SoapSox is one of the developing companies. It is number one when it comes to the stuffed toy to support children when taking a bath. It is well-loved by both children and parents. As one of the most successful companies, it is normal when everyone wants to know the details about it, including about its net worth. So, how much does it worth?
Unfortunately, there is no information about the net worth of SoapSox. The only information about the company that is available on the internet is about its participation in a program for the entrepreneurs aired on ABC called Shark Tank. Beside everything about it, it is hard to find the other information.
If you are not familiar with SoapSox but you are interested in it as you saw it once on the TV or you bought a product of it for your children, this post will feature information about the company.
SoapSox Before Shark Tank
SoapSox was founded by Ray Phillips and Alvin Uy who came from the same neighborhood in Eagle Rock, Los Angles, United States. They actually did not know each other when they were younger and became good friends after Alvin married a friend of Ray from high school.
Ray Phillip has a son and he was working as a Program Director in a residential treatment facility for traumatized children. As he has been with children all of his lives, he was aware about many things related to children, including about the bath time that was believed as one of the scariest experiences for children. Ray once met a little boy who was really scared to take a bath. Seeing the situation, Ray tried to talk to him as he clutched his stuffed toy for support. The boy relied on the stuffed toy and did not want to let go of it. Not only that, he also did not want it to get into water and get wet.
From his experience meeting with that little boy, Ray got an inspiration. The man took another stuffed toy and put a sponge inside it. He then concluded that the little boy found the new sponge toy fun and exciting and taking a bath was no longer scary thanks to its support.
Knowing that the stuffed toy is such a fun thing and is loved by children and parents, Ray Phillips then teamed up with his friend, Alvin Uy. Just like Ray, Alvin was also a father to young children. He worked for a company that specialized in product design and development as a CEO. He was the one needed by Ray. Both of them then came out with SoapSox and spent the next two years designing everything and finally producing the first SoapSox prototypes.
SoapSox on Shark Tank
Both Ray Phillips and Alvin Uy knew that Shark Tank has helped many entrepreneurs. At first, they sought support from the Kickstarter crowd funding community in August 2013. Their target was getting $45,000 so that they could finance the patent application process, conduct certified safety tests and fun the tooling process. Fortunately, they met the goal and collected a total of $52,000 from more than 600 backers.
Seeing their business started to see a light, Ray decided to focus more on his SoapSox business and dropped out from his work. They started to get a decent amount of order from major retailers and they were having a hard time to process everything with a short period of time. Not only about the time, they also needed help with investment and logistics. In October 2014, these two decided to make an appearance on the show aired by ABC known as Shark Tank.
When they are on the Shark Tank, Ray Phillips offered 10% of the company for a $260,000 investment. John was interested in the offer but instead of 10%, he wanted 33% of the company stock. Aside from John, Grenier and Herjavec also put interested in the company and teamed up to offer $1 million to get the company outright. Unfortunately, no one of these offers accepted by Ray Phillips.
SoapSox After Shark Tank
SoapSox is currently doing well even though it did not secure a deal on a program called Shark Tank. After a year and a half making an appearance on the show, it keeps getting successful. Here is the success story after the show.
When SoapSox was on the Shark Tank show, it won a Juvenile Products Manufacturers Association or JPMA innovation award in Las Vegas. Shortly after that, the founders, Ray and Alvin, announced to the public that the SoapSox range were now being sold in more than 50 Nordstorm stores within the country. They had successfully improved their manufacturing capabilities and now are able to cope with the high demand thanks to the appearance on the show.
SoapSox is such a good product and it appeals to both children and parents. The company has a strong image and interesting logo that is loved by both children and their parents. The media appearances and brand recognition keep getting better. Now, the product is more affordable and one can buy a product from the official website of SoapSox for only $12.99.
SoapSox might have declined the offer offered by Daymond John, but it does not let them down. Everyone in the team has now tasted the fruit of success, especially when it comes to the bath time. Since the show, the company has established a collaboration with Disney Baby and the products are now not only available on the official website but are also available at a lot of baby and gift stores. Plus, they also can be found in marketplaces such as Nordstorm and Amazon.
The Other Businesses That Turned Down Shark Tank Deals
SoapSox is not the only one that turned down the Shark Tank deals. Beside it, there are some other ones, including Cinnaholic, CoatChex, Coffee Meets Bagel, Copa Di Vino, Echo Valley Meats, Eco Nuts, First Defense Nasal Screens, ISlide, and many more.