What Happened to Readerest after Shark Tank?
What is Readerest?
Readerest is a patented eyeglass holder made with “high-grade” magnets, stainless steel, and a cutting-edge design. It includes a magnetic clip that connects to a shirt and firmly holds spectacles.
Rick Hopper, who lives in Orange County, California, is the inventor. He began creating monoliths as a youngster using Lincoln Logs and Erector sets.
He carried on like this into adulthood, starting a profession in window paneling and spending his spare time making furniture for his little family.
Readerest was Rick’s second attempt to market his creativity after the collapse of a window business in the late 2000s.
Who is the creator of Readerest?
The founder is Rick Hopper, who lives in Orange County, California. As a child, he began building monoliths using Lincoln Logs and Erector sets.
He continued in this manner into adulthood, establishing a career in window paneling and spending his leisure time producing furniture for his little family.
After the failure of a window business in the late 2000s, Rick attempted to sell his ideas again with Readerest.
Rick despised the inconvenience of reading glasses, but the initial prototype, which consisted of a bent paper clip and a few magnets, was a success.
The device did its job admirably, and he never misplaced or dropped his spectacles again. His spectacles remained secure even after he injured his shoulder in a crash on an electric skateboard.
His small idea turned into a viable product, and business presented him with a chance.
He traveled the length of the west coast and attended trade events in search of a market for his paper clip, which evolved into stainless steel.
From scrap metal utilized as a back piece, a strong neodymium magnet was generated.
Rick was still working on them by hand when his pals encouraged him to watch Shark Tank. He decided to take the leap after nine months of persuasion.
What Happened to Readerest during the Shark Tank Pitch?
Rick Hopper opted to propose Readerest to Shark Tank investors nine months after designing it.
Rick Hopper enters the presentation seeking $150,000 for a 15% stake in his company, which is valued at $1 million.
He then goes on to tout the company’s development, claiming that he had generated almost $65,000 in sales and had handcrafted over 100,000 eyeglass holders.
He revealed why he is looking for a Shark Tank partner to assist him with production and distribution.
They are out of the business because Robert Herjavec dislikes too much engagement in work, Kevin O’Leary dislikes the company’s valuation, and Daymond John lacks public appeal.
Lori Greiner made an instant $150,000 bid for a 65% equity in the firm. Mark Cuban backed down in response to Lori Greiner’s offer.
Rick Hopper and Lori Greiner eventually strike a deal for $150,000 in return for 65% ownership of the firm.
What Became of Readerest After Shark Tank?
Lori and Rick’s successful acquisition significantly expanded the firm when she persuaded him to leave his garage and secure production for the Readerest.
Lori and Rick anticipated that the product would sell for more than $6 million when it was televised, and they sold out in five minutes. The market is huge, with over 126 million eyeglass wearers in the United States.
Three years after the original air date, they generated $13 million in sales. The firm also created reading glasses. In 2021, the company’s annual revenue was $5 million.
Readerest’s competitors
Rick Hopper’s Readerest eyeglass holder, formerly called as Eyeglass Holders, has numerous rivals.
Another magnetic eyeglass holder named Spexwear and Magneglasses is the primary rival.
Readerest’s Net Worth
During the Shark Tank pitch, the company’s value was $1 million, and the firm has made a lot of sales since then, therefore the company’s net has increased.
What Happened to Surfset Fitness after the Shark Tank pitch?
What Happened to LuminAID after the Shark Tank?
Readerest FAQs
1What is Readerest?
Readerest and its very own plastic cases are eyeglass holders. The cases are a substitute for the traditional broken eyeglass holder and metal clip hybrid.
The product consists of a bent paper clip that has magnets in place of its studs. These magnets connect to their spectacles magnetically securing them safely to the case when they aren’t in use.
What is Readerest’s USP (Unique Selling Proposition)?
Eyeglasses hang by the temples. If they drop them, they will most likely break. Readerest eliminates this problem by holding their spectacles securely in place without the put on their nose.
What Is The Company’s Vision / Mission?
The CEO has not specified the company’s vision, but they are in business to solve a problem using his proficient knowledge base and creativeness. Its mission is to make eyeglasses secure and safe.
How does Readerest work?
Once the product is placed on a shirt, it mysteriously holds onto its spectacles and secures them.
What is the price point of Readerest?
The product is presently available on the manufacturer’s website on a wholesale basis, with a cost of $9.99 for the Readerest Eyeglass Holders and $14.99 for the Readerest Aluminum Cases.
What are the benefits of purchasing Readerest eyeglasses holders?
Readerest eyeglass holders can be placed on shirts or hats without being irritable. They are available in clear or black and come in an attractive aluminum case to keep them safe from damage when not in use.
What is Readerest warrant?
The Readerest Eyeglasses Holders are guaranteed for a period of two years from the date of purchase.
Is Readerest cruelty-free?
The company does not use any form of animal testing in its development process.
What is the return policy of Readerest?
The company offers a 60 day money back guarantee on all Readerest eyeglasses holders.
Where do I purchase Readerest eyeglasses holders?
The company ships its products to users from their official website.
What are the difference between Readerest and Buckyballs?
Readerest is a wooden product, whereas Buckyballs are magnetic. Buckyballs can be used for therapy and to hang key chains by the neck, but Readerest is for a more specific purpose.
How long will Readerest take for delivery?
Readerest takes between one to three days for the company to ensure that their product is delivered to users.
How many Readerest eyeglasses holders can I order?
Each user can easily obtain a substantial value of 25 units for every purchase.
Where is Readerest made in?
The Readerest eyeglasses holders are made in the United States of America.
What is the maximum capacity for Readerest eyeglasses holders?
The maximum capacity is awesomely 50 Readerest eyeglass holders.
Will Readerest hurt my glasses?
No, due to its strong neodymium magnets, they will not be touched when they fall on a hard surface.
How long do I have to use the product?
One year is the shelf-life period of the product.
