Fourteen-year-old entrepreneur, Sofia Overton, has revolutionized sock designs for the modern adolescent with WisePocket.

Key Takeaways: WisePocket Shark Tank Update

  • Product: Socks with a pocket for storing valuables.
  • Investment Ask: $30,000 for 15% equity.
  • Shark Response: Daymond John and Lori Greiner offered $35,000 for 25% equity, which was accepted.
  • Post-Show Success: WisePocket has expanded its product line and continues to innovate in the market for functional, stylish accessories.

What Exactly is WisePocket? A Quick Overview

The patent-pending sock design features a pocket that is able to accommodate the storage of valuable items such as smartphone devices, EpiPens, inhalers, money, credit cards, keys, etc.

This pocket provides an easy and secure place for valuables to be stored when clothing does not have pockets available or during any activity that involves excess movement.

When Sofia was 11 years old, she saw a family member store their smartphone in their boot during an activity.

After trying this herself, she realized that it did not stay in place and was very uncomfortable. She went home and prototyped her first design of the WisePocket sock. Sofi hasn’t stopped there. She is currently also designing additional clothing designs such as leggings.

When you buy WisePocket socks, you also support a good cause. Sofi donates one pair of socks to children in need for every pair sold. She believes that if kids have warm feet, they will feel the warmth and care of their community looking out for them.

Sofia came to the Shark Tank to partner with a Shark that can help her streamline her production (she currently can only produce 100 pairs per month).

To do this, she feels that she would need a $30,000 investment in exchange for a 15% equity share of WisePocket Products. Although she is young, Sofia has invested $10,000 of her own money into the company.

$5,000 was from savings and another $5,000 was from money that she earned from business competitions.

How Did the Sharks React to the Little Sofia’s Pitch?

The Sharks are all impressed with her grit and perseverance, especially given her age.

They also like that there are not many other competitors in this space that are capable of storing larger items like phones, medicines, etc. Because they are impressed by her work ethic and determination, Daymond John and Lori Greiner decided to partner with each other to extend Sofia a deal. They initially offered a $30,000 investment in exchange for 33.3% share. Their goal would be to move in the direction of licensing. She counters at $35,000 in exchange for 25% equity. They agree to her counter offer. Because Daymond is already in the sock business and Lori is the queen of retail, Sofia has strategically partnered herself with two Sharks that will take WisePocket Products far.

Closing Thoughts

What do you think of Sofia’s partnership arrangement with Lori and Daymond? Do you feel that they were the best Shark partners for WisePocket Products? Start the dialog in the comments below.

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Shark Tanks airs Sundays at 9pm on ABC.

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