Ava the Elephant Shark Tank Net Worth 2023
Krumins appeared on Shark Tank in search of a $50,000 investment in exchange for 15% ownership of his firm, valuing it at $333,333.33.
After some negotiations, Barbara offered a $50,000 investment for 55% stake in the company and the valuation increased to 90,909.09.
Since then, Ava The Elephant has seen tremendous growth and its net worth is above $1 million as of 2023.
What is Ava the Elephant?
Ava the Elephant is a unique medication dispenser that talks and helps to give the entire dosage in one go, making taking medication a fun experience for children by using positive reinforcement.
To use Ava, you need to fill the accompanying dropper with the required medication and then insert the stopper into the opening on the back of Ava.
Tiffany Krumins, who worked as a babysitter, is the founder of Ava the Elephant. Tiffany is now a host of the Product Genius podcast and also works as a business coach and advisor for aspiring mompreneurs.
While taking care of a young child, Tiffany came up with the idea for Ava the Elephant. She realized that administering medication to the child made him unhappy and irritable, which was an unpleasant experience for both of them. To make the process easier, she came up with the idea of distracting the child with a little singing elephant that had a hidden medication dropper in its snout.
What happen to Ava the Elephant at the Shark Tank Pitch?
In the first episode of Shark Tank’s first season, Krumins appeared seeking a $50,000 investment in her company in exchange for a 15% ownership stake, valuing her company at $333,333.33. Krumins explained her product, AVA the Elephant, which helps children take their medicine by making it more palatable.
She demonstrated the product and talked about her experience babysitting Gibby. The Sharks listened carefully but were skeptical.
Kevin O’Leary expressed concern that the product wouldn’t work because the medicine tasted bad, but Krumins was confident in its effectiveness based on her experience with Gibby. Kevin Harrington asked if Krumins had filed patents for her product, but she had only conducted a patent search at that point.
Daymond John asked why Krumins needed the investment, and she explained that she wanted to develop a working prototype and obtain a patent. The Sharks were hesitant, and O’Leary, Harrington, and Robert Herjavec all declined to invest, with Herjavec suggesting Krumins pursue a licensing deal instead.
Barbara Corcoran offered Krumins a deal of $50,000 in exchange for 55% of her company, emphasizing her expertise and contacts as valuable assets in addition to the money. Krumins ultimately accepted the offer, and AVA the Elephant went on to become a successful product, sold in over 10,000 retail locations nationwide.
Although Krumins faced personal struggles and eventually ceased working on AVA in 2018, the product continued to be licensed and expanded upon by other companies. Krumins remains associated with the brand and appeared in a 2021 campaign.
Ava the Elephant Net Worth
Krumins appears on Shark Tank in search of a $50,000 investment in exchange for 15% ownership of his firm. This equates to a $333,333.33 valuation. She accepted an offer from Barbara of $50,000 investment for 55% stake thus bringing valuation to 90,909.09.
Ava the Elephant Competitors
There is no competitors identified for Elephant Competitors.
Ava the Elephant FAQS
What is Ava the Elephant?
Ava the Elephant is a talking/singing animated medicine dispenser that was created to make medication time more enjoyable and easy for both parents and children.
Who is the founder of Ava the Elephant?
Tiffany Krumins is the founder of the company.
How much was she seeking in the Shark Tank Pitch?
Ava the Elephant was seeking a $50,000 investment in exchange for 15% of her company’s shares.
How much did she get in the shark Tank?
Ava the Elephant got $50,000 in exchange for 55% of their company.
Did Ava the Elephant make money?
At the time, her concept for a humorous children’s medication dispenser, AVA the Elephant, was but a notion.
She had not made any sales. She lacked even a finished product. After three years, her business, Elephant Lady LLC, has generated $1 million in revenue during the last 18 months.
What happen to AVA the Elephant Shark Tank?
Tiffany ceased work on AVA in 2018. Following her battle with illness and the birth of three children, she opted to license the product to Baby Delight, who in March 2021 licensed it to Better Family.
She is still associated with the brand and starred in a July 2021 campaign.
Why is Ava the Elephant discontinued?
Tiffany decided that after seven years in business, it was time to license Ava the Elephant to Baby Delight, a baby goods brand.
For a time, Baby Delight marketed an enhanced version of the product, but it was momentarily withdrawn in 2019 when her license arrangement with the firm expired.
Is Ava the Elephant a private or a public Company?
No, Ava the Elephant is a currently a private company.
Where can they buy Ava the Elephant?
Ava the Elephant is now sold in over 10,000 retail outlets including major drug store chains like CVS and Walgreens.
Did Ava the Elephant make money?
Ava the Elephant made money of $1 million in revenue in 2015.
Is Ava The Elephant Still In Business?
Ava the Elephant was available in over 10,000 retail locations around the United States, including CVS, Walgreens, BabiesRUs, Walmart, and Amazon.
In 2013, Ava the Elephant launched her second product, the Ava the Elephant Thermometer Stickers, which employ liquid crystal technology to detect your child’s temperature when applied on their forehead.
What is the net worth of Tiffany Krumins?
Tiffany Krumins has a net worth of $ 1.6 Million.
What are the strengths of Ava the Elephant?
Ava the Elephant has the strength to make medication time more enjoyable and easy for both parents and children.
Was Ava the Elephant successful?
AVA the Elephant is the first and one of the most successful Shark Tank products, having been distributed in over 10,000 retail locations, including major pharmacy chains CVS and Walgreens.
