Success is never guaranteed. This was certainly the case for evREwares, a unique company specializing in reusable fabric stickers, which made a notable appearance on Season 6 of the reality show Shark Tank. Founders Ellie Brown and Becca Nelson entered the Tank seeking $ 100,000 for a 30% stake in their business, impressing Mark Cuban enough to secure a tentative deal. However, despite the initial excitement and promise, their journey took an unexpected turn.
This article delves into the intricate details of evREwares’ rollercoaster ride after their Shark Tank appearance, exploring the highs and lows that eventually led to the company’s closure less than two years after their TV debut. From backing out of the Cuban deal to a brief surge in sales, and finally, their decision to shut down operations in December 2015, we trace the steps of evREwares’ intriguing entrepreneurial journey.
What Is evREwares?
Pros:
- Innovation: The standout feature of evREwares is its innovation. The idea of reusable fabric stickers is unique and caters to a niche market of party-goers, sports lovers, and anyone looking for a fun way to express their style;
- Variety: With a wide range of shapes and patterns available, there’s an evREwares sticker for every occasion. From tie stickers to other playful designs, the company has ensured that its products cater to diverse tastes;
- Durability: According to the founders, evREwares stickers are reusable and very durable5, which adds value to the product considering it can be used multiple times;
- Financial Success: Before their Shark Tank appearance, evREwares had already generated significant income from various retailers and online stores. This reflects the market’s positive response to their product;
Cons:
- Niche Market: While the novelty of reusable stickers is appealing, it also limits the product’s market. The product primarily appeals to a younger demographic, which might limit its growth potential;
- Dependence on Trends: As with any fashion-related product, evREwares’ success could be short-lived if trends change. What’s popular today might not be tomorrow, posing a risk to the company’s sustainability;
- Deal Fall-through: Despite initially securing a deal with Mark Cuban, reports later revealed that the deal never went through, which may raise questions about the company’s financial stability or business model;
About Founders Of evREwares
evREwares comprises reusable textile decals, available in a myriad of captivating shapes and designs. Among their most sought-after offerings are the adhesive necktie stickers, which ingeniously elevate a standard t-shirt into quasi-formal attire. Their endeavor has met with success, having their products grace the shelves of prominent retailers such as Party City, and the Container Store, as well as numerous independent boutiques. Since their inception, they have generated approximately half a million dollars in sales.
You can find evREwares both on the shelves of the aforementioned stores and through online platforms like Amazon. In addition to their Sticky Ties, they offer fabric stickers tailored for infants, Sticky Bow Ties, Sticky Sashes, Sticky Phrases, and Sticky Beverage Labels. They have also secured licensing agreements with colleges for their product line.
These enterprising women seek the support of a Shark to fuel the expansion of their online presence, further retail market penetration, and the necessary capital to foster growth.
The Pitch Of evREwares At Shark Tank
The two siblings make their way back to the business at hand, reattaching the Sticky Ties they originally showcased in the Shark Tank. They present customized samples to each Shark, tailored to their personalities.
Barbara receives a crimson tie featuring a Zorro mask, accompanied by a thought bubble declaring, “I’m a hero, not a zero!” Robert is gifted a tie proclaiming, “Kiss me, I’m Croatian,” and Kevin is presented with a Sticky Tie adorned with a $ 100 bill bearing his face. Robert then shifts the conversation toward the more serious matter of sales.
Ellie discloses that, up to this point, they have amassed revenue totaling $ 600,000 since their venture’s inception in 2011, with the current year being late 2013 to 2014 when the episode was filmed [3]. Kevin inquires about the current year’s sales, and Becca prefaces the response by alluding to it being a “unique” year. To emphasize this point, Mark’s tie dramatically falls off.
The primary reason for their Shark Tank appearance is tied to some challenges they encountered; the previous year, they gained significant traction and generated $ 300,000 in sales through deals with Party City, the Container Store, and other retailers. Lori probes into whether these products have seen reorders, but Ellie mentions they’ve been grappling with a slow rate of sell-through, indicating that many people show interest in the product but few make a purchase.
Because EvRewares is a novel concept, it necessitates widespread consumer awareness. Kevin points out that some stores delisted it, but Ellie clarifies that no stores have officially removed EvRewares products from their shelves, and they anticipate reorders.
While the products are available online, the lack of in-store visibility is a potential challenge for the two siblings. However, the exposure from their Shark Tank appearance is expected to bolster product awareness and drive sales.
Robert inquires about projected sales for the current year, 2014. Currently, EvRewares is only on track to achieve approximately $ 50,000 in sales for the year, which raises concerns among the Sharks. Kevin even humorously quips, “Pull up! Pull up!” likening their situation to an airplane in distress, while Becca explains that they are trying to strategize how to revive the product. Kevin opines that the consumer feedback is clear – they aren’t interested in EvRewares products.
However, at the end of 2013, the sisters deliberately decided to slow down and assess the reasons behind their declining sales. They faced a flurry of activities as 2014 commenced, involving catalog creation, production initiation, new hires, expenses on trade shows, and managing various aspects of the business.
Robert points out that their current approach isn’t yielding results, a sentiment that Kevin concurs with. The two sisters released the product, but sales have continued to decline year after year, though Becca contends that the $ 50,000 is due to their strategic decision to take a step back in the business. Kevin emphasizes that nobody enters such a business to witness plummeting sales. Despite this, the two sisters, hailing from the Southern United States, humorously respond with “Bless his heart” to Kevin’s critique. Nevertheless, Kevin’s point about dwindling sales strikes a chord.
The conversation takes a turn when Barbara interjects with a question about the retail price of the Sticky Tie. Kevin interrupts, asking if the concern is about prices plunging to $ 0. Barbara then inquires about the high production cost of a single Sticky Tie unit. Becca clarifies that the cost is influenced by the reusability of the product and the premium fabric used for the sticker.
Robert probes further, asking about the production cost for each Sticky Tie, and Becca explains that on a larger scale, they can reduce the cost to as low as $ 0.50 per package, factoring in labor and overhead expenses.
Mark shifts the focus to the manufacturing process of Sticky Ties, and Ellie elaborates that they receive the fabric from an exclusive supplier with a patented material. Kevin points out that their sticker is among the priciest in the party store industry, as he prefers disposable ties or more cost-effective stickers. Ellie argues that cheaper alternatives would compromise quality and durability, but Kevin asserts that most consumers don’t care about reusability.
Lori shares her experience investing in a similar product and expresses concerns about the market’s resistance to reusable ties. She decides to opt out of the deal. Kevin, on the other hand, believes Ellie and Becca have spent too much time on a flawed idea and exit, dubbing EvRewares “a dog from hell”.
Ellie and Becca appreciate Kevin’s perspective but express their deep attachment to their product. They are open to learning from the remaining Sharks. Mark, however, concurs with Kevin and the sentiment that the idea is flawed. He acknowledges the sisters’ resilience but points out their lack of entrepreneurial expertise. Mark makes a surprising offer of $ 200,000 for the entire business, one of the most substantial offers in Shark Tank history. He proposes hiring the sisters to work for him, providing financial security while relinquishing their ownership.
Kevin questions why Mark doesn’t start his own business, but Mark dismisses the notion, stating that it would require more than $ 200,000 to launch a similar venture. Mark grants the sisters permission to step outside for deliberation. In their absence, the other Sharks express their doubts about Mark’s offer, with Kevin claiming he could do it for $ 50,000 [4].
The sisters, visibly distressed, return to the Shark Tank, still unsure of their decision. Ultimately, Ellie and Becca tearfully accept Mark’s offer, entrusting their beloved company to him. Mark promises to take care of the business and their children, emphasizing his commitment. He notes that he sold his own company for $ 5.7 billion, and the sisters leave the tank, their emotions a mix of relief and trepidation.
evREwares After The Shark Tank
Following their emotional decision on the show, Becca and Ellie initially accepted Mark’s offer to buy evREwares. However, the deal ultimately fell through after the episode aired. They admitted to ABC that they got caught up in the moment and had a change of heart. Mark and his team, despite the deal not materializing, were understanding and offered free advisory services to help the company navigate its challenges. The sisters gladly accepted this offer.
Unfortunately, the company’s lifespan was limited, and they went out of business in December 2015, just a few months after their appearance on Shark Tank. They not only closed their website but also deleted their social media profiles. Interestingly, their former domain appears to have been repurposed as a news blog.
As for the sisters’ current activities in 2023, information about their specific endeavors is limited. Becca still lists EvReware as her place of employment on LinkedIn, but Ellie’s online presence couldn’t be located. She may still be involved with the company or pursuing other ventures. Jennifer Pittman, another partner who was not featured on the show and contributed to the design artworks, is now self-employed and works in graphic design, branding, advertising, and content management, according to her LinkedIn profile.
The Net Worth Of evREwares
The net worth of evREwares is currently unavailable. After their appearance on Shark Tank in 2014, they initially struck a deal with Mark Cuban for $ 200,000. However, this deal eventually fell through.
It’s important to note that the valuation of a company is not the same as its net worth. The valuation is what the owners believe the business is worth, while the net worth is the value of the company’s assets minus its liabilities. In this case, the last known valuation of evREwares was over $ 333,000 [7].
Alternatives To evREwares:
If you’re looking for alternatives to evREwares, which is a company specializing in unique and reusable party accessories, you might consider the following options:
- Party Supplies Retailers: Traditional party supplies retailers like Party City and The Party Store offer a wide range of party accessories, including disposable and themed items for various occasions;
- Etsy: Etsy is a platform where you can find a plethora of small businesses and independent artisans selling unique, handmade party accessories, such as reusable banners, decorations, and custom party favors;
- Amazon: Amazon offers an extensive selection of party supplies, including reusable banners, tableware, and decorations. You can find a variety of options to suit different party themes;
- Local Craft Stores: Visit local craft stores to explore DIY options for creating your party accessories. You can find supplies for making custom decorations, banners, and other personalized items;
- Custom Printing Shops: Many local and online printing shops offer personalized party accessories such as banners, labels, and stickers that you can use for various events;
- Green Party Supplies: If you’re interested in eco-friendly options like evREwares, consider companies specializing in sustainable party supplies. They may offer reusable party items made from eco-friendly materials;
- Zazzle: Zazzle is an online marketplace where you can design and purchase customized party supplies, including banners, invitations, and more;
- Specialty Party Stores: Some specialty party stores focus on unique and niche party themes, offering a diverse selection of items that you may not find in larger retail chains;
- Paperless Invitations and Digital Decor: Consider digital invitations and decorations that can be customized and sent electronically, reducing the need for physical party accessories;
- Themed Subscription Boxes: Some companies offer subscription boxes that deliver themed party supplies to your door, making it easy to plan and decorate for various events;
While evREwares brought a unique product to the market with its reusable fabric stickers, there are alternatives available for those who love the concept. Essentially, any sticker can be considered a fabric sticker if it adheres well to cloth materials. This opens up a vast array of options, as there are countless types of stickers available in stores and online, catering to various tastes and needs.
Moreover, similar to evREwares’ popular tie stickers, other brands have created reusable stickers with different shapes and patterns. For example, Amazon offers a Shark Kids or Child Reusable Fabric Sticky Tie, an alternative product that allows fun dressing up [8].
While these alternatives may not offer the exact same experience as evREwares’ unique adhesive and fabric blend, they do provide consumers with options to continue enjoying the novelty of reusable, wearable stickers. It’s always worthwhile to explore different brands and products to find the one that best suits your style and requirements.
FAQ:
- What did Mark Cuban do with evREwares?
Mark Cuban made an offer to buy the entire company, evREwares, for $ 200,000 during their appearance on Shark Tank. However, the deal ultimately fell through, and the company did not become a part of Mark Cuban’s portfolio. After the show, Mark Cuban and his team offered advisory services to help the company navigate its challenges, but the business ultimately closed down in December 2015.
- What happens after Shark Tank?
After appearing on Shark Tank, entrepreneurs and business owners experience various outcomes. If they secure a deal with one of the Sharks, they may enter into a partnership and receive investment. In some cases, the deals made on the show are finalized after the episode airs. However, not all deals are successful, and some businesses face challenges or choose not to proceed with the agreements made on the show. Some entrepreneurs experience increased exposure and a boost in sales due to the publicity, while others may struggle and, in some cases, even face business closure.
- Who owns evREwares?
The ownership of evREwares was initially held by two sisters, Becca Nelson and Ellie Brown. Jennifer Pittman, another partner who contributed to the design of artworks, was also involved with the business. However, the company went out of business in December 2015.
- Did Cuban get a $ 30 million offer on Shark Tank?
While Mark Cuban has made substantial offers on Shark Tank, there isn’t a recorded instance of him offering $ 30 million for a single deal on the show. Mark Cuban is known for making significant investments, but the actual deals are typically in the range of hundreds of thousands to a few million dollars.
- What business did Mark Cuban buy for $ 200,000?
Mark Cuban offered to buy evREwares, the company specializing in reusable party accessories, for $ 200,000 during their appearance on Shark Tank. However, the deal ultimately did not go through, and the company closed down later.
- Is Shark Tank real or fake?
Shark Tank is a reality television show where entrepreneurs pitch their businesses to a panel of wealthy investors (the “Sharks”) in hopes of securing investment. While the pitches and negotiations are unscripted and real, some elements, such as the order of pitches and the editing of the episodes, may be manipulated for the sake of entertainment.
The outcomes of deals made on the show are genuine, and whether or not the deals proceed is determined by the due diligence process and negotiations that occur after the show is filmed.
- What companies failed after Shark Tank?
Several companies featured on Shark Tank have faced challenges and, in some cases, failed after appearing on the show. EvREwares, the party accessories company, is one example. Other examples include businesses like Crio Bru, UroClub, and Groovebook, which encountered various difficulties and changes after their appearances on the show.
- Does Mark Cuban lose money on Shark Tank?
Mark Cuban, like the other Sharks on the show, may invest in businesses that don’t ultimately succeed. However, his overall success rate on Shark Tank has been positive. He has made profitable investments in various companies that have become successful, such as Scrub Daddy, Groovebook, and Rugged Maniac. While he may have lost money on some investments, his overall track record has been favorable.
- Why did Mark Cuban get upset on Shark Tank?
Mark Cuban, like the other Sharks, can become upset or frustrated during pitches on Shark Tank for various reasons. He may become upset when entrepreneurs are unprepared, overvalue their businesses, or provide incomplete or inconsistent information. He is known for his straightforward and no-nonsense approach, which can sometimes come across as harsh when he believes the entrepreneurs are not being realistic or are making poor business decisions.
- What are sticky ties offered by evREwares?
Sticky Ties were one of the products offered by evREwares. These were unique, reusable adhesive ties that could be worn as part of party attire or costumes. They featured various designs and could be attached to clothing without causing damage, making them suitable for parties and events.
- Was evREwares successful?
EvREwares faced challenges and ultimately did not achieve long-term success. While they received attention and a boost in sales after appearing on Shark Tank, they encountered difficulties in maintaining sales and profitability. The company went out of business in December 2015, a few months after their appearance on the show. Despite their unique and creative products, they were unable to sustain their business over the long term.
Useful Video: Mark Cuban Stuns Entrepreneurs With His Offer
References:
- https://www.looper.com/1113423/whatever-happened-to-evrewares-after-shark-tank/
- https://www.businessinsider.com/mark-cuban-shark-tank-evrewares-deal-never-went-through-2015-1
- https://www.sharktankblog.com/business/evrewares/
- https://gazettereview.com/evrewares-update-happened-shark-tank/
- https://2paragraphs.com/2016/08/evrewares-sticker-tie-company-goes-out-of-business-after-shark-tank/
- https://geeksaroundglobe.com/evrewares-net-worth-update-what-happened-after-shark-tank/#FAQ
- https://www.reddit.com/r/sharktank/comments/3803j3/what_happened_to_evrewares_sticky_ties/
- https://sharktanktales.com/evrewares-shark-tank-update/