Le-Glue Before Shark Tank
Building bricks are one of the best-selling toys in the world, but it is a bit problematic if builds are frail and break apart easily; that is where Le-Glue comes in. Le-Glue is an easy-to-use paste sold in a squeezable pouch or a plastic tub. The paste can strengthen building bricks and help them stick to each other firmly. Le-Glue is strong and glues the building bricks together to ensure a steady build without any chance of breaking. The building bricks can easily come apart if submerged in water for around 20 seconds. This method provides a simple yet effective way to keep building bricks held firmly together without the slightest chance of anything breaking. Le-Glue is non-toxic and easy to use, which is its best selling point.
Le-Glue was invented at the end of 2014 when the founder, 10-year-old Tripp Philips from Georgia, had two options for a school project; to write a paper or come up with an invention. Tripp had to invent a solution for a problem he faced every day while playing with his favorite toy, building bricks. He decided to create a glue strong enough to ensure his building-bricks creations did not fall apart as he played with them, but at the same time not permanent.
His teacher loved the invention so much that she signed him up for the “International Torrance Legacy Creativity Award” competition. Le-Glue worked so well, that it won first place in the “Toys and Games” category of the competition.
Tripp Phillips was able to get a utility patent for his invention and start his company at an incredibly young age. He founded Le-Glue and, with the help of his father, began to produce, market, and sell his product online. He started a Kickstarter page for the product, which got 73 backers and raised $3,398. Tripp’s goal was to team up with a company that would include Le-Glue in each of its toy building bricks set.
With his very own company and invention, Tripp decided to go on Shark Tank and seek an investor that could guide Le-Glue to success.
Le-Glue on Shark Tank
Tripp Phillips, accompanied by his sister and father, appeared with his company, Le-Glue, on the season 10 premiere of Shark Tank. He was seeking $80,000 for 15% of the company. The young entrepreneur pitched Le-Glue to the impressed sharks. Kevin O’Leary inquired about his patent; Tripp said it was a utility patent, and his attorney told him he was one of the youngest patent holders in the US.
Tripp told the sharks his backstory and how he came up with Le-Glue. Jamie Siminoff, a guest shark during that episode, commended the young entrepreneur on his presentation, and he wanted to know more about the business. Tripp claimed that Le-Glue had $32,000 in sales that year up until the end of May, $52,000 the year before, and lifetime sales of around $125,000. He said most of the sales were online through the company’s website.
Kevin inquired about the production and selling costs. Tripp replied that it costs $0.43 to produce, and they sell it for $8.99. He said that he has always been a fan of Shark Tank, and being able to come on the show with his own business was a dream come true.
Kevin O’Leary offered Tripp Phillips the $80,000, but he will have 50% of the profits until the $80,000 is recouped, at which point his stake will drop to 20%. He claimed that he could get Le-Glue a licensing deal and if that failed he wouldn’t get any stake in the company, which is a win-win for Tripp.
After hearing that offer, Jamie Siminoff dropped out of the deal.
Daymond John agreed with the licensing route. He stated he didn’t have many connections to toy companies, but he will help Tripp by partnering with Adhesive giant 3M. Daymond offered Tripp the $80,000 for 25% of the company.
Lori Greiner exits the deal because she couldn’t offer Tripp anything better than the two offers by Daymond and Kevin.
Mark Cuban followed Lori, saying he couldn’t do better than any of the offers, so he also dropped out of the deal.
Tripp provided Daymond a counter offer, $80,000 for 20%. Daymond refused. Kevin said he wouldn’t get any equity from the company if his licensing deal didn’t go through.
After silently discussing the offers with his father, Tripp decided to take Kevin’s deal. Kevin commended Tripp on his presentation and company as he shook hands with him. Tripp and his father said they were looking forward to working with Kevin to make Le-Glue a success.
Le-Glue Now in 2024 – The After Shark Tank Update
Le-Glue continued growing since its appearance on Shark Tank. They started working on marketing and securing a licensing deal for their product. After just a year since their deal with Kevin O’Leary in Shark Tank, Le-Glue made over $500,000 in revenue, which is a massive improvement from the earlier years. Within just two years, Le-Glue had seen over a 500% increase in sales, averaging around $35,000 in monthly revenue.
In 2020, Le-Glue also started creating hand sanitizers using their machines and funds to help local communities combat the Covid-19 pandemic at the time. The company donated hand sanitizer to the Dalton Fire Department and health care workers during the pandemic.
In 2021, after being nominated twice, Tripp Philips was selected to win that year’s 2021 GAGC Distinguished Teen Award. Tripp and his father gave public speeches and talks about what it takes to become a successful business owner. At the end of 2021, Tripp bought his first car on his birthday using the money he earned from his company.
In 2022, the company has continued growing its market and searching for partners to put Le-Glue in every toy store in the US. All in all, Le-Glue’s decision to take Kevin O’Leary’s deal was the right one; their business has massively increased its sales and revenue since they partnered with Kevin. Their appearance on Shark Tank and getting Kevin as an investor made Le-Glue the success it is today in 2024.
