What happened to Wise Pocket Products after appearing on Shark Tank Season 11? Wise Pocket Products, founded by then 13-year-old Sofi Overton, secured a deal with Daymond John and Lori Greiner for $35,000 in exchange for 25% equity on Shark Tank Season 11. While the company experienced a surge in sales after the episode aired and even expanded its product line to include leggings, it ultimately went out of business by 2023.
Summary
- Wise Pocket Products was founded by Sofi Overton who was 13 at the time of the Shark Tank pitch.
- The company offered socks with pockets designed to hold small items like phones and keys.
- Sofi Overton appeared on Season 11 of Shark Tank, seeking $30,000 for 15% equity.
- She secured a deal with Daymond John and Lori Greiner for $35,000 for 25% equity.
- Despite initial success and expanding to include leggings, Wise Pocket Products is no longer in business.
Wise Pocket Products Shark Tank Update | Shark Tank Season 11
Sofi Overton saw an opportunity to merge fashion and function. Sofi Overton, the creative mind behind Wise Pocket Products, noticed a common problem: a lack of pockets in girls’ and women’s clothing. This simple observation sparked an ingenious idea – socks with built-in pockets.
Thus, Wise Pocket Products was born, offering a convenient and secure way to carry small essentials like phones, keys, or even a bit of cash.
Sofi Overton: A Young Entrepreneur with a Big Idea
At just 13 years old, Sofi Overton wasn’t your average teenager. While many kids her age were preoccupied with social media and schoolwork, Sofi was busy building a business.
Her passion for solving everyday problems and her determination to make a difference fueled her entrepreneurial spirit.
With Wise Pocket Products, Sofi not only addressed a practical need but also demonstrated a remarkable level of business acumen at a young age.
Shark Tank Season 11 Appearance
1. The Pitch: Socks with a Purpose
Sofi Overton stepped into the Shark Tank in Season 11, Episode 12, ready to impress the investors with her innovative product.
Confident and articulate, she presented Wise Pocket Products and its potential to revolutionize how people carry their essentials.
Her pitch highlighted the convenience and security of socks with pockets, particularly for active individuals and those who find themselves constantly searching for a place to store their belongings.
| Entrepreneurs | Sofi Overton |
|---|---|
| Business | Wise Pocket Products |
| Ask | $30,000 for 15% equity |
| Deal | $35,000 for 25% equity |
| Sharks | Daymond John, Lori Greiner |
| Season | Season 11 |
| Original Air Date | January 26, 2020 |
| Website | Wise Pocket Products |
| Key Points of Pitch |
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| Why Sharks Accepted |
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2. Negotiating with the Sharks
Sofi’s impressive pitch caught the attention of Daymond John and Lori Greiner, who recognized the potential of Wise Pocket Products.
However, the Sharks are known for their shrewd negotiating tactics, and Sofi faced the challenge of securing a deal that would benefit both her and her investors.
Despite her young age, Sofi demonstrated remarkable composure and negotiating skills. She confidently countered offers and advocated for the value of her company.
3. A Winning Deal
After a tense round of negotiations, Sofi secured a deal with Daymond John and Lori Greiner for $35,000 in exchange for 25% equity in Wise Pocket Products.
This investment provided Sofi with the capital and mentorship needed to take her business to the next level.
Her successful appearance on Shark Tank marked a significant milestone for the young entrepreneur and generated considerable buzz around Wise Pocket Products.
After Shark Tank: Success and Challenges
1. Increased Sales and Brand Visibility
Sofi’s appearance on Shark Tank proved to be a game-changer for Wise Pocket Products. The national exposure catapulted the brand into the spotlight, leading to a significant surge in sales.
Customers were drawn to the product’s unique functionality and inspired by Sofi’s story.
Wise Pocket Products became synonymous with innovation and youth entrepreneurship, attracting media attention and further boosting brand visibility.
2. Product Expansion: Beyond Socks
With increased resources and the guidance of her Shark investors, Sofi expanded the Wise Pocket product line.
Recognizing the demand for practical apparel with built-in storage, she introduced leggings with pockets.
This strategic move broadened the company’s appeal and provided customers with more options to suit their needs and preferences.
The expansion demonstrated Sofi’s commitment to growing her business and responding to market demand.
3. The Road to Closure
Despite initial success and promising growth, Wise Pocket Products ultimately ceased operations. The company’s website and social media presence went dark, and the products were no longer available for purchase.
While the exact reasons behind the closure remain unclear, several factors may have contributed to this outcome.
The competitive landscape of the apparel industry, potential challenges in scaling production, and the ever-changing consumer market could have posed significant hurdles for the young company.
Why Did Wise Pocket Products Close?
1. Possible Factors
While there’s no official statement on why Wise Pocket Products closed, several factors likely played a role.
The apparel industry is highly competitive, with established brands and new entrants constantly vying for market share.
Wise Pocket Products may have faced challenges in differentiating itself and maintaining a strong foothold in this crowded space.
Additionally, the market for socks and leggings with pockets may have become saturated. Other companies might have introduced similar products, potentially at lower price points, making it difficult for Wise Pocket Products to compete.
Other potential challenges include managing production and inventory, fulfilling orders efficiently, and adapting to changing consumer preferences.
For a young entrepreneur like Sofi, balancing these demands while continuing her education could have been a significant undertaking.
2. Lessons Learned
The story of Wise Pocket Products, despite its closure, offers valuable lessons for aspiring entrepreneurs. It highlights the importance of:
- Market research and analysis: Understanding the competitive landscape and identifying unique selling propositions are crucial for success.
- Adaptability and innovation: Continuously evolving and responding to market trends can help businesses stay ahead of the curve.
- Financial management: Careful planning and budgeting are essential for sustainable growth.
- Resilience and perseverance: Entrepreneurship is a journey with ups and downs, and the ability to bounce back from setbacks is key.
Where is Sofi Overton Now? Exploring New Ventures?
Since Wise Pocket Products closed, Sofi Overton has maintained a relatively low profile. Information about her current endeavors is scarce.
It’s possible that she’s focusing on her education, exploring new business ideas, or simply taking time to reflect on her entrepreneurial journey.
Sofi’s experience with Wise Pocket Products, though ultimately leading to closure, provided her with invaluable skills and knowledge.
Her passion for innovation and her entrepreneurial spirit suggest that she may well embark on new ventures in the future.
Whatever path she chooses, Sofi’s story serves as an inspiration to young people with dreams of making a difference in the world.
FAQs
What were Wise Pocket Products?
Wise Pocket Products were socks and leggings with built-in pockets, designed to provide a convenient and secure way to carry small essentials.
Who created Wise Pocket Products?
Sofi Overton, a young entrepreneur who was only 13 years old when she appeared on Shark Tank.
Did Wise Pocket Products get a deal on Shark Tank?
Yes, Sofi secured a deal with Daymond John and Lori Greiner for $35,000 in exchange for 25% equity.
Is Wise Pocket Products still in business?
No, unfortunately, the company is no longer operating.
Why did Wise Pocket Products close?
The exact reasons are unclear, but potential factors include competition, market saturation, and the challenges of scaling a business.
What is Sofi Overton doing now?
There is limited public information about Sofi’s current activities. She may be focusing on her education or exploring new ventures.
The Bottom Line
Wise Pocket Products, though ultimately short-lived, serves as an inspiring example of youth entrepreneurship and innovation. Sofi Overton’s journey demonstrates the power of identifying a problem and creating a solution.
While the company may no longer exist, its legacy lives on as a testament to the potential of young minds to make a difference. Sofi’s story encourages aspiring entrepreneurs to pursue their passions, embrace challenges, and never give up on their dreams.
