Women’s clothing has long been deprived of pockets. This is why the young Sofia Overton created Wise Pocket Products, a line of socks and leggings that have convenient pockets inside. The youngster managed to bag a deal with Daymond John and Lori Greiner. As of 2023, Wise Pocket Products is worth $300,000.
Sofia Overton’s Background
Sofia Overton is currently pursuing secondary education at a local school in Bentonville, Arkansas. The now 15 years old has been watching Shark Tank since she was six and always wanted to appear on the show but needed an idea.
Sofia was inspired to start her business at 11 years old when she noticed her cousin placing her phone in her boots because her leggings didn’t have any pockets. However, she found it very uncomfortable as the phone constantly slipped down her ankle.
Founding Wise Pocket Products
At home, Overton had a big sock collection. This inspired her to develop a sock design with a built-in pocket big enough to hold phones. In 2017, the brilliant young lady launched Wise Pocket Products with $10,000 of her own money. This is a lot of money for a young kid!
While building her company, she kept social issues in mind. The Bentonville student estimated that she had at least 600 schoolmates who were homeless. So, she pledged to donate one pair of socks for every unit sold.
With the support of her parents, she applied for a patent and also got help from Startup Junkie and her local Chamber of Commerce. In 2018, she started an IndieGoGo campaign that raised $10,000 and earned $16,000 in sales before entering the Tank.
Shark Tank Pitch
The then 13 -year old, appeared on season 11 of Shark Tank, asking for a $30,000 investment in return for a 15% stake in her business. She needed the money to streamline production as she was only able to produce 100 units per month.
After explaining her product and who it was for, the guys behind her made a dynamic dance presentation, showing how the socks won’t discard the phones despite explosive movements.
While Kevin O’Leary and Mark Cuban were talking about why they were out, Lori Greiner and Daymond John teamed up in the background. They offered $30,000 for 33.3%, but they were impressed when Sofia countered with $35,000 for 25%.
Lori and Daymond accepted the offer. Daymond in particular was interested as one of his most successful deals was another sock-related company called Bombas.
Update After Shark Tank
The deal with Lori Greiner and Daymond John closed according to Sharktankblog.com. There have been no reports of a licensing deal yet but it could happen in the future.
Wise Pocket Products is still in business but hasn’t been actively promoting its products online. They haven’t posted on Instagram in over two years and all of the products on their website are sold out. There could still be issues with manufacturing the socks. Also, potentially Sofia is occupied with schoolwork.
The founder hasn’t released any recent sales figures and the company is estimated to be worth around $300,000. Although the business hasn’t done as well as expected, it’s always amazing to see young kids pitch on Shark Tank.