What Happened to SoapSox After the Shark Tank Pitch?
What is SoapSox?
The SoapSox washcloths feature a selection of adorable figures, ranging from vivid marine creatures to ducklings and newborn dragons, all of which are equally fluffy.
The interior is lined with an antibacterial sponge, while the exterior is constructed of the most luxurious terry cloth.
Each character is given a bar of soap or a liquid soap in their mouth and is instructed to liberally lather once thoroughly saturated.
Each SoapSox is a plush toy or stuffed animal that doubles as a bath toy and washcloth; they are machine washable.
Who is the Founder of SoapSox?
SoapSox was founded by Ray Philips and Alvin Uy.
SoapSox’s actual inspiration comes from Tiffany Krumins’ AVA the Elephant.
Ray was working at a residential treatment centre for children when he encountered a youngster who was afraid to bathe for fear of wetting his stuffed animal.
Ray pulled the stuffing off another plush animal and stuffed it with a bar of soap. When the child saw the soap bubbles, his fear faded and he was able to have his bath.
The first SoapSox prototypes were completed after two years of work.
As a result, a collection of plush toys with an antibacterial sponge and terry cloth has been created. Additionally, each item features a mesh pocket for keeping a bar of soap.
Other “stuffed animal washcloths” now available fall short of SoapSox, indicating that the boys are onto something.
The Kickstarter community appears to share this sentiment: the pair raised $51,930 to complete their designs, conduct safety testing and certification on prototypes, and develop tooling for their manufacturing line.
What Happened to SoapSox at the Shark Tank Pitch?
Ray and Alvin entered Shark Tank season 6 episode 3 debut in quest of $260,000 in exchange for a 10% share. This equates to a $2.6 million valuation.
Ray and Alvin displayed a selection of seven various product designs and explained how the SoapSox brand of antimicrobial sponges was safe and sanitary.
Terry Cloth was utilized to cover the product’s outside, offering a durable and effective scrubbing surface.
They give more background on SoapSox’s origins, stating that they have made $300,000 in six months and plan to make $2.4 million next year.
Lori Greiner inquired about the patent status of the goods. Ray stated that he had filed design and utility patent applications, but they remained pending.
Daymond enquired about the purchase price. Ray stated that the range retailed for $19.95 and cost $3.66 to make.
Mr. Wonderful protests to the price, at which time Mark departs, remarking, ‘They have lovely company, but it does not lather him up.’
Lori inquires about price reductions, and Robert inquires about price reductions to $2.50 a unit; however, they state that they must purchase 600,000 units to obtain that price.
Mr. Wonderful continues to express dissatisfaction with the pricing and departs.
Daymond then offers $260,000 in exchange for a 33% stake in the business.
Lori feels the concept is sound, but she is concerned that they will be duplicated by another business while the patent is pending. As a result, she has ceased to exist.
Daymond expresses an interest in being a member of the “Three Musketeers.” Mr. Wonderful advised the couple that they would be making a mistake if they did not reach an agreement with Daymond.
Following a commercial break, the SoapSox representatives give Daymond 15% for $350,000.
‘I’m afraid I’m going to have to stick with the 33%,’ Daymond replied, his displeasure genuine.
Lori and Robert then make an all-cash offer to acquire the business outright for $1 million. They are steadfast in their refusal to give it up.
The two conveyed their appreciation for the sharks’ time and attention, but were compelled to decline both offers.
What Happened to SoapSox After the Shark Tank Pitch?
Since its premiere in Las Vegas, SoapSox has garnered a Juvenile Products Manufacturers Association (JPMA) innovation award.
Additionally, they were offered at Nordstrom’s. They took the Sharks’ advice and cut their prices, mostly due to improved manufacturing procedures.
In February 2016, the company announced a licensing partnership with Disney Baby that would enable youngsters to connect with their favourite Disney characters while bathing.
Additionally, they reached an arrangement with Paw Patrol. SoapSox is now available on Amazon and Target. As of August 2021, the business is still in existence, with annual revenue of $2.5 million.
What is the Net Worth of SoapSox?
As of 2021, it is predicted to have a net value of roughly $5 million.
Who are the Competitors of Soapbox?
SoapSox’s primary competitors are Land of Nod, Little Giraffe, The Woombie, aden + anais, Organic Cotton, Happiest Baby, ApplePark, Wee Boutique, and Hip Little Bubba.
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SoapSox FAQS
What is SoapSox?
The SoapSox washcloths feature a selection of adorable figures, ranging from vivid marine creatures to ducklings and new-born dragons, all of which are equally fluffy.
The interior is lined with antibacterial sponge, while the exterior is constructed of the most luxurious terry cloth.
Each character is given a bar of soap or a liquid soap in their mouth and is instructed to liberally lather once thoroughly saturated.
Who is the founder of SoapSox?
SoapSox was founded by Ray Philips and Alvin Uy.
How much were they asking in the Shark Tank?
They were seeking a $260,000 investment in exchange for a 10% ownership in their business.
How much did they receive in the Shark Tank?
They received no funding from the Sharks.
Is SoapSox still in business?
As of August 2021, it is still operating and prospering, generating $2.5 million in annual revenue.
Is SoapSox a good investment?
They feel SoapSox is a sensible investment not just for its unique competitive advantages, growing retail presence, creative collaborations, and enormous development potential, but also for its mission to offer a safe environment for children.
Is SoapSox a patented invention?
They are patentable as utility in the United States, Canada, and the European Union, and as design in China.
How much does SoapSox cost?
They sell SoapSox at an unbeatable price, starting at $9.99.
Where can they find SoapSox?
They may be purchased online through a variety of shops, including Nordstrom, BuyBuy Baby, Target, Walmart, Amazon, and QVC.
Which materials are SoapSox made of?
The interior is lined with antibacterial sponge, while the exterior is constructed of the most luxurious terry cloth.
Who uses SoapSox?
SoapSox are a favourite among children of all ages. They are ideal for bathing or showering.
What size are SoapSox?
SoapSox are available in a variety of sizes, ranging from 3 to 6 inches in length and 2 to 3 inches in width. The smaller characters weigh around 1 ounce, whereas the larger characters weigh approximately 2 ounce
Are SoapSox machine washable?
SoapSox are machine washable and dryable, but cannot be dried.
What colours are SoapSox?
SoapSox are available in a variety of colours and designs. They now include a variety of vivid aquatic animals, ducklings, and new-born dragons.
Where are SoapSox made?
SoapSox are manufactured in the United States of America.
Are SoapSox free of BPA?
Yes, SoapSox’s inside is constructed entirely of BPA-free materials.
Do SoapSox make noise?
No, SoapSox make no noise. They do not scream or shriek in the same way as rubber duckies or other noisy toys do.
