Humanity has a secret problem – people procrastinate when going to the bathroom, or as Adam and Katie Stephan like to call them, “poo procrastinators.” To solve this problem, they invented the toilet timer under Katamco company. This is a prank product with real benefits. After striking a deal with Mark Cuban, Toilet Timer is now worth $2 million.
Founder
Adam and Katie Stephey are a couple from Normal, Illinois. Adam holds a degree in German Language and Literature from Truman State University, and Katie completed her general education at Harding University.
While in Germany, Adam began his career as Regional Director for Young Life. He moved to the United States and became a reading tutor at Heartland Community College. In 2014, he joined Gun Storage Solutions as Production and Distribution Manager, while Katie served as Vice President of Marketing.
Create a toilet timer
Adam loves 3D drawing and founded Katamco in 2015 with his wife. Together they develop products that help solve everyday problems. One of their problems as a couple was that Adam spent too much time in the bathroom.
One day, he designed a 3D model of a toilet timer and printed it out. The aspiring businessman was initially hesitant to launch it, but later invested $300 to get started.
The Stephey's launched the product in 2017 after raising $20,000 on Kickstarter. In 2019, the company had sales of $294,000. While the five-minute hourglass timer is best known as a fun gift, it also has gut health benefits, experts say.
Shark Tank Appearance
In 2020, Adam and Katie Stephey wanted to raise funds for inventory to prepare for a post-Christmas seasonal surge in orders. The couple signed up to watch Shark Tank Season 12, asking for a 10% commission of $200,000.
After their presentation, Shark investors were convinced it was nothing more than a gag gift. Kevin O'Leary made huge returns from another hilarious product, Potato Parcel, but doesn't like the valuation.
Sales of toilet timers were incredible, but most sharks didn't think it was a viable business in the long run. Fortunately, Mark Cuban offered $200,000 for 25% of the stock, and the founders quickly accepted the deal.
After Shark Tank
After “Shark Tank” aired, “Toilet Timer” received 5,000 orders! In an interview with BizJournals.com, Adam expected the deal with Cuban to be completed in early 2021. It appears the deal was never finalized, and Cuban never mentioned the toilet timer in any interviews.
The product remains a popular gift for dads during Father's Day and Christmas. Katamco also released newly designed timers as well as bathroom books and greeting cards. They even have a Donald Trump toilet timer. You can purchase all of these products on Amazon, Walmart and its corporate website, Katamco.com.
The classic version of this product has a 4.6-star rating on Amazon from 19,206 customer reviews. The company hasn't released any recent sales figures, but it's valued at about $2 million. Adam is still inventing new products and is not developing toilet timers full-time. Currently, he is starting a new company called 1UPcard, a line of cleaning products for retro video games and consoles.
Categories: Shark Tank
Source: svlsf.edu.vn