Squid Socks Before Shark Tank
Husband-and-wife duo, Gabe and Jessica Miller, founded Squid Socks in 2014. Prior to inventing these socks, Gabe was, and still is, working as an engineer. His wife, Jessica, used to work as a business operations manager; however, she transitioned to become a stay-at-home mom. Between the two of them, they have both wanted to become entrepreneurs at some point in their lives. As parents, what better way to kickoff that entrepreneurial dream than by creating a product that would not only help them, but one that would help other parents as well. So, they got to brainstorming and eventually came up with the idea for Squid Socks.
Squid Socks are children’s socks that were designed to prevent children from being able to pull them off. The socks are made from a combination of spandex, nylon, and polyester, giving it a comfortable and stretchy, yet tight fit. The inner portion of the socks have non-slip dots on them, often referred to as squiddy dots, which are great for keeping the socks from sliding down. These squiddy dots are also on the bottoms of the socks, as well as an elastic band placed around the cuffs. Additionally, Squid Socks are made with colors and designs that won’t fade even after dozens of washes. They also won’t shrink or stretch. From newborn babies to children fitting in size 4, these socks are made for them. The company also offers gender-neutral styles, along with their boys’ and girls’ styles. Squid Socks can be found on Amazon, Nordstrom, and the company’s website, and they come in a pack of three for just $24.
The inspiration for Squid Socks came to Gabe and Jessica while they were on their honeymoon trip to London. During this time, they decided to stop for a visit with Gabe’s cousin and his family. While they were there, Gabe’s cousin was constantly dealing with their son’s socks falling off. Frustrated, the parents made a comment about how it’d be nice if there were a solution to keep children’s socks from falling off. Gabe and Jessica, wanting to begin their dream of becoming entrepreneurs, were stuck with that comment in mind for the remainder of their time there. Though the Millers didn’t have children at this time, later that night, they began brainstorming ideas on how this problem could be fixed. They eventually came up with their idea of non-slip socks, which their family and friends immediately praised them for.
When it came down to naming their invention, they named it after their nickname for their children. By this time, they now had two children, and they’d always call them ‘squids’, hence the name Squid Socks. Now that they have children, they know first-hand what a lifesaver their Squid Socks have become. They also have proof that the socks do indeed work. For that reason, they’d like to expand their business and distribute more socks to families like theirs. Nonetheless, they need sharks help in order to grow their business and to increase their capital. Can Gabe and Jessica land a deal with a shark?
Squid Socks on Shark Tank
Gabe and Jessica Miller enter the Shark Tank in search of a $125,000 deal in exchange for 20% of their business, Squid Socks. Starting their pitch, the couple gives each shark a sample of the socks while they showcase how they work, using their children as proof. After the comedic demonstration concludes, the children leave while Gabe and Jessica finish their pitch. They tell the sharks about their goals and explain why they’re needing a shark’s investment. To help them increase their capital and grow their company further. During this time, they also revealed that they’re needing some assistance with manufacturing. Already, the sharks are impressed, and they enjoyed the little performance put on during the introduction to the product.
Nonetheless, the pitch takes a bit of a turn once the couple starts talking numbers. They told the sharks that they’d made $400,000 in sales within 16 months. They revealed that they were also in the process of transitioning to new manufacturers. Now, they sharks do believe that the concept of the Squid Socks is brilliant; however, the sales numbers concern them. Due to that, most of the drop out of the deal. Lori Greiner did state that she didn’t feel that Squid Socks was the right business for her to invest in. Kevin O’Leary, on the other hand, tells the couple that he thinks it will be too difficult to market this kind of a product.
While this pitch may have been starting to go opposite to how the Millers thought it’d go, they did receive two offers. The first offer was from Robert Herjavec. He offers them $125,000 in exchange for 40% of their business. Daymond John chimes in next to offer them $125,000 in exchange for 33.3% of their business. After hearing Daymond’s offer, Lori jumps back in to ask if he is willing to partner with her on the deal, but he says no. Robert adjusts his offer to a $250,000 investment in exchange for the 40%. This starts some negotiations, leading Robert to eventually decrease this offer to $125,000 for a 30% equity. Daymond wants to help them with licensing. Overall, Gabe and Jessica Miller decided to accept Daymond’s deal due to him being experienced in the sock industry.
Squid Socks Now in 2023 – The After Shark Tank Update
After appearing on Shark Tank, Squid Socks became more in demand and received a spike in orders, which took the team about two weeks to completely fill and ship. As for the deal with Daymond John, the deal was closed; however, it’s been said that Daymond checks in with the founders often. There has not been any mention of the licensing that Daymond mentioned in the Shark Tank episode. The Millers ended up using Daymond’s investment towards restocking their inventory after receiving and filling all those post-Shark Tank orders.
In other news, Squid Socks was featured in a few media outlets such as The Today Show and Parents Magazine. Between these outlets, the product was named a genius baby product and a hot holiday item for 2018. Squid Socks can now be found in Beth, Bath, and Beyond, as well as on Amazon and a few other small businesses in the United States. On Amazon, the product has received multiple 5-star reviews, followed by great comments such as happy customers praising the creation. As of 2023, Squid Socks has an estimated annual revenue of $3 million; however, it is continuously growing still.