Friday, June 14, 2024

EvRewares 2024 Update- What Happened After Shark Tank

EvRewares Before Shark Tank

Ellie Brown and her sister, Becca Nelson, have just entered the Shark Tank in order to find an investment of $100,000 in exchange for a 30% equity stake in their business, EvRewares. The two sisters start by introducing their product; EvRewares are stickable fabric accessories that add instant fun to any occasion, like their flagship product, the Sticky Tie. Basically, the Sticky Tie turns an ordinary t-shirt into extraordinary, and to demonstrate this, Becca rips the Sticky Tie off her shirt. Sticky Ties are reusable, won’t tear or lose their shape. The sisters then demonstrate more models of the EvRewares product, adding on a tie and bowtie to their shirts. Plus, should you happen to spill something on your EvRewares, it can easily be wiped off and it won’t even stain!

EvRewares on Shark Tank

The two sisters return to business and place back on the Sticky Ties that they had entered into the Shark Tank with, and pass out special samples to each Shark that has been specifically designed for them. Barbara receives a red tie with a Zorro mask on it, with a thought bubble that says, “I’m a hero, not a zero!” Robert receives a tie that says, “Kiss me, I’m Croatian” and of course, Kevin receives a Sticky Tie of a $100 bill with his face on it. Robert then asks about sales, turning the business to more serious matters at hand.

Ellie reveals that, to date, they have had a revenue $600,000 since 2011, while this episode was filmed in late 2013 to 2014. Kevin asks about the sales this year, which Becca prefaces that it has been a “different” year and to punctuate this point, Mark’s tie flops over and falls off. The main reason that the two sisters have come to Shark Tank was due to some circumstances that they fell into; last year, they gained major traction and sold $300,000 worth of product to Party City, the Container Store, and various other retailers. Lori asks if those products have been reordered, but Ellie says that they have been struggling with the rate of sell-through; meaning, lots of people picked up the product and looked over it, but few people actually pulled out their wallet for EvRewares.

Since EvRewares is such a brand new concept, it requires massive amounts of consumer awareness. Kevin points out that they delisted it, but Ellie confirms that no stores have actually delisted any of their EvRewares products yet and that they would confirm to reorder. The products are being sold online, but not being displayed in the stores, which could cause a serious problem for the two sisters. Fortunately, just appearing on Shark Tank is most likely enough to boost awareness about the product and get more product moving.

Robert asks about forecasted sales for this year, the year of 2014. Right now, EvRewares is only on pace to sell about $50,000 of product, which alarms all the Sharks. Kevin even jokes, “pull up! Pull up!” like an airplane, while Becca explains that the two of them are trying to figure out how to move the product for. Kevin voices his thoughts that the consumer has spoken and they are not interested in the EvRewares products. However, the two sisters made a conscious decision at the end of 2013 to slow down their pace and figure things out, or namely, figure out why their products have been dropping off in sales. When 2014 began, things moved quickly since they had to build a catalog, start the production, hire on new people, spend money on trade shows and manage the entire business while serving as administration and the production.

Robert points out that things are not working, and Kevin agrees; the two sisters put the product out there and sales have been decreasing year after year, although Becca disagrees since the $50,000 has come from the two sisters making a conscious decision to slow their role down in the business. Nobody chooses that type of business only to die a horrible death from falling sales, Kevin explains. Although, the two sisters are from the Southern United States and Ellie jokes as she turns to Becca, “Bless his heart.” Although, Kevin has a point – those sales are going down to zero.

Money never looked so... right. Or bald
Money never looked so… right. Or bald

Barbara then interrupts and has a question – Kevin interrupts and asks her if her question is that they are going down to $0 – Barbara asks what the Sticky Tie will retail for. Currently, Sticky Ties have been retailing from $4.99 to $7.99, which prompts Barbara to ask why the cost of producing one Sticky Tie unit is so high. Becca explains that it is something that can be reused over and over again, and the sticker is a premium fabric product. Robert focuses on what each Sticky Tie costs to make, and Becca says that on their large scale production, they can get the cost of each Sticky Tie down to $.50 per package, labor and overhead included.

Mark then asks for the manufacturing process of how Sticky Ties are made, and Ellie explains that they receive the fabrics from an exclusive supplier of the material. The material is patented, and the two sisters have an agreement with the supplier. Kevin points out that the two have the most expensive sticker in the party store industry, since he intends to just throw out the tie the morning after a party or purchase a $.99 sticker and save a lot of money. Even though Ellie points out that the sticker will be inferior quality and will begin to peel and fall apart, Kevin exclaims that he just doesn’t care since it’s such an inexpensive, silly product.

Kevin continues on his rant; 99% of the market does not care that it’s renewable. However, Lori speaks up, saying that several years ago, she invested in something similar to EvRewares and it ended up being very difficult to sell and advertise. People did not want to reuse the ties, and with Lori’s experience in the same type of industry, she does not want to tie herself up in this offer. Lori is the first Shark out.

Kevin says that he looks at Ellie and Becca as entrepreneurs that have gone through a three year process, and the more time that is spend, the more productive time is wasted. The two sisters are good enough and have proven that they can build businesses, but the idea sucks. Kevin calls EvRewares “a dog from hell,” and exits the deal. After he exits, Ellie and Becca appreciate Kevin’s sentiments, but ultimately are head-over-heels in love with their product. Kevin begs the two of them to listen to him, although Ellie says that they would love to learn more from the Sharks.

Mark points out that, evidently, they have not learned a lot in their three-year venture of issues and owning the EvRewares business. Barbara speaks up next, saying that the two ladies love designing, but are not part of an entrepreneurial venture that she wants to tie up her capital in. Barbara is also out.3

Robert agrees with Kevin’s sentiments – rip free, reusable or stain free, the fact is that nobody cares. So, Robert is also out of the deal. Mark then points out that the name sucks, and Kevin agrees since he thought it was glasses. Ellie jokes that “it’s fantastic being here,” since the Sharks are ripping her product apart. However, they have come into a challenge and want to learn how to overcome the hurdle and they are having fun and learning doing it.

Mark breaks the entire flow of the Shark Tank when he declares he is going to make an offer. Mark proposes an investment of $200,000 in exchange for the entire business, which is one of the biggest acquisitions offered on Shark Tank. Mark is the sole remaining Shark, as well. Mark voices that he believes the two of them are lost and they are designers, not entrepreneurs; he likes the idea and likes that the two of them have been managing to stumble through on their own, but they just do not know what they are doing. So, Mark would purchase the business and contract the sisters to work for him, giving them a safety net of financial security at the cost of no longer owning the company.

Kevin asks if Mark just would not start his own business, but Mark dismisses Kevin with a wave of his hand and says that it would cost well more than $200,000 to start up a similar business. The two sisters ask for permission to step outside and discuss amongst themselves, which Mark grants. All of the Sharks lambast Mark, with Kevin saying that he could do it for $50,000.

The two sisters, located in the hallway, are distraught as they weigh the pros and cons of accepting the deal from Mark. They return to the Shark Tank, still flabbergasted on what they are going to do.

In the end, Ellie and Becca tearfully accept Mark’s offer, letting their baby and beloved company go into the hands of Mark Cuban. Mark makes an unheard-of promise that he will take care of the company and the sisters’ children, and gives them a big hug. Mark points out that he sold his company for $5.7 billion dollars, and he was sad for only a minute.

EvRewares Now In 2024 – The After Shark Tank Update

On the show, Becca and Ellie reluctantly let go of the company after an emotional conversation. In the end, however, the deal with Mark, who had offered to buy evREwares, never went through. According to sources, the sisters had changed their minds after the show aired.

They later told ABC11 that they had got caught up in the moment. Mark and his team had reached out, as promised, right after the show, but they simply couldn’t go through with it. In terms of how he’d reacted, the sisters had said that he was “so nice about it”. He even offered free advising services to help turn the company around, which they happily agreed to.

evRewares website
What their official website looked like in 2015

And like most businesses, their website saw a huge increase in traffic after the episode of Shark Tank aired (they allegedly received more than 1,000 visitors per minute) However, only a portion of the clicks turned into sales; they didn’t sell nearly as much as they’d expected (the traffic boost had resulted in approximately $10,000 in sales). And that’s with their “Shark Tank Special”, which gave customers free shipping and two free Bacon Big Guy Sticky Ties

In the end, the company only lasted for a few more months (even with Mark acting as a free advisor). They officially went out of business in December 2015, just a few months after appearing in the tank. Not only did they shut down their site, but they also deleted their social media pages. Interestingly enough, someone seems to have bought their former domain as it now operates as a news blog.

sticky ties
They offered their Sticky Ties for various occasions including Birthdays, Retirements, Graduations, and more

Prior to closing, they had various products available including Sticky Ties for birthdays and retirements. Not only that, but they also offered ties for holidays such as Christmas, Halloween, Father’s Day, and St. Patrick’s Day. Drink labels, Sticky Words, and Sticky Sashes were also available from their official website.

What are the sisters up to now in 2024? We’re not too sure. For one thing, Becca still has EvReware listed as her place of employment on LinkedIn. And we couldn’t find Ellie on the site. For all we know, she may still be a stay-at-home mom (she had worked as a pharmaceutical sales rep for many years previously).

As for their other partner, Jennifer Pittman (she did not appear on the show), who had created most of the artworks for their designs, she’s currently self-employed and works in graphic design, branding, advertising, and content management, according to her LinkedIn Profile.

Needless to say, we probably won’t be seeing the sisters back in the tank anytime soon.




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