Many teenagers spend their time playing video games and attending family gatherings. Carson Greer, however, is different. He is busy developing the Touch Up Cup, a sealed cup for storing excess paint. With the help of his father, the young entrepreneur struck a deal with Shark Tank guest investor Blake Mycoskie. As of 2024, the Touch Up Cup is valued at $3 million.
Founder Background
Carson and Jason Greer are from Cincinnati, Ohio. Jason is a full-time pharmaceutical salesperson and his son currently attends Bishop Fenwick High School and is expected to graduate in 2024.
Carson had been an avid fan of Shark Tank for as long as he could remember, which inspired him to start his own business. With the help of his father, the two built a promising company.
At age 13, Carson was helping his father touch up paint at home. After opening a few old cans of paint, they discovered that the liquid was rusty, smelly, and should be thrown away. It was a waste, but it sparked Carson’s entrepreneurial idea.
Original makeup cup
Carson thought there must be a way to preserve paint for future use. After discussing the problem with his father, he came up with the idea for the Touch-Up Paint Cup. The product is a polypropylene container with a silicone seal that can store paint for up to ten years.
In 2016, the Grylls founded DZ Innovations, Inc. to begin production. The two founders each handle their responsibilities for the company. Jason handles patents and public relations, while Carson focuses on day-to-day operations.
After finding a manufacturing partner in Nashville, Tennessee, the product was available in 4,000 stores. Under the leadership of DZ Innovations, the entrepreneurs also created unique containers for bagels, muffins and donuts. With this initiative, they made $220,000 in two years.
Shark Tank
In 2020, Carson and Jason Greer appeared on the show’s 12th season, asking for $150,000 in exchange for a 10% stake. The 13-year-old took control during the pitch. His father, Jason, stood in the background, letting him shine but also being there when he needed help.
He was very calm throughout the presentation and impressed the Sharks with his business vocabulary. The cup design was a great seller, but their other patented containers were also part of the deal.
However, most of the sharks backed off after the entrepreneurs admitted that neither of them was working on the startup full-time. Nevertheless, Blake Mycoskie stood his ground and invested $150,000 for a 17.5% stake.
Success after Shark Tank
During the time the series aired, their website, TouchUpCup.com, attracted about 40,000 visitors and received more than 5,000 orders, which had to be shipped by Carson and Jason themselves.
The company eventually added new products, such as food preservation products for bagels, muffins, and donuts. They also increased the average order value from $15 to $25. In addition to the Touch Up Cup website, the product can also be purchased on Amazon, Walmart, Home Depot, and Lowe’s.
With a huge increase in sales and publicity, they are struggling to keep up with demand. Grills has received calls from Australia and New Zealand who want to promote the product. The company was featured on Good Morning America’s “Snatch and Deals” segment and orders have increased significantly again.
So far, the products have mostly received positive reviews, with 68% of customers giving them five-star reviews on Amazon. Business is booming, and Carson is running the company while attending school. Touch Up Cup had revenue of $1 million in 2021, and they expect sales to exceed $3 million in 2022. Sales figures for 2023 have not yet been released.
Categories: Shark Tank
Source: svlsf.edu.vn