Best of Shark Tank

Hugo’s Amazing Tape Shark Tank Update

SEASON 9 EPISODE 23

PITCH

non-adhesive, self-clinging tape

ENTREPRENEUR

Katherine Saltzberg and Lauri Fraser

ASKED FOR

$50,000 for 50%

GOT

$100,000 for 100%

SHARK

Mark Cuban and Lori Greiner

STATUS

IN BUSINESS

Hugo Maisnik was born a visionary and innovative young man whose dad was a printer. The impression of an incredible tape came to him when he picked up his dad’s packages for his printing store, which had all content ruined apart from one portion of plastic. The portion triggered his creativity to imagine a highly rigid tape and the Amazing Tape notion. Hugo desired a tape with the ability to flex to wrap gentle posters or reels of thick paper. He began playing with a variety of width of plastic until his eureka moment.

Milestones

His desire to share the tape with the world inspired his tour around the country in trade shows, living rooms, and fairs. He would request anyone passing by to have a feel of the tape at every event. Hugo gathered a vast gathering exhibit for his tape and often sold the amount he had carried with him. The people were impressed by his tape and its immense flexibility.

Hugo’s Amazing Mask was premiered at the 2002 INPEX convention. Maisnik received many propositions from dealers after the launch but chose to continue without corporation support. In 2014, Hugo’s Amazing Tape was added to Amazon. Between 2015 and 2017, they made sales worth $500,000 and $27,500 from 2017 to July 2018.

Challenges

After Hugo’s death, the patent expired. However, Kathryn Saltsburg and Lauri Frasier were determined to ensure that the Amazing tape is still in the market. They would sell it online, in trade conventions, and the boots of their cars. Further, they lacked capital for investment and know-how to run the business. The daughters saw how hard their parents put in to ensure that Hugo’s Amazing Tape becomes a triumph. Consequently, they believed in their father’s fantastic products and sought to ensure that the product succeeds in honor of Hugo’s memory.

Hugo’s Amazing Tape Uses

The tape is unique, robust, durable, and leaves no sticky residue. It has thousands of uses that include wrapping up potlucks, embroidery, tying wires and codes, and can be used on freezers or toss in the microwave, and more.

Hugo’s Amazing Tapes Presentation on Shark Tank

Kathryn Saltsburg and Lauri Frasier approached Shark Tank looking for money to invest in their business, funding, and advice to carry on their dad’s legacy. They sought a $50,000 investment in exchange for 50% in the business. Mark and Lauri bought the company for $100,000 in exchange for the assurance that they would ensure that Hugo’s legacy lives on.

Outcome

Hugo’s Amazing Tape is accessible in retail, Walmart, online, and other small companies in various colors and sizes. The tape is available in segments of 50 inches and a width of two, two and a half, or two and three eighth inches. However, there seems to be unavailability of the product. It is not clear whether this is temporary or due to Mark and Lauri’s departure immediately after they made their money back. Hugo’s Amazing Tape is a great success, and Hugo’s legacy lives on.


Buy on Amazon Visit the Amazing Tape website

2 thoughts on “Hugo’s Amazing Tape Shark Tank Update”

Leave a Comment