Friday, December 9, 2022

Le-Glue 2022 Update – What Happened After Shark Tank

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.

Tripp worked with his father until they invented a solution, Le-Glue. Tripp then demonstrated the invention to his school, and both teachers and students loved it!

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, very interested in the business, wanted to know what Le-Glue’s plans and means of distribution were. Tripp’s father said that Tripp’s goals for Le-Glue had always been to partner with a large company that could include his product in their sets. Kevin liked that and offered to help by introducing him to the big toy companies and getting a licensing deal.

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 2022 – 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 2019, Tripp Philips and his family were featured on Channel 12 News with their company, Le-Glue. Tripp entered and won $5,000 at the Inaugural PitchDIA contest. They also attended the annual New York Toy Fair, and Tripp pitched Le-Glue to buyers and sellers at the fair. A year later, they were featured on ABC 20/20 Shark Tank Greatest of All Time. Tripp was a candidate for one of the best pitches in the show, and he was featured in the Greatest Baby Sharks of All Time segment.

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 2022.

Dan Bridges
Dan brings a love for novels and anything tech-related to the Gazette Review. Fun fact: he was the reigning chess champion at his high school.
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