For a successful product, size doesn’t matter. Rick Hopper invented the small and practical ReadeREST magnetic eyeglass holder, one of the smallest items ever presented on Shark Tank. During the show, the founder struck a deal with Lori Greiner. As of 2024, ReadeREST is valued at $4 million.
Rick Hopper’s Background
Rick Hopper grew up in Anaheim, California, and later moved to Fullerton. He didn’t receive any formal education, but he loved tinkering with things at home. His first invention was a sail that could slow down a skateboard when going downhill.
His first job was as a department supervisor and professional sales trainer at Home Depot. Rich also did some carpentry work on the side to support his family.
In 2001, he left Home Depot to start his first company, TrimQuick, a supplier of vinyl trim to window companies. The business was successful, and the budding entrepreneur sold it at a profit.
Founding ReadeREST
While he continues to work on TrimQuick, Hopper is already planning to start another business to solve his eyeglass problem. At age 40, he needs glasses to read. But when he’s not wearing them, he keeps them in his collar, which always causes them to fall out.
This man from California bent a paper clip into a specific shape and attached it to a magnet. It worked so well that he carried it everywhere he went. People who saw it often asked what it was and how to get it.
Rick noticed there was a need for this product, so he used the money he made from his first business to improve the magnetic eyeglass frames and launched ReadeREST in 2011. The product made $65,000 after testing the waters.
Shark Tank
In 2012, ReadeREST was overwhelmed with orders and Rick Hopper was overwhelmed. He appeared in Season 3 and demanded $150,000 for a 15% stake.
The entrepreneur gave a funny introduction, stumbling to the floor and recounting his painful experience of frequently losing his glasses. However, most of the Sharks did not see the potential in his invention.
When Rick offered to buy the patent from the original owner for $5,000, the Sharks hesitated. However, Lori Greiner wasn’t afraid to make an offer. She offered $150,000 for 65% of the shares, and Hopper took some time to consider accepting it.
What happened after Shark Tank?
After Shark Tank, Lori promoted ReadeREST on QVC and it sold out in five minutes. Rick also outsourced manufacturing to help scale the business. Before, he was gluing each magnet in his garage!
The product has since been available at Ace Hardware, Walmart, and Bed Bath & Beyond. It’s also now available on ReadeREST.com and Amazon, where it has a 4.6-star rating. Currently, all units on their site are sold out.
One year after the deal with Lori, ReadeREST had revenue of $1.4 million. Business is still booming, but the hype for the product has died down a bit. According to Sharktankblog.com, ReadeREST has annual revenue of about $5 million. Since the show aired, they now sell glasses and four types of frames.
Today, the company is valued at an estimated $5 million. Despite giving up a large chunk of his equity, Rick Hopper became a millionaire, and ReadeREST was named one of the most successful products on Shark Tank.
Categories: Shark Tank
Source: svlsf.edu.vn