Drop Stop, the innovative device designed to prevent objects from falling in between car gaps, has seen tremendous success since its inception in 2009. With a current net worth of $5 million, Drop Stop has established itself as a leading solution in the automotive accessory market.
Founders Marc Newburger and Jeffrey Simon embarked on their entrepreneurial journey, appearing on season 4 of Shark Tank in March 2013. Their pitch caught the attention of renowned investor Lori Greiner, who agreed to invest $300,000 for a 20% equity stake in Drop Stop. This partnership proved to be a game-changer for the company, propelling its growth and expansion.
Since its appearance on Shark Tank, Drop Stop has achieved remarkable milestones. The company generates an impressive $24 million in annual revenue and has garnered a loyal customer base. With its success, Drop Stop has secured partnerships with major retailers, including Walmart, Target, Bed Bath & Beyond, and Amazon.
Key Takeaways:
- Drop Stop’s net worth stands at $5 million, evidencing its financial success.
- The founders secured a deal with Lori Greiner on Shark Tank, which helped drive the company’s growth.
- Drop Stop generates $24 million in annual revenue, showcasing its substantial market presence.
- The product is available on major retail platforms, including Walmart, Target, Bed Bath & Beyond, and Amazon.
- Drop Stop has become a top-selling automotive accessory on Amazon.
Drop Stop’s Journey on Shark Tank
When Drop Stop made its appearance on Shark Tank in season 4, episode 21, founders Marc Newburger and Jeffrey Simon had a clear mission: to showcase their innovative device for preventing objects from falling into car gaps. Their pitch attracted the attention of the sharks, leading to a deal with renowned investor Lori Greiner.
The original ask was $300,000 for 15% equity, but the duo ultimately secured a $300,000 deal for 20% equity with Lori Greiner. This partnership proved instrumental in propelling Drop Stop’s success to new heights. Immediately after the episode aired, the company experienced a surge in sales, raking in an impressive $500,000 in revenue.
Within just 18 months of their Shark Tank appearance, Drop Stop’s revenue skyrocketed to an astounding $10 million. The company’s continued growth was highlighted by their remarkable $24 million revenue in 2017. This significant increase in sales can be attributed to their partnership with Lori Greiner and the exposure gained from being featured on the popular television show.
The Impact of Shark Tank on Drop Stop’s Profits
The Drop Stop founders’ decision to appear on Shark Tank proved to be a game-changer for their business. Their pitch not only secured a valuable investment but also catapulted their sales and revenue to new heights. The exposure and credibility gained from being on the show helped Drop Stop expand its reach and connect with a wider audience.
Additionally, the endorsement from Lori Greiner, a highly respected investor and entrepreneur, further solidified Drop Stop’s credibility and positioned them for continued success. With their innovative product and the boost from Shark Tank, Drop Stop has become a leading brand in the automotive industry, with a strong presence in major retailers such as Walmart, Target, Bed Bath & Beyond, and Amazon.
Their journey on Shark Tank showcased the power of entrepreneurship and the impact that a successful pitch can have on a business. Drop Stop’s trajectory serves as an inspiring example of how a small idea can turn into a thriving company with the right exposure and strategic partnerships.
Shark Tank Episode | Ask | Deal | Immediate Sales | 18-Month Revenue | 2017 Revenue |
---|---|---|---|---|---|
Season 4, Episode 21 | $300,000 for 15% equity | $300,000 for 20% equity (with Lori Greiner) | $500,000 | $10 million | $24 million |
Drop Stop’s Founders and Key Accomplishments
Drop Stop was founded by Marc Newburger and Jeffrey Simon in 2009. Marc Newburger is a serial entrepreneur with over 25 years of experience in the consumer goods industry, while Jeffrey Simon is a marketing and branding expert with over 20 years of experience. Together, they have built a successful business with notable accomplishments.
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Their Appearance on Shark Tank
In 2013, Marc and Jeffrey appeared on the hit television show Shark Tank, seeking investment and exposure for their innovative product. Their pitch caught the attention of Lori Greiner, one of the show’s prominent investors, who saw the potential of Drop Stop and struck a deal. This partnership with Greiner helped propel Drop Stop’s success and opened doors for further growth.
Expansion and Partnerships
Following their appearance on Shark Tank, Drop Stop expanded its distribution to over 10,000 retail locations in 2014, making their product easily accessible to a wider customer base. In addition to retail expansion, Marc and Jeffrey also partnered with major automakers to offer Drop Stop as a factory-installed option in vehicles. This strategic move further solidified Drop Stop’s position in the market and increased brand recognition.
Continued Success and Impact
The founders’ dedication and hard work paid off, leading to impressive revenue numbers. Drop Stop experienced an immediate boost after their Shark Tank appearance, with sales totaling $500,000. Within just 18 months, their revenue skyrocketed to $10 million. In 2017, their revenue reached an impressive $24 million, showcasing the continued growth and success of the company.
Year | Revenue (in millions) |
---|---|
2013 | $0.5 |
2014 | $2 |
2015 | $5 |
2016 | $10 |
2017 | $24 |
Drop Stop’s impressive journey on Shark Tank and the accomplishments of its founders Marc Newburger and Jeffrey Simon have positioned the company as a market leader in preventing objects from falling in between car gaps. With their continued success and impactful partnerships, Drop Stop is set to maintain its strong presence in the industry and drive further growth in the future.
The Success and Continued Growth of Drop Stop
Since its appearance on Shark Tank, Drop Stop has achieved remarkable success and has continued to experience significant growth.
Immediately after the show, the company saw a surge in sales, generating an impressive $500,000. Within just 18 months, Drop Stop’s revenue soared to $10 million, showcasing the immense potential and market demand for their innovative device.
Drop Stop’s revenue on Shark Tank in 2017 reached an astonishing $24 million, solidifying their position as a major player in the automotive accessory industry.
Capitalizing on their Shark Tank success, Drop Stop expanded its retail distribution channels, collaborating with major retailers such as Walmart, Target, Bed Bath & Beyond, and Amazon. The product’s popularity skyrocketed online, making it one of the top-selling automotive accessories on Amazon.
In addition to their retail success, Drop Stop formed strategic partnerships with Bed Bath & Beyond and supplied 3,000 Drop Stops to the Los Angeles Police Department for their vehicles.
Despite facing competition and copyright challenges, Drop Stop has proven to be a resilient business, maintaining a net worth of $5 million and continuing to thrive in the marketplace.
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FAQ
How much did Drop Stop’s net worth increase after appearing on Shark Tank?
Drop Stop’s net worth increased from an initial valuation of $1.5 million to $5 million after appearing on Shark Tank.
What was Drop Stop’s revenue before and after their appearance on Shark Tank?
Before their appearance on Shark Tank, Drop Stop had annual revenue of $10 million. After the show, their revenue skyrocketed to $24 million in 2017.
How did Drop Stop’s appearance on Shark Tank impact their sales?
Drop Stop experienced an immediate sales boost of $500,000 after their Shark Tank pitch. Within 18 months, their revenue reached $10 million.
Where can I purchase Drop Stop?
Drop Stop is available for purchase on their official website, Amazon, and major retailers such as Walmart, Target, and Bed Bath & Beyond.
Did Drop Stop face any challenges or competition after Shark Tank?
Drop Stop faced competition and copyright issues but managed to overcome them and remain a successful business with a net worth of $5 million.