shark tank ideas

9 Shark Tank Ideas That Will Inspire You

Elena Hudgens
By Elena Hudgens 9 Min Read

Shark Tank is a show on which investors listen to business owners pitching for funding. To invest, the Sharks typically require that an entrepreneur has a stake in the company- usually a percentage of ownership and profits. The Shark Board (the governing body) also decides how much money will be invested and what kind of share each Investor gets in return. To determine how much money to support and how much percent ownership each Investor is willing to consider, it all comes down to forecasting revenue, earnings and applying valuation criteria such as income potential and future growth rates.

The ABC’s entrepreneur pitch show Shark Tank has seen it all. The show’s premise, now in The belief of the 12th season, is straightforward: inventors and entrepreneurs present their inventions to real-world investors (called sharks). The sharks assess the items and determine whether or not to invest their own money in the startups.

Throughout the World,  more than 200 episodes have aired. The show has exposed its audience to some of the silliest inventions ever conceived, from alarm clocks that wake you up with bacon on them to a scented candle that simulates the most alluring scents to attract a man (apparently beer, pot roast, and barbecue), the show has exposed its audience to some of the silliest inventions ever conceived. However, over time there have also been some great ideas pitched by entrepreneurs who just needed an investor who had deep pockets for them not only to take off but make them money on this venture! 

Here are some examples of Shark tank Ideas:

1. Scrub Daddy

Scrub Daddy is one of the shark tank ideas, a lab-tested reusable super sponge that earned $200,000 from Lori Greiner in exchange for a 20% stake in the company. It has racked up sales of more than $50 million. The unscented washing sponge with a cheerful face can last two months.

In cold water, it remains challenging, but in hot water, it softens.

Scrub Daddy Pitch is worth seeing (Shark Tank Season 4)

2. Groovebook 

Turn your smartphone images into a funky album.

Groovebook is a smartphone software that allows users to order prints of images taken with their phones. It received $150,000 in exchange for 80% of licensing income from Mark Cuban and Kevin O’Leary. It was later sold to Shutterfly for $14.5 million in 2015. With India’s expanding population of smartphone and internet users, this concept has the potential to take off.

Groovebook’s Shark Tank Pitch (Season 5)

3. Breathometer 

 Check your blood alcohol level while you’re out and about.

Breathometer is a smartphone app that displays the user’s blood alcohol content. It aired in the fifth season and was funded by all the sharks. It has expanded its company by introducing a new product, Mint, monitors dental health. With millions of deaths on the road due to drunk driving, this concept could be a hit.

Beathometer – Beyond the Shark Tank is a must-see video.

4. ReadeREST 

ReadeREST is a magnetic pocket filler that keeps eyewear attached to the user’s shirt when not in use. The clip holds the spectacles from falling out of the pockets or bending. Rick Hopper, the company’s creator, acquired Lori Greiner’s assistance and had over $27 million in sales. The item may be purchased for $10 on Amazon.

5. The Bouqs 

The service: an online flower shop that works with environmentally responsible farmers.

When the entrepreneurs proposed the concept on the show in 2014, no sharks bit, after purchasing flowers from The Bouqs for his wedding, Canadian entrepreneur Robert Herjavec invested three years later.

$100 million in sales

6. The Bombas

The product: comfort socks and, more lately, T-shirts; for each item purchased, the company contributes an article to groups that assist homeless people; to date, it has donated over 40 million things to over 2,500 community organizations.

Biting shark: Daymond John, the founder of FUBU, a global hip-hop apparel business ($200,000 for a 17.5% interest)

Sales: After realizing that socks were the essential item at homeless shelters, co-founders David Heath and Randy Goldberg were inspired to create Bombas; since then, lifetime sales have reached $225 million.

7. Squatty potty 

The brand is a personal care company best known for its toilet stool, which makes bowel movements more comfortable.

Biting shark: Lori Greiner ($350,000 for a ten percent share in the company)

Sales: In 2015, the company launched a viral video that earned $19 million in sales, attracting the attention of Dr. Oz, Howard Stern, and other celebrities, and resulting in overall lifetime sales of $164 million.

8. Fit Board

The item is one of shark tank ideas and an exercise board on which you stand and twist.

Biting shark: Lori Greiner ($125,000 for a 20% interest in the business)

Sales: $160 million (the company made $1.25 million in sales within 24 hours after the episode aired in 2015).

9. Bombas

This is also one of the shark tank ideas, in which the products are comfort socks and, more lately, T-shirts; for each item purchased, the company contributes an article to groups that assist homeless people; to date, it has donated over 40 million things to over 2,500 community organizations.

Biting shark: Daymond John, the founder of FUBU, a global hip-hop apparel business ($200,000 for a 17.5% interest)

Sales: After realizing that socks were the essential item at homeless shelters, co-founders David Heath and Randy Goldberg were inspired to create Bombas; since then, lifetime sales have reached $225 million.

What is the most successful product in shark tank ideas?

The most successful product of Shark Tank is Bombas, which sells comfort socks and T-shirts. It has generated the highest sales from $225 million in lifetime sales, and it has developed the highest sales. Daymond John, founder of apparel company FUBU, invested in the company with $200,000 in funding. It has since donated over 40 million items to community organizations. Following Scrub Daddy and Squatty Potty are both companies that have brought in high sales: Bombas with a total of $209 million and Squatty Potty with a total of $164 million.

What Shark Tank ideas products made millions while failing?

Several Shark Tank products have failed but made a lot of money. Ring, a doorbell that integrates with a smartphone and camera, was rejected on the show but has since become a one-billion-dollar company thanks to an acquisition by Amazon. Coffee Meets Bagel was pitched to the sharks in 2015 and was unsuccessful; the Seafood burger company Chef Big Shake asked for $200,000, and a 25% stake in the company- their sales jumped from $30,000 to an estimated $5 million after appearing on the show.

Conclusion 

The show has been running for continuous 11 years and has substantially contributed to the American start-up environment.

There have been a few attempts to produce such performances in India, but nothing as significant.

However, aspiring Indian entrepreneurs might draw inspiration from the Shark Tank ideas and embark on their entrepreneurial adventure.

The Shark Tank stage has seen a lot of shark tank ideas and a lot of duds over the years. The list of some successful products illustrates that new ideas are still welcome. Without a doubt, Shark Tank will continue to launch great entrepreneurs and products by providing visibility to millions of viewers and investment from shark investors.

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Posted by Elena Hudgens
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Elena Hudgens is an entrepreneur with 10+ years of experience. She started her journey by building her own e-commerce website on Shopify and turned her $1000 savings to millions in just 2 years. Soon she started different ventures in which she failed and succeeded. And now, she's on a mission to help other entrepreneurs with her life and business lessons.
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