What Happened to SockTABs After Shark Tank?
What is SockTABs?
SockTABs is a gadget that separates pairs of socks while they are being washed and dried. They come in a range of colors and decorations. The flaps resemble a plasticized version of manila envelope clasps.
They serve a dual purpose as a sock accessory in that they may be used as a cufflink to dress up your socks while also keeping the “solemates” together in the wash without damaging the socks. The flexible plastic wing smoothly tucks away without damaging the cloth.
Put the SockTABs through one side of the sock and into the opposite side of the second sock to keep your newly cleaned socks together.
The tab rests flat against the fabric and holds the two parts together. You may even wear the tab with your socks on.
Who is the founder of SockTABs?
SockTABs was founded by Tracie Burress of Rockford, Illinois, and her husband Glen Burress. Ironically, the husband and wife team are from Rockford, Illinois, the birthplace of the famous Fox River Red Heel Socks and the Sock Monkey.
This attachment to socks most likely inspired the invention of Sock Tabs, a little tab that holds socks together during the washing and drying process, eliminating orphan socks.
Glen is a pediatric gastroenterologist and assistant professor of pediatrics at the University of Illinois Medical School.
Tracie is a pharmaceutical sales woman who started working on SockTABs in 2013 after having brain surgery to repair a brain aneurysm.
EIGERlab, a Rockford-based business incubator, assisted in the formation of the company. She launched her company in November of 2014.
The tabs may be worn on a single sock, and when you remove them, they quickly tab together to keep them from being separated.
Burress plans to market them as a fashion item as well: sock cuff links.
SockTABs cost $9.99 for a 24-pack of primary or bright colored tabs. A 24-pack of “Bling” SockTABs costs $14.99. They are currently available in a limited number of retailers as well as on Amazon.
What Happened to SockTABs at Shark Tank pitch?
In Shark Tank episode 711, Glen and Tracie Burress offer SockTABs to the Sharks. The Burresses want a Shark to help them increase production and gain access to large retailers.
Glen and Tracie arrived on Shark Tank in seeking of $50,000 in return for a 20% stake in their company, which valued at $250,000.
SockTABs, they claim, eliminate the most unpleasant component of washing. They then perform a sock puppet soap opera/love story in which one of the sock puppets is forever separated from his love.
They then explain how the tabs work and distribute examples of the Sharks’ tabs.
Their wholesale price is $4.99 and their retail price is $1.25. They’ve sold $20,000 in six months, 60% at retail locations in Rockford, IL and 40% online.
Lori claims that there are other firms selling identical things; she goes out owing to a problem with another business.
Robert claims Tracy is the driving factor for their success, yet he also goes out.
Daymond argues that the Bombas guys would murder him: he’s out since losing socks was a crucial part of the business’s success.
She narrates her ordeal with a brain aneurism and tells the Sharks that God restored her vigor and feistiness after the three Sharks exit.
Mark announces, after a little pause, that he is not interested in the sock tabs firm. He argues that $50,000 isn’t a barrier for them, but he doesn’t think he can be there for them, so he exits.
Kevin was having issues. Tracy works part-time at the company and does not feel she will be able to leave her sales position. Tracy declares that she will do what is necessary: she will not work on her objective part-time, but Kevin also exits, and they go.
As they walk out the door, Daymond makes an offer of $50,000 in return for a 30% ownership in the firm if Bombas accepts the deal. They accepted the pitch and walked away with a deal.
What Happened to SockTABs After Shark Tank?
Following their participation on the show, the pair struck a deal with Daymond John and made a live appearance on HSN, Daymond’s shopping network partner.
They also began targeting Bed Bath & Beyond retailers in the Chicago region, acquiring shelf space in a half-dozen sites. Furthermore, the product is readily available on Amazon.
In 2018, they ran out of stock on their website and on Amazon. The most recent Facebook post was in April of 2020. On their website as of May 2021, the following were listed:
The firm is still in operation as of February 2022, with annual revenue of $1.1 million.
Competitors of SockTABs
SockTABs’ primary competitors include These Socks, Cousin Dave Silversmith, YESNESS, Soto Boots, OPC KICKS, and Plato’s Closet Harwood Heights.
Net Worth of SockTABs
During the pitch, the firm was valued at $250,000; following Daymond John’s investment, the company was valued at $166,667.
Since then, the corporation has continued to operate, and its net worth might have just exceeded that of pitch.
What is SockTABs?
SockTABs is a wearable solution to the notorious lost sock dilemma, and it is finally a simple, inconspicuous, and effective method for dealing with the infamous sock monster.
Who is the founder?
SockTABs was founded by Tracie Burress and her husband Glen Burress.
How much were they seeking on Shark Tank?
They were looking for $50,000 for a 20% stake in the company.
How much would they sell their company for?
Tracie and Glen wanted $250,000 for a 20% ownership in their company.
Did the couple receive their investment from Shark Tank?
Yes. Daymond John paid the couple $50,000 for a 30 percent stake in the company.
Is SockTABs still in operation?
Yes, SockTABs is still in business, and the company is worth $1.1 million.
Where is the firm headquartered?
The corporation is headquartered in Rockford, Illinois.
What is the price of SockTABs?
The tabs are available in 24-packs for $9.99 or 29-packs for $14.99.
How should SockTABs be worn?
SockTABs are incredibly versatile, and they may be worn with or without wings. Whichever makes the most sense for them
Will the SockTABs harm my socks?
No. SockTABs are very tiny and delicate wings that puncture the sock fibers without injury.
Is it possible to machine-wash and dry SockTABs?
Yes. SockTABs are made of a tough, temperature-resistant polymer that may be used in both ordinary and high-efficiency washers and dryers.
SockTABs always stay on your sock?
Yes. The tab is constantly worn on one sock, making it accessible and easy to remove your socks anywhere and anytime you choose.
Are SockTABs appropriate for all socks?
Yes. SockTABs work best when worn at the ankle or higher and are suitable with all socks.
Is the color going to bleed?
No. The colors do not bleed through or affect the socks in any way.
Will the SockTABs irritate my ankle or leg while I wear them?
No, the vast majority of people are ignorant that they are wearing it. SockTABs are small and comfortable, and most people forget they’re wearing them after the initial installation, similar to a belt buckle, ring, or small watch. They ultimately lose sight of the fact that they are wearing it.