Hot Tot Shark Tank Update | What Happened to Hot Tot after Shark Tank?
What is Hot Tot?
Hot Tot is a collection of hairdressing markings that is the most recent invention in specialty hair care. Designed to accommodate the distinct structure of children’s strands.
Hot Tot promotes fashion by offering professional hair products to a new generation.
Megan Gage, from Denver, Colorado, began her professional career as a Social Worker. She had a master’s degree in clinical social work and had accomplished much in her career.
But following the birth of her second kid, Christian, she didn’t want to lose out on his early years of growth and opted to be a stay-at-home parent.
She began experimenting with lotions, eventually creating her own blend of baby lotion and pomade to give Christian cool-looking curls. It wasn’t long before she was asked where she could purchase the same styling lotion by other parents everywhere she went.
Who is the founder of Hot Tot?
Megan Gage founded Hot Tot in 2010 based in Colorado, after becoming worried about the use of dangerous chemicals and artificial smells in the majority of children’s hair care products on the market.
Around the same time, Megan became aware of media coverage of children’s hair care products, which revealed that many of them, including several well-known brand names, included hazardous substances.
Labeling regulations meant that compounds like formaldehyde, which may be toxic in the long run, did not have to be listed on the labels of such items.
Encouraged by her spouse, she began to investigate the possibility of creating her own non-toxic product.
In 2011, she contacted a private label manufacturer in Canada and had them construct a limited trial run of her newly invented product, Hot Tot.
She began her firm with only $40,000 and ran from home with little expenditures, even designing her own company logo in Photoshop.
Megan quickly started sending out press releases and had some immediate and favorable reactions, including an enquiry from the extremely popular Pregnancy and Newborn magazine within 12 hours of the first release.
In August 2011, the magazine featured Hot Tot, accompanied with images of Christian; another story came in parenting magazine in March 2012.
What Happened to Hot Tot at Shark Tank pitch?
Megan Gage, a Hot Tot entrepreneur, introduces her kids’ hair care products to the Shark Tank in episode 12 of Season 4, searching for a Shark to assist her with scaling and distribution.
Megan entered the Shark Tank with a relatively fresh (15-month-old) firm and $20,000 in revenue. She was seeking for $50,000 for a 15% stake in her company, which was worth at $333,333.
She assures the Sharks that her product is superior to all other children’s hair care products on the market. Kevin believes that no one cares about children’s hair care (and that he should not be offering hair care advice), therefore he’s out.
Lori dislikes the packing and believes it is too early; she also goes out. Mark loves Megan and the invention; he offers $75,000 for 40% equity shares in the company and suggests that the first step be testing so that the product can be labeled hypoallergenic.
Robert also goes out since he couldn’t match Mark’s offer. Daymond says that his Paul Mitchell connection makes him a better partner, but he also goes out. Megan closes the deal with Mark and appears to be thrilled, exiting the pitch with a deal.
What Happened to Hot Tot after Shark Tank?
Megan and Mark completed the deal and allergy testing for the product after Megan departed the pitch with a deal during the episode.
Hot Tot is now certified hypoallergenic! Many individuals have approached Megan about distributing her product, but she has decided to remain with her plan of steady development and distribution through top tier, premium hair salons.
She pioneered a brand-new category: high-end, kid-friendly hair care products.
The company is still selling in salons and online on her website and Amazon as of January 2022. The company’s annual revenue is $5 million.
Competitors of Hot Tot
Despite the fact that Hot Tot caters to a specific age range within the hair care business, it competes with firms such as Fairy Tales and SOCOZY, who also offer products for children’s hair.
Net Worth of Hot Tot
The company was valued at $333,333 during the pitch, after Mark Cuban investment the company valued $187,500.
Since then the company have been operating with annual sales of $5 million as of January 2022. This justify that the company net worth had elevated.
Hot Tot FAQs
What is Hot Tot?
Hot Tot is a collection of hairdressing markings that is the most recent invention in specialty hair care. Designed to accommodate the distinct structure of children’s strands.
Hot Tot promotes fashion by offering professional hair products to a new generation.
Who started Hot Tot?
Hot Tot was founded by Megan Gage in 2010, based in Colorado.
How much was asking on Shark Tank?
Megan was seeking for $50,000 for 15% stake in her firm, which was worth $333,333.
Did she have the deal?
Yes, she did from Mark Cuban.
How much was the deal?
Mark Cuban offered $75,000 for 40% ownership of the company.
Is Hot Tot still in business?
Yes, Hot Tot is still operating with annual revenue of $5 million.
Is Hot Tot safe for children?
Yes, Hot Tot is safe for children. The company relies on a variety of natural ingredients to create shampoo, conditioner and styling products that are 99% naturally derived. To ensure the product is 100% natural and hypoallergenic.
What are all the ingredients in Hot Tot?
Hot Tot products contain only a few simple, pure and natural ingredients with no man-made chemicals or chemicals derived from petroleum.
They include pure water (aqua), coconut oil, shea butter and other alternative moisturizers like mango seed butter.
What does Hot Tot do?
Hot tot offers high-quality hair care products for kids and it also has an extensive range of designs and scents specially designed for children.
Are Hot Tot goods all-natural?
They use a high percentage of certified organic ingredients, and their products are manufactured in an organic facility that is NOP (Natural Organic Program) and NSF / ANSI (American National Standards Institute) certified.
They do not, however, claim to be “organic.” Most consumers are startled to find that the FDA has not established criteria for approving personal care products. Furthermore, when it comes to cosmetics, there are no standards for the labels “natural” or “organic.”
Is Hot Tot packaging recyclable?
Yes! They utilize PET plastic, which is both environmentally friendly and the most recycled plastic in the United States. Their compositions are also completely biodegradable!
Are Hot Tot bottles free of BPA?
Yes! While the FDA has reviewed hundreds of studies and found that BPA is safe at extremely low levels, they prefer to be cautious rather than sorry. There is no BPA here!
Does your firm conduct animal testing?
Never! They adore their canine companions and do not conduct any animal experimentation! In addition, they do not do business with anyone who does! PETA and The Leaping Bunny have both certified Hot Tot.
Where do Hot Tot items come from?
All products were created with passion in the United States by one of the industry’s finest cosmetic formulators.
How much does Hot Tot charge for shipping?
They provide flat-rate shipping through USPS ($5.95) or FedEx ($9.00).
How long will it take for my order to arrive?
Monday through Friday, orders are sent at 9 a.m. Please contact us personally if they want an accelerated service, and they will try their utmost to meet their requirements.
Does Hot Tot ship outside of the United States?
They are glad to accept orders from Canadian customers. Because they are continuously creating new ties with distributors all over the world, the worldwide customers may contact them directly!
Does Hot Tot accept returns?
They regret that they are unable to accept returns at this time. On hottot.com, all sales are final.
Who is Megan Gage?
Megan Gage was born on February 1st in Boulder County, Colorado as Megan Gage. She attended Regis University where she obtained a degree in Communications Management.
What is the net worth of Megan Gage?
Megan Gage has an estimated net worth of $4 million.
