Founded by the then 13-year-old Sofia Overton, WisePocket burst into the public eye with its appearance on ABC’s entrepreneurial reality show, Shark Tank . The company, which designs socks and leggings with built-in pockets, aims to offer practical solutions for active individuals who need to carry small essentials without the hassle of bags or purses.
But what happened after the Shark Tank exposure? This article delves into the journey of WisePocket post-Shark Tank, exploring its growth, challenges, and current status. We’ll discuss how the company leveraged the platform provided by the show, the impact on sales and brand recognition, and how they’ve continued to innovate and expand their product line.
Moreover, we’ll explore the socially conscious aspect of WisePocket’s business model, in which a pair of socks is donated to a child in need for every product sold. Whether you’re an aspiring entrepreneur, a Shark Tank fan, or simply interested in unique business stories, this article offers a comprehensive look at WisePocket’s ongoing journey in the competitive world of fashion and retail.
What Is WisePocket?
The concept behind WisePocket is simple yet ingenious: provides a practical solution to the common problem of lacking pocket space when wearing certain outfits. The brand offers stylish socks and leggings that feature built-in pockets, large enough to hold items like cell phones and keys. This clever design provides a way for people to carry their essentials without the need for additional bags or pouches.
These socks boast an extensive range of designs, encompassing options like Hawaiian-inspired motifs, White and Splatter patterns, and even Tweed textures. They are readily accessible for acquisition through multiple channels, including Amazon, the official Wise Pocket Products website, and select retail outlets.
The Unique Concept and Product Line
Although initially devised to tackle the predicament of oversized mobile phones and undersized pockets, Wise Pocket socks prove to be versatile and accommodating for a myriad of purposes. For instance, youngsters afflicted with asthma can discreetly carry their inhalers in these socks, while individuals suffering from severe allergies find the pockets to be a secure place for their life-saving epi-pens.
However, the utility of Wise Pocket socks extends well beyond emergencies. Their capacious pockets offer ample room for an array of items, encompassing credit cards, currency, snacks, and more. This versatility makes them an ideal solution for both active children and adults.
Among athletes, it’s a common practice to stash their mobile phones in training bags or entrust them to friends during practice . Wise Pocket socks offer a reassuring alternative, eliminating worries about theft, accidental damage, or privacy invasion by acquaintances.
In addition to safeguarding your valuables, Wise Pocket socks ensure that your essentials remain within arm’s reach at all times, requiring nothing more than a slight slouch to access them. Furthermore, with their unisex design and one-size-fits-most approach, these products cater to virtually everyone capable of independently donning socks.
- Innovation: The standout feature of WisePocket is undoubtedly its innovative design. The integration of pockets into socks and leggings is a creative solution to a common problem, offering customers a product that’s both functional and fashionable;
- Quality: WisePocket products are not only innovative but also high quality. Customers have praised the durability and comfort of the socks and leggings, which are essential factors for such products;
- Social Responsibility: With each purchase, WisePocket donates a pair of socks. This socially conscious business model strengthens the brand’s image and appeals to customers who value companies that give back to their communities;
- Entrepreneurial Spirit: The story of WisePocket’s young founder, Sofi Overton, adds a layer of inspiration to the brand. Her entrepreneurial spirit demonstrated through her participation in business competitions and personal savings investment into the business, has been highly appreciated;
- Limited Production: One of the challenges WisePocket faced initially was limited production capacity. At one point, the company could only produce 100 pairs per month. Although this may have increased since their appearance on Shark Tank, it could potentially limit the brand’s growth;
- Price Point: While the innovative design of WisePocket products can justify a higher price point, it might also deter potential customers looking for more affordable options;
- Niche Market: The concept of socks and leggings with pockets, while innovative, caters to a specific market. Not everyone might find the need for such a product, which could limit the brand’s customer base ;
Who May Benefit From Using WisePocket?
- Active Kids and Teens: The founder of WisePocket, Sofia Overton, designed her products with active kids in mind. Children and teens who enjoy physical activities but also need to carry small items like keys, money, or cell phones would find WisePocket products particularly useful;
- Adults On-the-Go: Adults leading busy, active lifestyles could also benefit from WisePocket. The ability to store essential items securely without needing an extra bag or pouch can be a game-changer for those juggling multiple tasks or activities;
- Fitness Enthusiasts: For people who regularly engage in workouts, runs, or other fitness activities, WisePocket offers a practical solution for storing essential items. The pocket can hold items securely, allowing users to focus on their exercise without worrying about losing their belongings;
- Fashion-Conscious Consumers: WisePocket is not just practical but also fashionable. Those who appreciate unique, stylish clothing items might find WisePocket’s products appealing;
- Socially Conscious Shoppers: WisePocket operates on a socially responsible business model, donating socks with each purchase. Consumers who value supporting businesses that give back to their communities would find this aspect of WisePocket appealing;
- Entrepreneurs and Businesspersons: The success story of WisePocket and its young founder, Sofia Overton, serves as inspiration for budding entrepreneurs and businesspersons. It shows that with a great idea and hard work, one can succeed even in competitive fields like fashion and business ;
About the Founders Of WisePocket
When quizzed about the inspiration behind her creation, she explained that she keenly recognized the predicament children face, being devoid of ample pockets in their school attire. It is a common discomfort for youngsters who often resort to stowing their belongings in their footwear.
Back in her hometown, Sofia had amassed an impressive assortment of socks. It was this very collection that ignited the spark of inspiration within her, leading her to conceive the concept of socks endowed with pockets. With a clear design in her thoughts, Sofia embarked on the creation of her inaugural prototype. Luckily, the process simply entailed skillfully stitching a generously proportioned pocket into the interior of a sock.
Her first attempt at sliding her phone into this novel pocket yielded a perfect fit. The ingenuity of these Wise Pocket Socks lay in their capacity to prevent phones from slipping down. These versatile socks transcended phone storage, proving immensely valuable for active youngsters who could conveniently tuck away essential items like inhalers or epi-pens.
In 2017, Sofia initiated the inception of Wise Pocket Products with $ 10,000 she had diligently saved up. While her parents provided unwavering support and assistance when needed, Sofia was the driving force behind this venture. Nonetheless, her parents did contribute significantly by aiding in the establishment of a patent. Local resources such as the Chamber of Commerce and Startup Junkie also extended their support along her journey. Soon after, Sofia ventured into an IndieGoGo campaign, where she successfully raised $ 10,000. This influx of orders translated into a profitable return of $ 16,000.
Fast forward to 2018, Sofia commenced a charitable endeavor by donating her socks to a minimum of 25 children’s shelters catering to the homeless. Moreover, she devised a philanthropic scheme, pledging to donate a pair of her socks for every unit sold. Recognizing the presence of approximately 600 homeless students in her vicinity, these contributions promised to make a remarkable impact on their lives. Before the Shark Tank appearance Sofia had already achieved remarkable feats with her company, leaving a significant imprint.
Her sales figures were equally astounding. In 2019, Sofia disclosed an impressive revenue of over $ 16,000, a revelation that left the Shark Tank panel duly impressed.
The Pitch Of WisePocket At Shark Tank
Sofia Overton made her grand entrance on Shark Tank, clutching her Wise Pocket Products socks. She arrived seeking a deal of $ 30,000 in exchange for a 15% equity stake in her burgeoning brand. With a sample sock in hand for each shark, she began narrating the tale of her product’s inception. Sofia explained that the investment was pivotal for scaling up her production, as her current capacity was limited to manufacturing a mere 100 pairs of socks .
After laying out her pitch, she added an element of flair to her presentation, featuring background dancers who showcased the socks’ ability to securely hold phones while grooving.
The sharks were smitten by the concept, and their admiration soared when they learned that Sofia had kickstarted her brand with her own $ 10,000, a commendable feat for someone who embarked on this journey at the tender age of 11. However, the enthusiasm waned when the sharks discovered that her sales figures amounted to a modest $ 16,000 up to that point.
Kevin O’Leary was the first to bow out, expressing his disinterest in the sock industry. Mark Cuban followed, though not before praising Sofia’s financial acumen when launching her company. He, however, declined to invest due to his limited knowledge in this niche.
Meanwhile, in the backdrop, Lori Greiner and Daymond John engaged in a private discussion. The duo decided to join forces, extending an offer to Sofia for $ 30,000 in exchange for a 33.3% share of Wise Pocket Products. They expressed their intention to assist with her production requirements and explore potential licensing deals.
Daymond, with his prior investment in Bombas, another sock brand, was particularly keen to observe how Sofia’s brand would fare. In response, Sofia made a counteroffer of $ 35,000 for a 25% equity stake. While this counterproposal took Lori and Daymond by surprise, they ultimately accepted, and Sofia departed the Shark Tank with a dual investment deal.
WisePocket After The Shark Tank
It’s fantastic to hear that the deal with Lori and Daymond proved successful for Wise Pocket Socks after their appearance on Shark Tank. The company’s continued presence and expansion into new product lines, such as Tweed and Hawaiian versions of the socks, as well as the upcoming launch of Wise Pocket Leggings, are promising signs of growth and innovation. It appears that Wise Pocket Socks is poised to stay as a trendy and in-demand brand shortly.
Their availability on prominent online marketplaces like Amazon further contributes to their accessibility and success in the market.
Though the Shark Tank deal did eventually materialize, it appears that Sofia’s promotion efforts weren’t as prominent as one might expect. While some YouTube videos and social media ads were circulating on the internet, it was somewhat perplexing that her product hadn’t yet made its way to the retail market.
Nevertheless, Sofia has been actively retailing her product through online channels and local markets, and her business has been thriving, especially for someone of her age. On Instagram, Wise Pocket has garnered a follower count exceeding 1,400, although Sofia’s posting frequency has been notably sporadic, with her last post dating back to 2020.
Given her past sales achievements, it’s projected that Wise Pocket is on track to generate sales exceeding $ 100,000 in 2023 . There’s substantial potential for further growth if Sofia capitalizes on the power of social media to boost her brand’s visibility and reach a broader audience.
One possible explanation for this lack of activity could be that Sofia is currently preoccupied with her schoolwork and intends to resume business operations once her academic commitments are fulfilled. Regrettably, there are no recent sales reports available to provide insights into the company’s performance.
The Net Worth Of WisePocket
Alternatives To WisePocket:
- Zip It Gear: Zip It Gear offers pocketed socks similar to WisePocket. Their socks feature a zippered pocket large enough to hold keys, money, or an ID;
- Stash Socks: Stash Socks also provide socks with a hidden pocket. They emphasize their socks as perfect for travel or running;
- Pocket Socks: Like WisePocket, Pocket Socks offers socks with a concealed zippered pocket. They offer a variety of designs and styles, including athletic, casual, and dress socks;
- Speakeasy Travel Supply: Although not a sock company, Speakeasy Travel Supply offers scarves with a hidden pocket, presenting another wearable storage solution;
- Clever Travel Companion: This company provides various garments with built-in pockets, including t-shirts, underwear, and leggings ;
- Did Wise Pocket Products go out of business?
The current status of Wise Pocket Products is not entirely clear from the available information. While there has been a significant lull in online promotion and product availability, it’s uncertain whether the business has gone out of operation or is on hiatus.
- When did pocket socks come out?
Pocket socks, such as Wise Pocket socks, were introduced by Sofia Overton on the TV show Shark Tank, but there is no specific date mentioned for their initial launch.
- Who is the CEO of Pocket Socks?
Sofia Overton, the founder and entrepreneur behind Wise Pocket Products, introduced the concept of pocket socks and appeared on Shark Tank to pitch her business.
- Did Wise Pocket Socks get a deal from Shark Tank?
Yes, Wise Pocket Products did secure a deal on Shark Tank. Lori Greiner and Daymond John made a joint investment of $ 35,000 for a 25% equity stake in the company.
- Has Shark Tank made anyone rich?
Yes, Shark Tank has played a significant role in the success of many entrepreneurs and their businesses. Several participants have gone on to achieve substantial financial success and grow their companies significantly as a result of their appearances on the show.
- What is the most successful product on Shark Tank?
The most successful product to come out of Shark Tank is often considered to be the “Scrub Daddy,” a smiley-faced scrubbing sponge. It has generated millions of dollars in sales and is one of the show’s most recognized success stories.
- Who is the richest shark?
As of 2023, the richest shark on Shark Tank was Mark Cuban, who is a billionaire entrepreneur and investor. However, it’s essential to note that rankings can change over time.
- When did Wise change its name?
There is no information available suggesting that Wise Pocket Products changed its name. The company has been primarily associated with its innovative pocket socks.
- When did Wise start?
Wise Pocket Products was launched by Sofia Overton in 2017 when she was a teenager.
- What is the biggest company ever on Shark Tank?
The biggest company to emerge from Shark Tank is often cited as “Scrub Daddy”. The scrubbing sponge company has experienced substantial growth and success since its appearance on the show.
- How did Wise Pocket do after Shark Tank?
Details about Wise Pocket Products’ performance after its appearance on Shark Tank are not readily available. The company experienced challenges, but the current status is unclear.
- Where is Wise Pocket located?
The precise location of Wise Pocket Products may not be publicly disclosed in the available information. It was launched by Sofia Overton, who hails from Bentonville, Arkansas.
- Who is the sock girl on Shark Tank?
The “sock girl” on Shark Tank you’re referring to is likely Sofia Overton, the founder of Wise Pocket Products, who introduced her pocket socks on the show.
Useful Video: What Happened Wise Pocket Products After Shark Tank?