Inchbug, a company founded by the tenacious Brenda Lee Feldman in 2004, has carved its niche in the market with its innovative children-oriented products. The brand is best known for its Orbit Labels, stretch-and-release bands that parents can personalize to label their children’s belongings.
Over the years, Inchbug expanded its offerings, introducing adhesive stickers for clothing and food allergy alerts, and the MyDrinky juice box holder to prevent spills. But how has the company fared since its appearance on Shark Tank? This Inchbug Shark Tank update will delve into that.
The Inchbug Pitch And Deal At Shark Tank
When Feldman entered the Shark Tank in 2016, she was seeking a $400,000 investment in exchange for a 10% stake in Inchbug. Despite the initial success of the Orbit Labels, which had garnered $15 million in lifetime sales, the Sharks were skeptical. The sales of MyDrinky, the company’s new product, were a mere $50,000, and the Sharks weren’t convinced that a plan for retail expansion was viable.
The only offer came from Kevin O’Leary. Known as Mr. Wonderful, he proposed $400,000 for a $1 per unit royalty until he recouped $1.2 million, and then a 5% stake in the business. However, he stipulated that Inchbug should not venture into the retail sector. Feldman, who had her sights set on retail expansion, declined the offer.
Inchbug Is Gone Out Of Business
Despite not securing a deal on Shark Tank, Inchbug continued to thrive. Feldman managed to get her products into buybuyBaby and a handful of independent stores. This move demonstrated her resilience and dedication to expanding her company’s reach.
Later, Feldman launched Orbit Label 2.0, a new version of the successful Orbit Labels. This updated version used no ink or paint and was made entirely of kid-safe silicone. It further solidified Inchbug’s reputation as a brand that prioritizes safety and practicality in its products.
What Was Inchbug Net Worth?
As of November 2022, Inchbug is doing quite well. The company’s annual revenue stands at an impressive $5 million. Feldman’s decision to go against the Sharks’ advice and venture into retail has certainly paid off. The MyDrinky juice box holder, despite its initial lukewarm reception on Shark Tank, is currently being sold on the Inchbug website for $10.95.
Business Overview
Inchbug’s journey is a testament to the power of resilience and innovation. Feldman’s refusal to be swayed by the Sharks’ skepticism has led to her company’s success. The brand continues to create products that solve everyday problems for parents, and its customer base is a testament to the effectiveness and appeal of these solutions.
Conclusion
This Inchbug Shark Tank update paints a picture of a company that has not only survived but thrived, despite the odds. Inchbug’s journey is a reminder that business success does not always come from following conventional wisdom, but from believing in one’s vision and having the tenacity to see it through. Feldman’s determination and belief in her products have indeed paid off, and Inchbug continues to flourish in the marketplace.
