Wise Pocket Products Before Shark Tank
Keeping one’s cell phone on hand while sporting clothing with no pockets can be tricky. Sure, the phone could just be held onto, but what about for individuals who are taking part in athletic activities? Luckily, one young entrepreneur understood this struggle and was able to come up with a helpful product to ensure that kids can carry their phones hands free.
Wise Pocket Products is a company that manufactures socks that are equipped with pockets. The socks were created as a clever, convenient way to hold personal items when one’s clothing doesn’t have pockets. For example, Wise Pockets Socks are perfect for holding cell phones, cash, smaller accessories, and much more. These socks come in a variety of designs such as Hawaiian-themed socks, White and Splatter socks, and even Tweed socks. They’re available for purchase on Amazon, as well as the Wise Pocket Products website and a few additional retailers.
The creator of Wise Pocket Products, Sofia Overton, started her brand when she was just 11 years old with the determination to make life easier for kids her age. Sofia came up with the idea for her company after noticing that her cousin was struggling to hold onto her phone without any pockets. Her cousin attempted to put her phone in her boots, and when Sofia tried doing the same, she realized ho uncomfortable and impractical that method was. She stated that the phone repeatedly slid down to her ankle. This is when she set out to create a solution to this problem for herself, her cousin, and other athletic children.
Back home, Sofia had quite a collection of socks already. Her collection helped inspire her to come up with a sock with a pocket. With a design in mind, Sofia created her first prototype. Fortunately, all she had to do was stitch a decently sized pocket inside a sock. She then tried to slide her phone into the pocket; it fit perfectly. The pocket in these Wise Pocket Socks stops phones from being able to slid down. But these socks can hold more than just a phone, which became a huge help for athletic kids. Sofia made the socks in such a way that a kid could store their inhalers or epi pens to keep on hand.
Sofia launched Wise Pocket Products in 2017 with $10,000 that she had saved up herself. While her parents were always available for support and any needed assistance, Sofia mostly did this launch herself. Her parents did, however, help her get a patent established. Her local Chamber of Commerce, as well as Startup Junkie, helped her out along the way as well. Shortly after, Sofia took part in an IndieGoGo campaign, where she was able to raise $10,000. From those orders, she made a profit of $16,000.
Later on, in 2018, she started donating her socks to at least 25 children’s shelters for the homeless. She also made plans to start donating a pair of her socks for each unit that is sold. Given that she has discovered there are 600 homeless students near her, these donations will make an incredible change in their lives. Sofia has already made quite the company, and the impact; however, she wants a shark’s help with turning her brand into a successful business.
Wise Pocket Products on Shark Tank
Sofia Overton introduced her Wise Pocket Products socks on Shark Tank. She’s hoping for a deal of $30,000 for a 15% equity in her brand. She hands each shark a sample, while she tells them about her product and how she came up with the idea. Furthermore, she adds in that she is seeking an investment so that she could put it towards her production; she’s only able to manufacture 100 pairs of socks at this time. Once she finishes her pitch, a few background dancers show off their moves while demonstrating that the phones will remain inside the socks.
The sharks love the idea, and they’re became highly impressed when she mentioned that she started the brand with her own $10,000. Considering she was only 11 years old when she launched, that savings was a great success on its own. Unfortunately, when the sharks hear that she has only made $16,000 in sales up until the episode, some of them begin to drop out. Kevin O’Leary leaves first, stating that the sock industry just isn’t for him. Mark Cuban goes out next; however, he first commends Sofia for her financial responsibility when starting her company. Though, he won’t invest because he isn’t too educated on this niche.
During Kevin’s and Mark’s statements, Lori Griener and Daymond John were having their own conversation in the background. They decided to team up and offer Sofia $30,000 for a 33.3% of Wise Pocket Products. They tell her that they would like to help her with her production needs, as well as getting her a licensing deal. Daymond previously invested in Bombas, another sock brand, so he is eager to see how Sofia’s brand will play out. Sofia counteroffers the duo for $35,000 and a 25% equity. While this surprises Lori and Daymond, they accept and Sofia leaves the Shark Tank with a duo deal.
Wise Pocket Products Now in 2023 – The After Shark Tank Update
Since the airing of the Shark Tank episode featuring Wise Pocket Products, the deal Lori Greiner and Daymond John made with Sofia Overton has been closed. During the time of the show, Lori and Daymond stated that they wanted to assist Sofia in getting a licensing deal, and while that hasn’t happened yet, it’s possible it could happen at a later date. Sofia’s brand remains in business, although there hasn’t been much marketing being seen on social media.
Overall, the publicity from the Shark Tank episode did cause a spike in sales. Although the most recent sales have not been shared, the last reported amount was an estimated $300,000. A later plan had been announced hat Sofia was working on launching Wise Pocket Leggings as well, but that has not happened yet at this time. The website is still active; however, all the products appear to be sold out. This doesn’t necessarily mean the business is closing, Sofia could just be busy in her personal life.