What Happened to StepNpull After the Shark Tank Pitch?
What is StepNpull?
The StepNpull is a foot-operated, hands-free door opener that allows individuals to enter a residence, business, company, bathroom, or school without touching a door handle with their hand or any other exposed part of their body.
By using their foot to open the door, they decrease the possibility of germ transmission from person to person in high-traffic areas, which is extremely important in today’s environment.
It is also useful for people who would otherwise have to use both hands, such as while carrying shopping bags.
They come in a variety of colours to match the decor and are sold in big quantities to large institutions, airlines, large businesses, and just about everywhere there are toilet doors. Customers may buy them from Home Depot, Lowe’s, and Amazon.
Who is the Founder of Step N Pull?
Step N Pull has been in operation for over 14 years, having been founded in 2007. Co-founders include Mike Sewell, Ron Ely, and Kelly Coddington.
They’re all from the telecommunications industry and met while working for the same company.
The firm is still open, and all three CEOs remain on the board of directors. Because of its nature, it is currently thriving during these pandemic times, with many global commercial clients utilizing the product.
Mike got the concept for the company after witnessing that many of his co-workers would use a paper towel to open a toilet door in order to flee it.
This not only resulted in paper waste, which he despised, but it also provided an opportunity to start a business, something he, Ron, and Kelly had often discussed.
So Kelly made a prototype, and Ron, who was knowledgeable with construction, began designing it.
They started selling the product locally out of their garage at first, but rapidly got traction when huge corporate brands began placing bulk orders, and they were globally in a couple of years, with distribution partners and suppliers in all major nations.
While the firm had been doing well for over 13 years, generating over $1 million in sales in the months after the pandemic’s start, they felt they needed an investor with more experience, contacts, and access to larger resources to catapult the product to greater heights.
What Happened to StepNpull at the Shark Tank Pitch?
Mike appeared on Shark Tank season 12 episode 19 looking for $300,000 in exchange for a 3% ownership in his firm. This is a 10 valuation.
He has an actor pretend to urinate onstage, then the actor departs the “restroom” and pulls the handle on the door.
Mike then shows how his idea works and gives out examples. The Covid-19 outbreak resulted in a huge increase in sales for the patented device.
With previous lifetime sales of roughly $35,000, sales in March 2020 were $1.7 million! Sales have totalled $7 million so far this year (as of mid-2020). Each device costs $8 to $9 to manufacture and sells for $29.95.
The Sharks are smitten with the margins and statistics, and offers start to stream in. Kevin offers $300,000 in return for 10% of the business.
Daymond offers $300,000 with a 12% ownership. Kevin, he argues, contributes nothing.
Daymond thinks he can lower production costs and intends to collaborate with the International Door Association to make the StepNpull standard on all commercial doors.
Lori Greiner would attempt to sell the product to the general public by putting it on an infomercial. She offers $300,000 for 5% plus a 50% royalty until she recoups $500,000, after which she asks 20 cents per unit in perpetuity.
Daymond’s vote share falls from 12 % to 8%. Lori walks away as Mike wonders if Daymond will go to 6%. Mike wonders if Daymond will go to 7%, and Kevin says he will. Kevin says he’ll go to 6%, and Mike comes to an agreement with Kevin.
What Happened to StepNpull After the Shark Tank Pitch?
Following the initial StepNpull Shark Tank episode broadcast in April 2021, the company claims to have attracted more corporate clients, including NASA, Nike, Pizza Hut, Whole Foods, and the University of Houston.
As of July 2021, Kevin’s deal had not been finalized. This episode is repeated three months after it was aired, hinting that the parties are still discussing.
Every year, the company makes $1 million in income.
What is the Net Worth of StepNpull?
Mike appeared on Shark Tank season 12 episode 19 looking for $300,000 in exchange for a 3% ownership in his firm. This is a 10 valuation.
He accepted Kevin’s offer of $300,000 for a 6% ownership, bringing valuation to be $5 million.
Who are the Competitors of StepNpull?
StepNpull’s opponent is Kleantoolz Grabfoot Touchless Door Foot Pull.
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StepNpull FAQS
How much does a StepNpull cost?
Each device costs $8 to $9 to manufacture and sells for $29.95.
How does the Step N Pull work?
The StepNpull is an easy-to-install, foot-actuated automatic door opener that installs in the floor, wall or ceiling of any doorway or entryway, making it easy for people to walk through without touching a door handle with their hands or other exposed parts of their bodies.
Where can they buy a StepNpull?
They can purchase them from Home Depot, Lowe’s, and Amazon.
Is this a door stopper?
No. It is not designed to be a door stopper, but rather, it is installed in self-closing doors and turnstiles so that people don’t have to touch the handles when they pass through.
Who founded StepNpull?
The firm was founded in 2007. Co-founders include Mike Sewell, Ron Ely, and Kelly Coddington.
When was StepNpull aired on Shark Tank?
StepNpull was featured on Shark Tank on April 2, 2021.
Where is StepNpull located?
They are located in Springfield, Missouri.
How much was Mike Sewell looking in the Shark Tank?
Mike was looking for $300,000 in exchange for a 3% ownership in his firm. This is a 10 valuation.
How Much Money Has StepNpull Made in Revenue?
They have made over $1 million in revenue in the months following the outbreak of the viral pandemic.
How Much Money is StepNpull making now?
As of July 2021, every year, the company makes $1 million in income.
Did StepNpull get a deal on the Shark Tank?
They received a deal from Kevin O’Leary of $300,000 for a 6% ownership, bringing valuation to be $5 million.
What happened to StepNpull after the Shark Tank?
Following the initial StepNpull Shark Tank episode broadcast in April 2021, the company claims to have attracted more corporate clients, including NASA, Nike, Pizza Hut, Whole Foods, and the University of Houston and as of July 2021, Kevin’s deal had not been finalized.
Is StepNpull still in business?
Yes, the company is still in business as of July 2021.
