Size doesn’t matter when it comes to successful products. Rick Hopper invented the tiny but practical ReadeREST magnetic eyeglass clip which is one of the smallest items featured on Shark Tank. On the show, the founder made a deal with Lori Greiner. As of 2022, ReadeREST is worth $4 million.
About the Founder
Rick Hopper was raised in Anaheim, California, before moving to Fullerton. Growing up, he didn’t receive any formal education, but he loved to tinker with different things in his home. His first invention was a windsail to slow his skateboard down when going downhill.
He landed his first job at Home Depot as a department supervisor and pro sales trainer. Rich also did some carpentry work part-time to provide for his family.
In 2001, he left Home Depot to start his first business, TrimQuick, a vinyl trim provider for window companies. The venture was a success, and the rising entrepreneur sold it for a profit.
While still working on TrimQuick, Hopper already planned to start another business for his eyeglass problem. At age 40, he needed glasses to read. But when he wasn’t using them, he’d placed them in his collar, which always caused them to fall.
The California native bent a paperclip into a certain shape and attached it to a magnet. It worked, so he took it everywhere he went. People who saw it often asked what it was and how they could get it.
Rick noticed that there was a demand for this kind of product. Thus, with the money he made from his first startup, he fine-tuned his magnetic eyeglass holder, and ReadeREST was launched in 2011. The product made $65,000 after a test launch.
Shark Tank Appearance
In 2012, ReadeREST was getting so many orders that Rick Hopper couldn’t keep up. He appeared on 3 season, asking for $150,000 for 15% equity.
The entrepreneur made an entertaining introduction, stumbling onto the ground and explaining the struggles of constantly losing his glasses. However, most of the Sharks didn’t see the potential of his invention.
The Sharks got hesitant when Rick stated he acquired the patent for $5,000 from the original owner. Nevertheless, Lori Greiner wasn’t afraid to make an offer. She proposed $150,000 for 65%, and Hopper accepted after taking his time to consider it.
After Shark Tank
After Shark Tank, Lori promoted ReadeREST on QVC, and it sold out within five minutes. Rick also outsourced the manufacturing to help scale the business. Previously he was gluing every magnet in his garage!
The product later became available in Ace Hardware, Walmart, and Bed Bath & Beyond. Now, it can also be purchased on ReadeREST.com and Amazon, where it has a 4.6-star review rating. Currently, all of the products are sold out on their website.
A year after closing the deal with Lori, ReadeREST earned $1.4 million in revenue. The business is still thriving but the hype around the product has faded slightly. ReadeREST makes around $5 million in annual revenue according to Sharktankblog.com. Since the show aired, they now sell glasses and four varieties of glasses holders.
As of 2022, the company is worth an estimated $5 million. Despite giving away a huge chunk of equity, Rick Hopper became a millionaire and ReadeREST is rated as one of Shark Tank’s most successful products.