|SEASON 11 EPISODE 11|
|Pitch||socks with pockets|
|Asked For||$30,000 for 15%|
|Deal||$35,000 for 25%|
|Shark||Daymond John and Lori Greiner|
Not every teenager has the knack of seeing a need in society and create a product that offers a solution. Well, Sofia Overton is no ordinary kid. She is the founder of Wise Pocket Socks, a company that offers smartly designed socks with inner pockets that allows kids and other users to store their phones and other small gadgets.
The Company’s History
The company was established in 2017, and the Wise Pockets Campaign began through crowdfunding via the IndieGoGo App. The kidtrepeneur raised over $10,000 to begin producing the company’s first line of Wise Pocket Socks.
The story behind Sofi’s brand is an interesting one. When she was 11 years old, Overton saw her older cousin putting her mobile phone in her boot because she did not have pockets. She tried that too because she also had no pockets. According to Sofi, having a phone in the boot felt uncomfortable because it would fall to the ankle. That’s when she developed the idea of creating socks with a pocket on the inner side. It worked perfectly.
She thought that the idea could have positive market reception since many kids lacked a safe and stylish way to store their phones, epi pencils, or inhalers. Wise pocket socks solved the problem.
Sofia Overton always wanted to take her brand to the next level and share her story with the entire world. Therefore, she auditioned for Shark Tank Season 11, and she was fortunate to appear in front of the sharks on January 12, 2020, to pitch her business in person.
Having already sold wise pocket socks and generated an impressive $16,000 in revenue, her story moved the sharks. After selling the business, she asked for $30,000 for 15% equity, but Daymond John and Lori Greiner offered $30,000 for 33.3% equity. She countered the offer, and they agreed on $35,000 for a 25% share of the business.
Following the Shark Tank episode’s airing, coronavirus brought the world to a stand-still, but for Sophie, things were looking up. She has managed to work on the pile of orders she had gotten. Her product line also features on Amazon and other bigwig online stores.
The 14-year-old entrepreneur hasn’t stopped there. Apart from Splatter and White socks, Wise Pockets has also successfully launched Hawaiian and Tweed socks currently on the market. She is currently pursuing other projects like expanding her product line by creating Wise Pocket leggings. How genius!