What Happened to Ornament Anchor After Shark Tank?
What is Ornament Anchor?
The Ornament Anchor is a simple length of thread with a toggle mechanism that loops through an ornament’s attachment position and secures it to a tree branch.
Ayaan Naqvi, an eighth-grader from Connecticut, designed Ornament Anchor. While Ayaan is the founder, his business team includes his brother Mickey, Sister Sofia, and parents Amanda and Hamza.
This product aids in the security of Christmas decorations, preventing them from slipping off the tree or any other surface from which they are hanging.
Who is the founder of Ornament Anchor?
Ayaan Naqvi, an eighth-grade student from Connecticut, founded Ornament Anchor. They came up with the idea for their new business when one of their favorite Christmas decorations broke off the tree. Once attached, it will not slide off.
They showed the product at a school fair and received a lot of favorable comments, so they decided to start their own company. In less than a year, they created the gadget, patented it, and launched their website.
In their first year of business, they made $350,000. (2020). they played on QVC and Good Morning America in August 2020, and both engagements were sold out!
In addition, the boys donate 10% of their earnings to no-kill animal shelters. In 2020, it was roughly $20,000 per year. They started selling on Amazon and are now moving to Target, Nordstrom, Dillard’s, Safeway, and Bed Bath & Beyond.
A pack of 24 Ornament Anchors is $20.00, a pack of 48 anchors is $35.99, and a box of 96 anchors is $67.99. Anchors are available in green, red, white, silver, and gold.
What Happened to Ornament Anchor at Shark Tank pitch?
In Shark Tank episode 1308, the 2021 “Holiday Special,” Mik’al and Ayaan Naqvi seek a Shark investor for Ornament Anchor, a gadget that firmly attaches ornaments to the Christmas Tree. The lads are back on the program for the second time.
They appeared in season 10 with their dad and sister, pitching KudoBanz unsuccessfully. This is their act, even though the rest of the family joins them onstage in the Tank.
The kids were the show’s first “kidtrepreneurs” to feature twice. They were turned down for a deal the previous time they were in the Tank due to low sales and a high valuation.
Mik’al, Ayaan, and the rest of the family were on Shark Tank in seeking of $90,000 for a 5% ownership in their company, which worth $1.8 million.
They say that if they seem familiar, it is because they have already pitched here, and they illustrate this by playing a video from their previous pitch. The Sharks find the video amusing.
They went on to discuss the history of their product, how they produced it, and how it works. Each anchor can withstand a weight of up to ten pounds.
The Sharks put on safety goggles, and the kids enlist Lori’s help in pressing a button. When she does, the stage’s Christmas tree topples down, yet not a single ornament falls off.
The Sharks inspect their samples as well as the Naqvi’s jewelry. Mark is curious about what happened to KudoBanz.
Ayaan likens them to baseball players, saying they were “hitting singles and are now here to hit a home run.” Mr. Wonderful wonders if they’ve learned anything about worth.
Kevin wonders why they are worth $1.8 million. In 2020, they made $312,000 in sales. In June 2021, they generated $80,000 in sales.
They had a total lifetime sales of $500,000 (summer, 2021). Profit margins of 94% are attained. They cost $1.50 to purchase and are now retailing for $24.99.
Mom likens the item to an insurance policy. Dad is in charge of operations full-time, while the boys work in sales. They also run other businesses, such as KudoBanz and a card game firm.
Mark says he adores them, but their company was on television and selling, which was amazing, but there are too many moving parts for him; he’s out.
Kevin believes it’s really seasonal; he goes out. Daymond states that it is not for him and exits. Lori likes the product, but it is too narrow for her; she opts out.
Barbara admires the children’s confidence. Barbara thinks the price is too high. She was irritated that they had other interests, so she went out. Finally, they departed the pitch without striking a deal.
What Happened to Ornament Anchor After Shark Tank?
Daniel Lubetzky tweeted on the night of the first air date, when the Mik’al family left the pitch without a deal: “He never thought he’d say this, but there is such a thing as an OUTRAGEOUS gross margin. T
aking a 94 percent margin on Ornament Anchor seemed to be excessive. The kids are ready, but $24.95 for those thingies is a bit much. #SharkTank. These should have been priced at $9.99.”
The company’s yearly sales was $80,000 in 2021. The business is still in existence as of January 2022, with lifetime revenues of $500,000.
Competitors of Ornament Anchor
There are comparable goods on the market, such as the Christmas Tree Hang-It Tool and the Wrap-and-Stick Ornament Hanger.
Net Worth of Ornament Anchor
During and after the pitch, the company’s valuation was $1.8 million. The company is still in operation in January 2022, and its net worth might be more than the pitch.
Ornament Anchor FAQs
What is Ornament Anchor?
The Ornament Anchor is a simple gadget that attaches to the Christmas tree and firmly holds up to 10 pounds of ornament.
Who is the founder?
Ornament Anchor was founded by Ayaan Naqvi, an 8-year-old boy.
How much did they want for on Shark Tank?
They were looking for $90,000 for a 5% stake in the firm.
Were they able to close the deal?
No, the Shark Tank investors did not offer Ornament Anchor a deal.
Is Ornament Anchor still in operation?
Yes, Ornament Anchor is still in operation.
Where can I find Ornament Anchor?
Milford, Connecticut is the home of Ornament Anchor.
How can I contact Ornament Anchor?
Customers may get in touch with Ornament Anchor through their website, https://www.ornamentanchor.com/.
How much did Ornament Anchor cost?
The anchor costs $24.95 from Ornament Anchor.
How much output does the factory have?
The Ornament Anchor factory produces around 250 anchors each day, or approximately 25,000 anchors per month.
How many sales did Ornament Anchor have over the years?
Ornament Anchor started selling in January 2021 and has been selling since then. They declared $500,000 in yearly sales as lifetime revenues.
How many different colors are available?
Green, red, white, and silver are the four accessible hues.
Does Ornament Anchor shipping?
Shipping for Ornament Anchor is free.
What episode did Ornament Anchor appear in?
The episode Ornament Anchor aired on Season 13 Episode 8.
How does the Ornament Anchor function?
Ornament Anchor functions by hanging the anchors from the tree. They are simple to install to a Christmas tree.
How long will the Ornament Anchor last?
The life of an ornament anchor is the same as the life of a Christmas tree. The anchors are simple to remove when the Christmas tree is taken down.
How long does it take for orders to be delivered?
The ornament anchor enables cash-on-delivery delivery by US Mail. Because orders are transported from their Milford, Connecticut factory, they may be delivered in as little as two days. (Ornament Anchor is not a nearby pick-up location.
How long can a person hold 10 pounds for?
A person with arms shorter than 5 feet may carry 10 pounds in both hands.
Is there anything specific that Ornament Anchor uses?
Screws are used in the Ornament Anchor, and the anchors are constructed of plastic.
Who is the company’s CEO?
Ayaan Naqvi is the CEO of Ornament Anchor as of January 2022.