LEGO bricks allow kids to build cool stuff and foster their creativity. However, these small bricks can become fragile when used to build large masterpieces. 12-year-old Tripp Phillips came up with a solution when he invented Le-Glue, a water-soluble glue that strengthens LEGO bricks. Tripp and his father marketed the product on Shark Tank and landed a deal with Kevin O’Leary. As of 2024, Le-Glue is estimated to be worth $1.6 million.
About the Founder
Tripp Phillips and his family live in Dalton, Ga. Like many young entrepreneurs who have competed on Shark Tank, his entrepreneurial story began when he was asked to come up with an invention in school.
In third grade, Tripp’s teacher gave him a choice between writing an essay and doing a thesis. He chose the latter, and his father advised him that he had to identify the problem first and then figure out how to solve it.
When the young man returned home, he played with the Lego airplane, and the wings kept falling off. At this time, Tripp had an idea to make a special glue for Lego. When Lee Phillips heard about it, he thought his son’s idea was great.
Founding of Le-Glue
The father and son enlisted the help of a friend who worked at 3M Co. Since Lee was the lab director, they had the tools to create a strong but temporary adhesive that could be dissolved in water if they wanted to rearrange the Legos.
In 2015, Le-Glue was born. At 10 years old, Tripp became one of the youngest patent holders in the United States. His invention also won first place in the International Torrance Heritage Competition.
Lee invested $1,000 to launch the business and raised more than $3,300 through a Kickstarter campaign. The startup ultimately made $125,000 in profit over three years, with the majority of sales coming from its website.
Shark Tank Appearance
As a die-hard fan of Shark Tank, Tripp Phillips always wanted to be on the show. In 2018, he finally got the chance to pitch Le-Glue with his father. They appeared on Season 10, seeking $80,000 for a 15% stake.
They brought along Tripp’s sister, Ellie, to help with the demonstration. Tripp handed out homemade samples they had made. The sharks admired the kid’s entrepreneurial spirit and were impressed by the profit margins. Tripp’s main goal was to partner with a large brick manufacturer.
Kevin O’Leary was the first to make an offer, subject to getting a licensing deal first. He offered $80,000 for 50% of the licensing revenue until he got his money back, then the equity would drop to 20%. Based on Kevin’s history, this was a fair offer!
Guest Shark Jamie Siminoff felt he couldn’t match the offer and withdrew. Daymond John also made an offer with no clauses, but Phillips chose Mr. Wonderful despite having no guarantees.
After Shark Tank
After the Shark Tank episode aired, Tripp and Lee immediately began negotiating a licensing deal with Kevin. A year after the Le-Glue episode aired, the company was making over $500,000. In an interview with starterstory.com, Tripp revealed that the company was making around $18,000 per month. He also revealed that they had distribution in the UK, South Africa, and China.
The makeshift glue is currently available at Amazon, Walmart, Learning Express and various independent toy stores. The company began producing hand sanitizer in 2020 to help area communities combat the pandemic.
On Amazon, Le-Glue has an average rating of 3.9 out of more than 2,000 reviews. In the future, they plan to expand to new regions such as Australia and Canada. Currently, the company is valued at approximately $1.6 million. Tripp is now 15 and is starting to focus more on school.
Categories: Shark Tank
Source: svlsf.edu.vn