Women’s clothing has long been without pockets. So, young Sofia Overton founded Wise Pocket Products, a line of socks and leggings with convenient pockets inside. The youngster managed to land a deal with Daymond John and Lori Greiner. As of 2024, Wise Pocket Products has a market cap of $0 and is no longer in business.
Sophia Overton’s Background
Sophia Overton is currently attending a local school in Bentonville, Arkansas for her secondary education. She is 18 years old and has been watching Shark Tank since she was six years old and always wanted to be on the show but needed an idea.
Sofia got the idea for her business when she was 11 years old, after she noticed her cousin would put her phone in her boots because her leggings had no pockets. However, she found it uncomfortable because the phone kept slipping off her ankles.
Created Wise Pocket product
At home, Overton had a large collection of socks. This inspired her to design a sock with a pocket inside that was big enough to fit a phone. In 2017, this talented young woman started Wise Pocket Products with $10,000 of her own money. For a kid, that’s a lot of money!
While building her company, Overton also kept social issues in mind. The Bentonville student estimated that at least 600 of her classmates were homeless, so she pledged to donate one pair of socks for every pair she sold.
With her parents’ support, she filed for a patent and received help from Startup Junkie and the local chamber of commerce. In 2018, she launched an IndieGoGo campaign that raised $10,000 and brought in $16,000 in sales before moving on to Tank.
Shark Tank
The then-13-year-old appeared on Season 11 of Shark Tank and asked for a $30,000 investment in exchange for a 15 percent stake in her company. She needed the money to streamline production, as she could only produce 100 products per month.
After introducing her product and its uses, the people behind her performed a dynamic dance routine, showing how the socks can keep you from dropping your phone during explosive moves.
While Kevin O’Leary and Mark Cuban were talking about why they were backing out, Lori Greiner and Daymond John teamed up backstage. They offered $30,000 for 33.33%, but were impressed when Sophia countered with a bid of $35,000 for 25%.
Lowry and Diamond accepted the offer. Diamond was particularly interested because one of his most successful deals was with another sock-related company called Bombas.
Post-Shark Tank Updates
According to Sharktankblog.com, the deal with Lori Greiner and Daymond John was done. However, the licensing deal was never completed and Wise Pocket Products folded.
The website, wisepocketproducts.com, has been taken offline and can be purchased on GoDaddy Auctions. Additionally, the company has not posted anything on Instagram since August 2020, and fans of the show have left comments asking if they are still in business.
Sophia has not posted anything online to confirm the reason for the closure. The most likely reasons are manufacturing issues caused by the pandemic and schoolwork. It seems unlikely that she plans to restart the company and may be more focused on education. Although things did not go as expected, it is always amazing to see young people selling products on the show “Shark Tank”.
Categories: Shark Tank
Source: svlsf.edu.vn