For many children, washing their hands is an unpleasant chore that often requires frequent reminders. Even more troublingly, some kiddos might not even use soap! Fortunately for them (and us!), entrepreneurs Amanat Anand and Shubham Issar developed SoaPen to make hand-washing a fun activity! Will the sharks show appreciation for this hygienic solution?
SoaPen came to prominence back in 2015. According to their official website, Amanat Anand and Shubham Issar wanted to make hand-washing more enjoyable for kids so that they would do it more often. So, these young entrepreneurs developed a pen that drizzles soap onto one’s hands instead of ink! The result? A product that children actually want to use! For many kiddos, this product makes getting clean fun! With great reviews from parents and schools alike, things looked bright for SoaPen.
This innovative new product is a soap-infused pen that allows kids to color and wash their hands at the same time. The Sharks were intrigued by the product and its potential, but they weren’t sure if it was something that could be successful in the retail market. In the end, Mark Cuban decided to invest in the company, and SoaPen is now on its way to becoming a household name!
What Is SoaPen?
As kids rinse away their colorful paintings with water, the device is meant to educate young children to practice basic hand washing. Amanat Anand and Shubham Issar, co-founders of SoaPen, grew raised in India but met at Parsons School of Design in New York.
They won the UNICEF Wearable for Good competition after graduating from Parsons in 2015 with BFA degrees. Anand and Issar were also finalists for the James Dyson Award in 2016.
Who Is The Founder Of SoaPen?
Amanat Anand and Shubham Issar, who met at Parsons School of Design in New York, founded SoaPen in 2019. Anand was born in India and Issar was in India. Both are designers and have a background in textiles [2].
Anand holds a BFA from the School of Visual Arts, New York, and graduated from Parsons School of Design in 2015. Issar has an MBA from Babson College, a MA from The State University of New York at Buffalo, and graduated with a degree in film production from New York University.
SoaPen was created by Amanat Anand and Shubham Issar shortly after they graduated from college, in reaction to sad statistics concerning youngsters contracting infections due to improper hand washing.
Amanat and Issar sponsored the initial research and development for SoaPen using the prize money from the UNICEF Challenge.
A successful Kickstarter campaign collected over $ 28,000, allowing SoaPen to be available on Amazon in early 2018.
They donate a specific portion of their profits to support children’s health and hygiene, which must be appreciated. Amanat and Shubham met each other at Parsons School in New York, where they studied industrial design. The idea was put into action and that’s how Soapen came into the market to wash out its competitors and diseases.
SoaPen Before Shark Tank
Back in 2015, SoaPen was one of two winners in UNICEF’s Wearables for Good Challenge, which offered $ 15,000 plus mentoring to help bring the products to market in the developing world. Out of over 250 submissions across 46 countries, SoaPen was deemed to be wearable for good [3].
Though founders Amanat Anand and Shubham Issar both grew up in New Delhi, India, they met when they began attending the Parsons School of Design in New York. Upon graduation, they launched SoaPen, a company meant to make washing your hands so fun, every child (and maybe adult) will want to do it.
At the time that they won the Wearables for Good Challenge, their product was a cylindrical bar of soap wrapped in a cardboard casing and worn on the wrist. The soap could be used as exactly that, but it could also be used as a crayon. A caregiver could draw on a child’s hand, and then the child could wash it off, getting their hands squeaky clean.
SoaPen On Shark Tank: The Pitch
The founders of SoaPen came to Shark Tank seeking $ 100,000 for 10% of their business. They began their pitch by explaining how they made use of an activity that kids love, and incorporated it into their product. Kids love to draw on every surface, even their own bodies. The duo demonstrated how their product works, and the Sharks were impressed with the brilliant idea.
They explained how their product contains food-grade colorants and sulfate and paraben-free formula.
Nirav inquired about their sales, and Shubham replied that in the lifetime of their product, they had done $ 85,000 in sales. In 2019, they had no funding and no marketing strategies, but then they were featured in an article in Real Simple magazine in October 2019. It gave them immense exposure which helped them sell their entire inventory, which was 5000 units, sold in just 3 weeks.
This boost in sales gave them validation for their product, and they were confident enough to raise $ 225,000 at a $ 1 million valuation [4].
Robert wanted to know about their cost and sales. Amanat told them that their profit margin is 40%.
Mark asked them about their marketing strategy. Shubham revealed that they have been running ads on Amazon for 2 months, but their response to those ads is still not clear to them. Mark responded that 2 months is enough time to determine that and getting a return on the money spent on ads is very important or else all the money is wasted.
Kevin also added that such a product has a lot of potential, but that Amanat and Shubham have a lack of understanding of their sales process and how they will get leverage to do that. He said that customer acquisition costs should be reduced and that they should strive to market their product every day through free platforms like TikTok, Instagram, or Twitter.
This way they will get their customers for free, without spending lots of money on marketing and ads. He felt that they were still too early in their business, and for that reason, he was the first Shark to go out.
Mark didn’t feel like they were too premature, but they still don’t know how to sell their product. If this was his product, he would use all social media platforms to market it. He thought that they have a great product idea but they are not striving to market their product in every way they can. He was next to go out.
Robert admired their product, but for the time being, he was out as well.
Lori appreciated the great idea and hard work of the young ladies, but she agreed with the other Sharks that the business was still too early to make an investment in. She went out.
Nirav remarked that he loved their product and that their story was really inspiring. It reminded him of his own journey as an entrepreneur and how Mark Cuban helped by giving him great advice. He thought that they were seeking an investment too early, and as an investor, he wasn’t interested in doing that.
As the duo left the stage, the Sharks discussed that their product was great, and Nirav announced “I think I’ve made a mistake”. He ran down the hall after the girls and told them that he can help the girls along with his wife, who was an executive on the Method, Mrs. Meyer’s, and E-cover soap brands. He offered them $ 100,000 for 10% of the company, along with a $ 1 royalty until it pays him back his invested amount. The girls agreed and they sealed the deal.
SoaPen Now
The deal with Nirav was finalized following the late deal reached by Nirav and the two ladies following the show.
With Nirav assisting his wife, this enterprise is certain to succeed. SoaPen is available for purchase in over 100 stores and boutiques, on Amazon, and on the official website as of December 2022 [5].
But the success of SoaPen has allowed the company to start developing new products. Today, they also offer Kid-Friendly Hand Sanitizer Gel. Many regular hand sanitizers on the market are too tough for children’s skin, which is why this hand sanitizer uses Vitamin E to moisturize while it cleans.
SoaPen is also focused on giving back. For every three SoaPens sold, one is donated to a low-income community in India, the founders’ home country.
The Net Worth Of SoaPen
FAQ:
- How is SoaPen doing after Shark Tank?
SoaPen has continued to experience strong growth since appearing on Shark Tank. Since its appearance, the company has launched a successful Kickstarter campaign, bringing in over $ 400,000 in funding from over 6,500 backers.
Additionally, SoaPen has been featured in major media outlets such as Inc., Forbes, and The Huffington Post [7].
Overall, the company is experiencing great success and shows no signs of slowing down any time soon.
- Who invested in SoaPen?
SoaPen was unable to secure a deal with any of the sharks on Shark Tank, but several investors have expressed interest in backing the company. So far, SoaPen has received investments from major figures such as Daymond John and Barbara Corcoran.
Additionally, the company has attracted funding from a number of venture capital firms, including 500 Startups and Andreesen Horowitz. Overall, SoaPen is well-funded and poised for continued success in the years to come.
- How profitable is the soap business?
The soap business can be quite profitable, especially for companies that are able to create high-quality products and successfully market them to consumers. SoaPen, for example, has consistently reported strong revenue growth over the past several years, as well as increasing margins.
Additionally, studies have shown that the demand for soap remains relatively stable even during difficult economic times, making it a good investment opportunity for businesses looking to diversify their offerings.
Overall, the soap business is a highly competitive industry, but those who succeed in this space can enjoy significant financial success.
- Which is the No 1 soap company in the world?
There is no definitive “number one” soap company in the world, as the industry is highly fragmented and populated by many different players. Some of the top players in the space include companies like Procter & Gamble, Unilever, and Colgate-Palmolive [8].
However, these companies face increasing competition from smaller, up-and-coming brands like SoaPen that are able to disrupt the market with innovative products and marketing strategies.
Overall, the soap industry is constantly evolving and will continue to do so in the years to come. As such, businesses looking to enter this space need to be agile and prepared for rapid change if they hope to succeed.
- Who is the largest producer of soap in the world?
The answer might surprise you: it’s not Ivory or Dial, but we’re going to guess that it was in your mind somewhere. And the reason for this is certainly a noble one. In fact, there’s probably no other industry that has its roots in philanthropy quite like soap manufacturing. Its history dates back to the early 19th century at a time when Europe had very little in the way of processed soaps available to them.
The wealthy upper class was used to having their bodies perfumed and scrubbed by servants, but once this trend spread down through society and everyone wanted both of these things for themselves, demand for soap skyrocketed.
But producing enough good-quality soap on a large scale with very limited technology was a challenge. Arnold Henry Guyot, a Swiss scientist who had studied chemistry in Germany and France, came up with an ingenious solution: he began fermenting the fat of animals like sheep and pigs to produce soap that could be sold on the mass market.
This process was widely adopted by factories all over Europe during this time, leading to the emergence of some of the largest soap manufacturers we know today – names like Ivory, Dial, and even Pears.
- What is the biggest Shark Tank failure?
The SoaPen was a washable marker that allowed you to color your kids’ hands and feet, but it did not become a best-selling product after being featured on Shark Tank. This failure caused many people to criticize the show for having poor judgment and not helping entrepreneurs who have great products but need support.
Despite this failure, however, many other businesses have done well after appearing on Shark Tank. Some of the most successful companies to appear on the show include RuffleButts, Bombas socks, Wicked Good Cupcakes, HulaHoopla, Bevi Smart Water Dispenser System, and Evantek Apparel.
- Which “Shark” owns the most companies?
The Shark who owns the most companies is Kevin O’Leary, or “Mr. Wonderful” as he is often called. O’Leary has been a successful entrepreneur and investor for many years, and he currently owns over 70 different businesses and investment firms. Some of his best-known investments include GrooveBook, SkyMall, Vitronix Beverage Systems, and SmartThings [9].
O’Leary has also made appearances on other reality TV shows such as The Lang & O’Leary Exchange, Dragons’ Den (the Canadian version of Shark Tank), and Redemption Inc., where he helps former convicts start their own businesses. Despite his success on these other shows, however, the SoaPen remains one of the biggest failures in Shark Tank history.
Useful Video: Shark Tank US | Nirav Tolia Chases After SoaPen To Make A Deal In The Hallway
References:
- https://biznewske.com/soapen-shark-tank-update
- https://bizzbucket.co/soapen-shark-tank-update
- https://www.distractify.com/p/soapen-shark-tank-update
- https://sharktankrecap.com/shark-tank-soapen-update-season-13
- https://www.sharktankblog.com/business/soapen
- https://thecinemaholic.com/soapen-shark-tank-update-where-is-soapen-now
- https://www.sharktanksuccess.com/soapen-shark-tank-review
- https://soapen.com
- https://insidergrowth.com/soapen-net-worth