In the ever-evolving world of innovative products, DrainWig stands as a shining example of how a simple yet effective solution can not only revolutionize everyday living but also captivate the attention of viewers on a global stage. Featured on Season 9 of the renowned television show Shark Tank, DrainWig has become a household name for those seeking to bid farewell to the age-old problem of hair-clogged drains. In this comprehensive article, we will dive deep into the world of DrainWig, exploring its inception, the minds behind it, its remarkable journey on Shark Tank, and what has transpired since. Let’s embark on a journey through DrainWig Net Worth & its remarkable success story!
| Name | Drain Wig |
| Net worth | $ 2.5 million |
| Founder | Jennifer and Gifford Briggs |
| official website | drainwig.com |
| Founded on | 2013 |
Table of Contents
What Is DrainWig?
DrainWig is a game-changing innovation meticulously designed to combat the persistent issue of hair-clogged drains, especially in bathtubs. It presents a revolutionary solution for residential homes and hotels, where entangled hair often leads to frustrating and unsightly blocked drains. What sets DrainWig apart is its hygienic approach to catching and disposing of hair, all thanks to its wholly disposable design.
The brains behind this ingenious creation are Jennifer and Gifford Briggs, a couple based in Utah. With five daughters, they were no strangers to the challenges posed by long hair in their household. Constantly dealing with clogged drains in their showers and bathroom sinks, they were inspired to create DrainWig. Jennifer, a stay-at-home mom with no formal background in business or invention, and Gifford, an experienced businessman in sales and marketing, combined their skills and determination to turn a simple idea into a profitable business.
The Inception of DrainWig
The journey of DrainWig started from a home necessity and frustration. Jennifer was tired of constantly having to remove hair from their clogged drains. She knew there had to be a simpler solution than hiring a plumber or using harmful chemicals. With this problem in mind, Jennifer envisioned a device that would catch the hair before it became a clog, giving birth to the idea of DrainWig.
Before their appearance on Shark Tank, the Briggs ran DrainWig as a home-based business, initially selling their product online. Thanks to its effectiveness and simplicity, it quickly gained traction. Moreover, they successfully secured deals to get DrainWig into several major retail outlets. However, their early success made them realize the need for more capital and strategic partnerships to elevate their business to the next level. This realization prompted them to pitch their innovative product on Shark Tank, a platform known for offering such opportunities to promising businesses.
The Shark Tank Pitch of DrainWig
Jennifer and Gifford Briggs entered the Shark Tank with a compelling presentation of their problem-solving product. They exhibited a profound understanding of their target market, identifying the common issue of hair-clogging drains and showcasing how DrainWig effectively addressed this problem.
Their initial pitch to the Sharks was straightforward: they sought a $300,000 investment in exchange for a 5% equity stake in their business. At that time, they were grappling with a challenging licensing deal that was impeding their profit margins, and they aimed to leverage the Sharks’ expertise and resources to break free from it.
The shark’s responses were mixed. Mark Cuban, known for his sharp business acumen, decided to bow out early, expressing concerns about the extensive work required to extract the business from the existing licensing deal.
Sara Blakely, a guest shark, was impressed with the Briggs and believed in their ability to manage the situation without her involvement. She also didn’t want to dilute the Briggs’ shares further, leading her to exit the deal.
Daymond John and Lori Greiner, on the other hand, were keenly interested in the product. Both of them matched Kevin O’Leary’s offer of $300,000 for a 25% stake in the business. However, the Briggs countered with a counteroffer of $300,000 for a 10% equity stake, which was further adjusted to $300,000 for a 15% equity stake when their initial counteroffer was not accepted.
Sensing a unique opportunity, Kevin O’Leary took the plunge and accepted the revised deal. His belief in the product and his willingness to be the “nasty” friend the Briggs needed to confront their licensing issues played a pivotal role in his decision to invest.
The Post-Shark Tank Success of DrainWig
Following their appearance on Shark Tank, DrainWig experienced considerable success. The Briggs successfully managed to extricate themselves from the unfavorable licensing deal that had previously hindered their business. This strategic move significantly boosted their profit margin, providing them with the financial strength they needed to scale their business.
One of the key milestones in DrainWig’s journey was its expansion of the product line. By introducing various styles and designs, they aimed to cater to a broader market, enhancing the product’s visibility and availability to consumers.
With its newfound exposure and credibility, DrainWig soon became available on multiple retail platforms, including e-commerce giant Amazon, Bed Bath and Beyond, and retail titan Walmart.
Kevin O’Leary, the Shark who saw the potential in DrainWig, continued to endorse the product, validating his faith in the Briggs’ idea and investment.
The final deal struck with Kevin O’Leary entailed an investment of $300,000 for a 15% equity stake in DrainWig, highlighting the immense confidence and potential value he saw in the product.
The Ongoing Success of DrainWig
Even after the Shark Tank exposure, DrainWig has not rested on its laurels. The company has faced both challenges and triumphs along the way. The Briggs’ initial unfavorable licensing deal with an infomercial company raised concerns, but with Kevin O’Leary’s valuable assistance, they managed to rectify the situation and continue their journey.
Today, DrainWig has solidified its position as a reputable brand in the market, with a strong presence and a growing customer base. Their product’s continued success is evident in its impressive sales figures, with revenue totaling a remarkable $14.2 million. Available at major retailers such as Amazon, Bed Bath, and Beyond, and Walmart, DrainWig is celebrated for its effectiveness, affordability, and low-maintenance nature when it comes to addressing clogged drains and removing hair clumps. This success is reinforced by the consistently positive reviews the product receives on platforms like Amazon.
While the exact net worth of DrainWig is not publicly disclosed, Kevin O’Leary’s investment offer of $300,000 for a 15% equity stake suggests a valuation of $2 million. This valuation, juxtaposed with Briggs’ initial request for a 5% equity stake, which implied a $6 million valuation, demonstrates the substantial growth and impact the Shark Tank appearance had on the business.
Is DrainWig Still In Business?
Absolutely. DrainWig is very much in business and thriving. After their remarkable appearance on Shark Tank and securing a deal with Kevin O’Leary, the creators of DrainWig, Jennifer, and Gifford Briggs, have continued to steer the ship to success. Their partnership with O’Leary brought an invaluable infusion of capital and expertise.
DrainWig Net Worth in 2023
As of 2023, DrainWig’s estimated net worth stands at a commendable $2.5 million, a testament to the product’s unwavering success and the diligent efforts of its creators. The journey from an innovative idea to a thriving business is a remarkable one, and DrainWig’s journey embodies the spirit of entrepreneurship and innovation.
In summary, DrainWig is a shining example of how a simple yet ingenious solution can make a significant impact. Its journey from inception to Shark Tank’s success and continued growth is a testament to the tenacity of its creators and the power of innovation. As we’ve seen, DrainWig is not just a product; it’s a success story that continues to unfold, offering a tangible solution to a common problem faced by many.
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Frequently Asked Questions (FAQs)
1. What is DrainWig, and how does it work?
DrainWig is a revolutionary product designed to prevent hair from clogging up drains, especially in bathtubs and bathroom sinks. It consists of a stainless steel chain with rubber whiskers. The top part of the DrainWig stays on the drain surface, while the rest extends into the drain pipe. The rubber whiskers catch hair as it drains, preventing it from causing clogs. After a few months, users simply remove the DrainWig, along with the trapped hair, without the need for messy unclogging procedures.
2. Who are the creators of DrainWig?
DrainWig was founded by Jennifer and Gifford Briggs, a couple based in Utah. They were inspired to create DrainWig due to their personal experiences with clogged drains in their home, particularly because of their daughters’ long hair. Jennifer had no formal background in business or invention, while Gifford had experience in sales and marketing. Together, they turned their innovative idea into a successful product.
3. What happened to DrainWig after its appearance on Shark Tank?
After appearing on Shark Tank and securing a deal with Kevin O’Leary, DrainWig experienced significant success. They were able to exit an unfavorable licensing agreement, which substantially increased their profit margin. They expanded their product line, making it available on various platforms, including Amazon, Bed Bath & Beyond, and Walmart. The product’s visibility and availability to consumers also increased, thanks to O’Leary’s ongoing support and endorsement.
4. What is DrainWig Net Worth in 2023?
As of 2023, DrainWig’s estimated net worth is $2.5 million. The valuation was inferred from the $300,000 investment for a 15% equity stake made by Kevin O’Leary on Shark Tank. This figure reflects the company’s impressive growth and the impact of its success on the show.
5. Is DrainWig still in business?
Yes, DrainWig is still in business and thriving. Its partnership with Kevin O’Leary and the exposure from Shark Tank have contributed to its ongoing success. The product continues to be available at major retailers and enjoys a strong market presence.
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