Cat Drawing Shark Tank Net Worth 2023
Steve Gadlin appeared on Shark Tank in season 3, episode 7 to pitch his idea, Cat drawing, to the Sharks. He requested a $10,000 investment for a 25% stake in his $40,000 company. Mark Cuban offered him $25,000 for a 33% share of the company, which was more than Gadlin was asking for.
This was one of the most memorable moments on Shark Tank and often gets mentioned as one of the best episodes. After receiving an investment from Mark Cuban, the company’s value increased to $75,758.
Some sources online say that the net worth or valuation of Cat drawing is currently around $250,000.
What Is Cat Drawing?
Cat Drawing is an online service where customers can request custom drawings of stick-figure cats. The idea for the business came to Steve one night as he pondered how he could turn his ideas into a successful brand with a dedicated following.
In 2011, he launched a website with just a PayPal button and an embedded YouTube video. Steve came up with the concept of a cute and family-friendly stick-figure cat performing various tasks.
His goal was to build interest and a market for his drawings, much like a popular newspaper cartoonist with a loyal fan base, and sell them online.
Who Is The Founder Of Cat Drawing?
The company began when Steve had an idea for turning his ideas into a commercial brand with a fan base. This happened one night when he was considering his options. In 2011, the company was established with a website that initially had only an embedded YouTube video and a PayPal button.
Steve’s concept involved a family-friendly stick-like cat figure performing various tasks. He hoped to generate interest in the drawings and then sell them online, much like a newspaper cartoonist with a following.
Initially, Gadlin proposed the idea as a joke, suggesting that they establish a thriving company using only a widget. Gadlin is an inventor who frequently finds inspiration in the bathroom, and he believes that his concept is entirely unique in the industry and that his drawings would sell well. Despite the simplicity of the idea, Gadlin’s passion and confidence are infectious.
What Happened To Cat Drawing At Shark Tank Pitch?
Steve Gadlin went to Shark Tank investors with his idea for Cat Drawing, hoping to obtain help with production and distribution. He was seeking a $10,000 investment in exchange for a 25% stake in his company, which was worth $40,000.
Gadlin started by performing a musical presentation for the Sharks on his cat-drawing company, complete with dance routines that had Mark Cuban dancing in his seat.
After the performance, Gadlin shared his business idea with the Sharks. He offered a bespoke cat sketching service for around $10, where customers could describe a cat and a scenario, and he would draw it. He could produce about 1,000 drawings each week, and he had sold over 1,200 drawings in the last year, earning slightly over $9,000.
When Kevin O’Leary asked about his plans for the money, Gadlin said he wanted to expand his collection to include greeting cards and other merchandise. However, Kevin O’Leary was skeptical about investing in artists, as the company was heavily reliant on the artist’s creativity, health, and ability to continue working.
Kevin O’Leary decided not to invest, and Robert Herjavec also declined the offer due to a lack of profits in the first year.
However, Mark Cuban was impressed with the idea and offered $25,000 for a 33% ownership of the business, which was more than double the initial investment request.
Gadlin agreed to the deal, and Mark Cuban even agreed to sketch one of every 1,000 cats. The deal was sealed not only with a handshake but also a dance performance.
What Happened to Cat Drawing after Shark Tank?
The firm is now up and running after the deal was finalized, and a celebratory moment was shared with Steve and Mark Cuban on the pitch.
Since the business began, Gadlin has created 18,794 personalized cat drawings for individuals through his website in the span of four years. He also sold cat-themed t-shirts and other novelty items and provided employment to several people, even though he was struggling with acute writer’s cramp.
In January 2015, Gadlin announced that he would be discontinuing his cat-drawing business to concentrate on his new television show, Steve Gadlin’s Star Makers, which airs on WCIU-TV. However, despite his announcement, Gadlin’s website and social media accounts show that he still accepts cat-drawing requests from enthusiasts, indicating that his company is still active.
In June 2021, Steve relaunched the business by offering cat drawings for $9.95, the same price as when he first appeared on Shark Tank. So far, he has drawn almost 21,000 cats. In September 2021, he launched a Kickstarter campaign for The Fart Pedal, a guitar pedal that transforms music into fart sounds.
Net Worth of Cat Drawing
During the pitch the company valuation was $40,000, after the Mark Cuban transaction the valuation of the company elevate up to $75,756. Since the company has makes some sales which might increase the company net worth in 2021.
Cat Drawing FAQs
What is Car Drawing?
Car Drawing is a small business which makes custom drawings on a budget. The company was initiated in 2011, by a man named Steve Gadlin, who proposed a series of stick figure cats that were simple and easy to draw.
Who is the Founder?
The business was initiated in 2011, by Steve Gadlin. Steve is an artist who also owns a bespoke pillow company called Steve Gadlin’s Bespoke Pillows.
What is his offer on Shark Tank?
Steve was looking for $10,000 for 25% equity in his company, which was worth $40,000.
Did he get the deal?
Yes, he gets the deal from Mark Cuban for $25,000 for 33%. The deal was finalized with a handshake and a dance.
Is still in business?
Yes, Steve initiated a new company called Steve Gadlin’s Car Drawing.
Are his drawings popular?
Yes, the drawings have been selling well. In fact, he was able to run a campaign on Kickstarter to raise money for a new product, The Fart Pedal.
What happened to the business after the show?
Steve launched a Kickstarter for his Fart Pedal in September 2021.
Where is the business based?
The business is located in Chicago, Illinois.
How can I contact him?
One can contact at [email protected]
What has he invented till now?
The artist was rejected by major publishers when he tried to sell them his cartoons. After that, he started promoting his work on tube sites like YouTube and gradually became popular online.
Why do people buy these drawings?
The drawings have been sold online, and then sold in popular retail shops. The cat images are loved because they are unique and fun to look at.
People enjoy the company products because they make the viewer laugh, even though they are simple pictures of cats.
How do you draw a simple cat face?
The artist himself has a blog post explaining how to create a simple car drawing.
How many cats have been drawn by Steve?
The artist has been selling the drawings through his website, and he has been able to sell more than 18,000 drawings.
How do you draw a cartoon cat?
Those who want to learn how to draw a cartoon cat can find several tutorials online. The artist has also posted several videos explaining how to create simple car drawings.
Is it a scam?
No, the business is legitimate, and it has sold over 18,000 drawings.
How is the business model?
The business model is very simple. The artist makes money by selling the drawings online, to shops like Amazon and Etsy, for between $4-10 each.
What is a unique product?
The company sells car drawings with a variety of simple designs on real cars. These car drawings are used by motorists to decorate their cars.
How is the website?
The website has a simple layout, and the site’s home page has a mockup of a real car with a cat sitting on top of it.
How does he draw a cat?
The artist follows a simple process to draw a cat: He draws a few lines for the face, and then draws the outline of the head.
Then he adds a few more curves to complete the shape of the face. He then adds some ears and a tail.
What is the net worth of Steve Gadlin?
The net worth of Steve Gadlin is $700,000.
