Discover the 2023 valuation of the Wise Pocket socks business by a 13-year-old entrepreneur pitched on Shark Tank in 2019. What is Wise Pocket’s Net Worth in 2023?
Young entrepreneurs like Sofi are always appreciated at Shark Tank. This 13-year-old girl came up with a unique design – socks that contain useful pockets to store your stuff. The sharks were impressed not only by her unique product but also by her enthusiasm and the sales she had already produced.
Since she was 6, it was her dream to be featured on Shark Tank, and it was before she even thought of Wise Pocket. Her dream did come true and she even got a deal at Shark Tank.
In this article, we will be taking a closer look at Sofia Overton’s Wise Pocket and calculate the company’s and the entrepreneur’s net worth in 2023.
How Sofia Overton Transformed a Simple Sock into Wise Pocket – A Profitable Business
Sofia Overton hails from Bentonville, Arkansas, and as of 2023, she is 17 years old. In 2019, she was featured on Shark Tank where she pitched her product. She invented a sock with pockets and called it Wise Pocket.
When asked about she came up with the idea, she said that she was well aware of the problem that kids don’t have many pockets in their school clothing. As most of the kids put their stuff in their shoes, it is uncomfortable. So, Sofia came up with a solution: Wise Pocket
Image Source: Shark Tank (Sony Pictures Television)
Transforming this idea into an actual, sellable product was not easy. Sofia put over $10,000 into the business. How did a 13-year-old put $10k into a business?
Well, $5000 was her own money, and the other $5k was what she earned through “business pitches, and competitions.”
Her sales were also incredible. In 2019, Sofia revealed that she made over $16,000 in sales, and the sharks were impressed.
“You’re a perfect example of what every kidpreneur should do… You got a job, you saved up some money, you did all the prototypes yourself then you made actual products. Then you sold those products…sixteen thousand dollars worth of products,” Mark Cuban appreciated Sofia on her struggles.
Wise Pocket Shark Tank Deal
All in all, her product was well appreciated by the sharks, including Mark Cuban. But when she revealed what it cost to make the sock, some of the sharks were unimpressed. The socks cost over $5 to make and were sold for $15, which is not a competitive price for a sock, even if it’s unique. Additionally, she was only able to produce 100 units per month, which was another turn-off for the sharks.
Kevin and Mark were out. However, Lorie and Daymond showed interest in the young entrepreneur.
“You’ve got everything that it takes to really be a great entrepreneur, and Daymond and I wanna help you,” said Lori Greiner.
Lori and Daymond offered to invest $30,000 but they wanted a one-third stake in the company. This is where Sofia impressed everyone with her negotiation skills. She offered a 25% stake in Wise Pocket, for $35,000 and they took her offer.
Wise Pocket after Shark Tank
Eventually, the Shark Tank deal did go through, but we didn’t see Sofia promoting her product after that. There were some YouTube videos and social media ads on the internet, but it was strange that she didn’t seem to have made her product to retail.
Nevertheless, she is selling her product online and in the local market as well, and the business is doing good for a 17-year-old. On Instagram, Wise Pocket has over 1400 followers but she doesn’t post much. Her last post was from 2020.
Taking into consideration her previous sales, it is projected that Wise Pocket will sell over $100,000 worth of products in 2023. She can do even better if she leverages social media as well.
Wise Pocket Net Worth in 2023
In 2023, Wise Pocket is projected to be worth over $350,000. At the time of the Shark Tank valuation in 2019, the business was worth over $140,000.
The deal with Lori and Daymond got her into the bigger markets and the business is doing well locally. As we know that the sharks took 25% of the company, and she still owns the remaining part. Subsequently, Sofia Overton is worth over $200,000 as of 2023.
Final Words
Sofia Overton’s Wise Pocket socks have become a huge success! Even though she faced some obstacles in the beginning, Sofia’s hard work and go-getter attitude paid off when she landed a deal with the big-time investors Lori Greiner and Daymond John on Shark Tank.
Although she’s slowed down on marketing lately, Wise Pocket is still projected to be worth over $350,000 by 2023. Sofia’s story is a true inspiration to all the young entrepreneurs out there, proving that if you put your mind to it and work hard, you can achieve anything.
Frequently Asked Questions (FAQs)
How did Wise Pocket do after Shark Tank?
Wise Pocket successfully made a deal with investors Lori Greiner and Daymond John. While the business is doing well in its local market, it seems they haven’t been actively promoting or advertising online. This is causing a missed opportunity for potential sales and business expansion.
Who founded Wise Pocket?
Sofia Overton founded Wise Pocket at the age of 11 years old. She and her socks company were featured on Shark Tank, where she successfully closed a deal with Lorie Greiner and Daymond John.
Where is Wise Pocket located?
Wise Pocket doesn’t have physical locations and stores. Instead, they sell their products via different local and online stores. The founder, Sofia Overton, is from Bentonville, Arkansas. So, the business originally started from Bentonville and expanded all over the US.
Who is the sock girl on Shark Tank?
Sofia Overton appeared in Season 11 of Shark Tank with her Sock product called Wise Pocket. The 13-year-old entrepreneur impressed the shark with her CEO mindset and closed the deal with Lori and Daymond. She is reportedly worth over $200,000 as of 2023.
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