If you are one of the millions of people who suffer from back pain, you might have heard of Better Back, a posture corrector device that turns any chair into an ergonomic one. Better Back was invented by Katherine Krug, a former tech entrepreneur who experienced chronic back pain and decided to create a solution for herself and others.
Better Back is a simple but effective device that consists of a back pad and two straps that wrap around your knees. By stabilizing your pelvis and restoring the natural curve of your spine, Better Back helps you sit in perfect posture without any effort. You only need to wear it for 15 minutes a day to train your muscles and improve your posture over time.
But how did Better Back go from being a personal project to a million-dollar business? And what happened after it appeared on Shark Tank, the popular TV show where entrepreneurs pitch their ideas to investors?
In this blog post, we will give you an update on Better Back’s journey, from its inception to its current success. We will also share some of the challenges and opportunities that the company faced along the way, and what you can learn from its story.
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How Better Back Started
Katherine Krug was working as a product manager at Evernote, a note-taking app, when she started experiencing severe back pain. She tried everything from acupuncture to yoga, but nothing seemed to work. She realized that her poor posture was the main culprit, as she spent hours sitting in front of her computer with a slouched back.
She decided to look for a device that could help her sit better, but she was disappointed by the options available on the market. Most of them were either too expensive, too bulky, or too uncomfortable. She wanted something that was affordable, portable, and easy to use.
She decided to create her own device, using some materials she found at home. She experimented with different designs until she came up with a prototype that worked for her. She called it Better Back, and she started using it every day at work and at home.
She noticed that her back pain improved significantly, and she felt more confident and energetic. She also received positive feedback from her colleagues and friends, who wanted to try her device and asked her where they could buy it.
She realized that she had created something valuable, not only for herself but for millions of people who suffered from the same problem. She decided to quit her job at Evernote and focus on developing and launching Better Back as a product.
How Better Back Launched
Katherine Krug had no experience in manufacturing or marketing physical products, so she faced many challenges in bringing Better Back to life. She had to find reliable suppliers, test different materials, create packaging, set up a website, and more.
She decided to use crowdfunding as a way to validate her idea, raise funds, and build an audience. She launched a Kickstarter campaign in April 2015, with a modest goal of $12,500. She was amazed by the response: she received over 16,500 backers and raised over $1.6 million in just 30 days. She became the first solo female entrepreneur to raise over $1 million on Kickstarter.
She used the funds to produce and ship over 10,000 units of Better Back to her backers. She also received hundreds of positive reviews and testimonials from happy customers who reported improved posture and reduced back pain.
She also attracted the attention of the media, who featured her story on various outlets such as Forbes, TechCrunch, Mashable, and more. She also received inquiries from retailers and distributors who wanted to sell her product.
How Better Back Appeared on Shark Tank
Katherine Krug’s success on Kickstarter gave her the confidence to take her product to the next level. She applied to appear on Shark Tank, hoping to get an investment and exposure from one of the Sharks.
She appeared on Season 7 of Shark Tank in February 2016. She pitched her product to Mark Cuban, Barbara Corcoran, Kevin O’Leary, Lori Greiner, and Robert Herjavec. She asked for $750,000 for 7.5% equity in her company, valuing it at $10 million.
She demonstrated how Better Back worked by giving samples to each of the Sharks. They all tried it on and noticed how it improved their posture instantly. They also asked her questions about her sales, costs, margins, and plans.
Barbara Corcoran was the first one to drop out. She liked the product but thought it was too risky to invest in a company that had not tested the market beyond Kickstarter. Mark Cuban also dropped out, saying that he did not like Katherine’s valuation and strategy.
Robert Herjavec made an offer of $750,000 for 20% equity, saying that he liked the product and the founder. Kevin O’Leary made a similar offer of $750,000 for 25% equity, saying that he thought the valuation was reasonable.
Lori Greiner, who is known as the Queen of QVC and has a track record of investing in successful products, also made an offer of $750,000 for 20% equity. She said that she loved products that could be demonstrated and that she could help Katherine grow her business.
Kevin O’Leary then changed his offer to a $750,000 loan for 24 months at 7.5% interest and 5% equity. Lori Greiner matched his offer but with a longer term of 36 months and 8% equity.
Katherine Krug tried to negotiate with Lori Greiner, asking for 7.5% equity instead of 8%. Lori Greiner asked her if she really wanted to lose a deal over half a percent. Katherine Krug agreed to Lori Greiner’s offer and accepted the deal.
Better Back Update After Shark Tank
After appearing on Shark Tank, Better Back received a huge boost in sales and awareness. The product sold out on Amazon and on its website, and received thousands of orders from customers who saw the show.
However, the deal with Lori Greiner never closed. Katherine Krug decided to decline the offer after the show, saying that she wanted to keep more control over her company and that she did not need the money or the partnership.
She continued to grow her business independently, using her own funds and revenue. She improved her product, adding new features and colors. She also expanded her product line, launching new products such as Better Back Neck Hero, Better Back Therapy Plus, and Better Back Luxe.
She also grew her distribution channels, selling her products on Amazon, Walmart, Target, Bed Bath & Beyond, and more. She also partnered with chiropractors, physical therapists, and wellness experts who recommended her products to their clients.
She also leveraged her online presence, creating engaging content on social media, email, and blog. She also launched an Indiegogo campaign in 2017, raising another $1.9 million from over 20,000 backers.
She also received more media coverage, appearing on Forbes 30 Under 30 list, Inc. Magazine’s Female Founders 100 list, Entrepreneur Magazine’s Top 100 Brilliant Companies list, and more.
Better Back Net Worth 2024
As of 2024, Better Back is a thriving company with over $10 million in annual revenue and over 500,000 customers worldwide. It has also won several awards and accolades for its innovation and impact.
What You Can Learn From Better Back’s Story
Better Back’s story is an inspiring example of how a simple idea can turn into a successful business with passion, persistence, and creativity. Here are some of the key lessons you can learn from it:
- Solve your own problem: Katherine Krug created Better Back because she needed it for herself. She understood the pain point and the value proposition of her product better than anyone else. She also validated her idea by getting feedback from other people who had the same problem.
- Use crowdfunding as a launchpad: Katherine Krug used Kickstarter as a way to test her idea, raise funds, and build an audience. She exceeded her goal by over 100 times and became one of the most successful campaigns on the platform. She also used Indiegogo as a way to grow her business further.
- Be prepared for challenges: Katherine Krug faced many challenges in developing and launching her product. She had to learn new skills, find suppliers, deal with production issues, handle customer service, and more. She overcame these challenges by being resourceful, flexible, and resilient.
- Be confident in your value: Katherine Krug asked for a high valuation on Shark Tank because she believed in her product and its potential. She did not let the Sharks intimidate or pressure her into accepting a lower offer. She also declined the deal after the show because she wanted to keep more control over her company.
- Keep innovating and improving: Katherine Krug did not stop at one product or one success. She continued to improve her product, adding new features and colors. She also expanded her product line, launching new products that complemented her core offering. She also grew her distribution channels and online presence.
Better Back is a great example of how a posture corrector device can become a million-dollar business with the right vision, strategy, and execution. If you are looking for a product that can help you improve your posture and reduce your back pain, you can check out Better Back’s website here: https://getbetterback.com/