Kid’s clothing and women’s clothing have one thing in common: no pockets. If they do have pockets, they’re far too small for a modern cell phone. Thankfully, 13-year-old Sofi Overton has come up with a solution. Will the sharks wind up in her pocket after the Season 11 pitch? Find out on our Shark Tank Wise Pocket Products update.
Shark Tank Wise Pocket Products Update
- Entrepreneur: Sofi Overton
- Business: Socks with secure pockets
- Ask: $30,000 for 15% equity
- Result: $35,000 for 25% equity
- Shark: Lori Greiner and Daymond John
Sofi Overton is a 13-year-old entrepreneur who was tired of not having anywhere to put her phone. She tried sticking it down in her boots like her cousin did, but found that the phone slid down to her ankle and was difficult to reach.
The solution? Socks with a pocket for your cell phone at the top. It’s a surprisingly simple idea that still manages to be brilliant. During her pitch, a dance troupe does an energetic hip-hop dance to show that the socks securely hold their devices. The sharks are wowed by the display, and also by the entrepreneur’s age.
The numbers she presents aren’t large, but for a small company run by a 13-year-old, they aren’t bad. She’s put in $10,000 of her own money and has done $16,000 in sales so far.
Kevin O’Leary is out immediately because he doesn’t want to be in the sock business. Mark Cuban praises Sofi for being so intelligent with her money and doing exactly what any young entrepreneur should do. However, he doesn’t know anything about socks so he doesn’t think it’s the right deal for him.
Lori Greiner and Daymond John quickly make a combined offer of $30,000 for 33.3% of the business. They want to go into licensing and help boost her production (because she can only make 100 pairs a month currently).
Sofi counteroffers, asking for $35,000 for 25% of the business. Lori and Daymond accept, and Sofi walks out with a great deal for her sock business. Did the company succeed? Keep reading for our Shark Tank Wise Pocket Products update.
After the show aired, Wise Pocket Products sales increased drastically. For a while, they were doing well, and production was having trouble keeping up with orders. Still, Sofi managed to fill every order. As of now, there are only three types of socks available on their website: the splatter pattern she wore during the Shark Tank episode, a Hawaiian pattern, and a Tweed pattern.
It looks like Sofi is looking to expand to leggings soon. Research for our Wise Pocket Products update revealed that licensing deal hasn’t gone through yet. Revenue numbers for the young company haven’t been reported, but we hope Wise Pocket Products is doing well with their new partners.
You can find the other company updates from Season 11 Episode 11 here:
Don’t forget to take a look at our Season 11 products page! We’ve got more company updates from Shark Tank Season 11.