available in Nerdwax, including black and white.
How many Nerdwax come in a package?
There are 12 Nerdwax glasses in each package.
Where can I get Nerdwax?
Customers can purchase Nerdwax through the company’s official website, and it can be bought from Amazon, Alaska Airlines and other online retailers.
How to use Nerdwax?
To use the product, unscrew the top of tube and apply a small amount of wax in your finger tip. Apply it on their spectacles for about 30 seconds before removing any excess wax.
What is the expiration date of Nerdwax?
Nerdwax will last for two hours after it is applied on both sides.
Is Nerdwax expensive?
Nerdwax is not expensive at all, thanks to its low prices. It costs only 35 cents to produce each tube and $10 to sell it, so it makes money for the company.
How many times can I use Nerdwax?
Customers can use it as many times as they want, since the product will stay in place for two hours after applying.
Is Nerdwax an original product?
Nerdwax is an original product, but it did not originate from Don Henjeys himself. In fact, he came up with the idea of using wax to keep spectacles in place during performance while working in a music festival.
What will happen if I use too much of Nerdwax?
Using too much of the wax will not affect their spectacles, but it could make it slippery, so they might find it hard to wear them.
How to order Nerdwax?
The best way to order Nerdwax is to do so from the company’s official website and Amazon. They can also get them from other online stores and even in local pharmacies and optical shops across the US.
Where can I use the Nerdwax?
Customers can use Nerdwax at parks, theaters and even in their own home. All they need is some privacy so that nobody will notice they are wearing glasses. It can also be used in wet conditions without any problems encountered.