Shark Tank has become a launchpad for hundreds of entrepreneurs, but not every pitch leads to success. However, some companies have achieved immense growth after securing deals with the Sharks. This article explores what it takes to be successful on Shark Tank, some of the most successful products, and how many Shark Tank companies actually thrive after the show.
What Was the Most Successful Thing on Shark Tank?
Over the years, many products pitched on Shark Tank have gone on to become household names, but Scrub Daddy is often regarded as the most successful product on Shark Tank. This smiley-faced sponge, pitched by Aaron Krause in Season 4, secured a deal with Lori Greiner, and its innovative design, combined with Lori’s retail connections, led to skyrocketing sales. Scrub Daddy has reportedly generated over $200 million in sales, making it one of the biggest Shark Tank success stories.
Other hugely successful products include Bombas Socks, Squatty Potty, and Ring, the smart doorbell system later acquired by Amazon for over $1 billion.
How Many Shark Tank Companies Are Successful?
The exact number of successful Shark Tank companies varies, but research indicates that around 40-50% of companies that make deals on the show see substantial growth after their episode airs. This percentage includes companies that secured deals with Sharks as well as those that didn’t, but still leveraged their national exposure.
Success rates depend on factors like the business model, the entrepreneur’s ability to scale, and the Shark’s involvement. Some companies, despite getting deals, fail to thrive, while others, like Copa Di Vino (a single-serve wine brand), walked away from the show without a deal but became incredibly successful afterward.
How to Be Successful on Shark Tank
If you’re wondering how to be successful on Shark Tank, preparation is key. Entrepreneurs who come prepared with clear financials, a solid growth plan, and a unique product tend to impress the Sharks. Here are a few tips that have led many entrepreneurs to success on the show:
- Know Your Numbers: The Sharks love entrepreneurs who can confidently explain their financials. If you’re unclear about your costs, profits, or margins, you’ll lose their trust quickly.
- Have a Scalable Product: Sharks want to invest in businesses that have room for growth. If your product can reach a larger market or scale easily, you’ll have a better chance at securing a deal.
- Demonstrate Passion and Knowledge: Confidence and passion for your product go a long way. The Sharks invest in people as much as they do in products, so being able to tell your story and articulate your vision is crucial.
- Leverage the Exposure: Even if you don’t get a deal, being on Shark Tank gives your product significant visibility. Some entrepreneurs like Todd Wilson of Readerest saw huge success post-show due to the millions of viewers who learned about their product.
What Shark Tank Products Are Successful?
Many Shark Tank products have gone on to become wildly successful after securing deals. In addition to Scrub Daddy, products like Simply Fit Board (a fitness balance board), Bubba’s Q Boneless Ribs, The Comfy (an oversized wearable blanket), and Tipsy Elves (holiday-themed apparel) have all seen significant sales growth after their appearance on the show.
These companies had scalable business models, strong brand appeal, and, importantly, the right Shark partner to help them navigate their growth.
How Successful Are Shark Tank Companies?
While Shark Tank doesn’t guarantee success, many companies thrive due to the guidance and mentorship of the Sharks. The show has proven to be a launchpad for businesses that may have otherwise struggled to gain national attention. Companies like DBest Products, Drop Stop, and Bombas Socks have all gone from small businesses to multimillion-dollar enterprises.
Overall, how successful Shark Tank companies are depends on many factors, including how well they use the exposure, the execution of their post-show plans, and their ability to innovate and scale their business. While not all companies reach the same level of success, those that do often credit the Sharks for providing invaluable support and expertise.
Conclusion
Shark Tank has produced some of the most successful products and companies in modern business history. Whether you’re aiming to land a deal with a Shark or using the show’s exposure to grow your business independently, success comes down to preparation, scalability, and a bit of entrepreneurial grit.
By looking at how successful Shark Tank companies are, we see that many have thrived beyond the Tank, proving that with the right idea and execution, anything is possible.