When life gets too stressful, simply rubbing on a textured surface can calm you down. Michael Malkin invented Calm Strips, a tactile calming tool you can carry anywhere. After pitching it on Shark Tank, the founders got a deal with Robert Herjavec. Calm Strips is now worth $3 million based on the latest sales data.
Michael Malkin & Luce Fuller
Michael Malkin is from Newport News, Virginia, and has a bachelor’s degree in English from Old Dominion University. After college, he became an English teacher at Newport News Public Schools and a store manager at Dell.
He also managed an Apple retail store, where he met Luce Fuller. Luce also has experience managing stores such as Starbucks and COACH. Fuller joined Apple as a specialist in 2013 but left to take care of her five kids and run an Etsy store.
The Impact of Shark Tank
Calm Strips got a huge surge in orders once the episode aired. It appears the deal with Robert hasn’t closed yet as Calm Strips isn’t listed on his website under Shark Tank investments. Potentially the royalty aspect of the deal was too expensive.
Calm Strips have over 250,000 satisfied customers. The product is particularly popular in schools and used by teachers and students in over 5,000 schools. It also appeals to those with body-focused repetitive behaviors and autism. The brand’s products are carried in around 240+ retail stores.
The company’s annual revenue is just over $1 million with around $5 million in lifetime sales. Currently, Calm Strips worth an estimated $3 million.
Several of their package deals have an average rating of 4 stars on Amazon. Some negative reviews highlighted that the strips lacked texture. They expanded their lineup with a “box breathing” set and custom Calm Strips, adding variety beyond the original packs.
You can purchase their products on CalmStrips.com, Amazon, Etsy, and some small independent retailers in the U.S. The business continues to expand and now has seven full-time employees.
How Calm Strips Started
While at Apple, Michael’s anxiety was often triggered by the busy environment. His way of coping was wrapping a carpenter’s tape around his finger and rubbing on it. It helped him calm down every time.
Science explains that this is because tactile touch can help people relax and stay focused. With this in mind, Malkin created discreet textured strips that can stick to most surfaces. Calm Strips was launched in 2020 and he hired Luce Fuller to be the administrative director.
They sold the products in packs of five, and customers could choose between the soft sand and river rock textures. Just after a year in business, the company had already done $2.5 million in sales.
Calm Strips on Shark Tank
Luce and Michael appeared on season 13, seeking $250,000 for a 10% equity stake. They made a strong start to the pitch and introduced their product with a short animation.
The pair revealed they have a low return rate and healthy margins. The Sharks were surprised by their lifetime sales. The business is making a boatload of cash! Despite strong sales, Calm Strips’ sales are seasonal as people are less stressed out in the Summer.
Robert was the first to make an offer but wanted 35% for $250,000, way too greedy! Of course, Kevin offered a royalty but wanted it in perpetuity. In the end, they went with Robert’s proposal of $250,000 for a $2.5 per unit royalty until he breaks even. Then, $1.5 per until he gets $750,000. A terrible deal, they agreed to borrow $250,000 and pay back $750,000.
