Le-Glue Shark Tank Update | Le-Glue after Shark Tank
What is Le-Glue?
Le-Glue is a non-permanent adhesive designed exclusively for the purpose of gluing together buildings constructed from building blocks like. Tripp Phillips, 12, is the creator of the patented Le-Glue.
He lives in Dalton, Georgia with his parents, sister Allee, and dog Skippy. Tripp joined the ‘International Torrance Legacy Creativity Awards’ competition in December 2014.
To win the competition, Tripp needed to innovate, something that had never been established before, something that children (and some adults) really needed. Le-Glue won the category of innovations – toys and games. The entire list of 2014 winners is available here.
Who is the founder of Le-Glue?
Tripp Phillips, 12 years old, is the founder of the patented Le-Glue. He lives in Dalton, Georgia with his parents, sister Allee, and dog Skippy.
Tripp needed to create a new product, something that had never been established before, something that children (and some adults) really needed.
Le-Glue won the category of innovations – toys and games. The entire list of 2014 winners is available here.
Tripp and Lee came up with the concept in 2014, after Tripp’s third-grade teacher encouraged his class to invent something. Because Le Glue dissolves in warm water, once you’ve “glued” your LEGOS together, the bond is temporary.
Tripp took up his teacher’s challenge and developed the concept while playing with LEGOS. Whenever he tinkered with a construct such as a spacecraft – it crumbled.
He needs a temporary adhesive to hold everything together. Lee, Tripp’s father, believed it was a million-dollar concept.
Tripp’s instructor concurred and encouraged him to join the Torrance International Creativity Awards. Tripp took the top spot.
He launched a Kickstarter campaign in late 2015 and raised around $4000 to get the firm started.
Tripp and Lee began manufacturing Le-Glue at their kitchen table in 2017 and sold over 7000 units. They funded their patent using business revenues, which was issued in April 2018.
Along with being water soluble, the product is solvent-free and antimicrobial, which helps prevent mold growth?
It secures their LEGO creations without the risk of messy breakdowns. Tripp offers his wares on Amazon and on his company’s website. Prices range between $6 and $15.
What Happened to Le-Glue at Shark Tank pitch?
Tripp, Lee, and his sister decided to approach Shark Tank investors for assistance in expanding distribution in the retail toy industry.
Tripp, his sister, and Lee enter the Shark Tank seeking $80,000 for a 15% stake in their firm with a valuation of $533,000.
He delivers his pitch and then drops two sets of Legos on the floor – one with and one without his glue. Naturally, the bonded Legos remain together. He then uses water to dissolve the adhesive. Following his presentation, he distributes samples.
The Sharks are awestruck by Tripp’s astute demeanor and utility patent. Since he began the firm, he has sold a total of $125,000.
Kevin gives $80,000 in exchange for 25% equity in the firm and a 50% royalty on any licensing deals until he recoups his money, at which point his stake drops to 20%.
The deal is conditional on the company gaining access to large box retailers.
He also wants him to attend meetings, dress in a black suit like Kevin, and pitch. Daymond offers $80,000 for 25% equity shares, identical to Kevin’s offer, but they accept Kevin’s offer and walk away from the Sharks with a deal.
What Happened to Le-Glue after Shark Tank?
After everyone applauded throughout the pitch, the deal with Kevin was finalized. Within a year, they generated little more than $500,000 in revenue.
The firm had an appearance in the baby sharks category on The Shark Tank ,Greatest of All Time Special in February 2020.
As of November 2021, the firm has generated over $1 million in revenue and averages between $17,000 and $20,000 in monthly revenue.
Net Worth of Le-Glue
During the pitch the company was valued at $533,000, after Kevin O’ Leary investment the company valued at $320,000.
Since then company have been doing well in sales with annual revenue of $1 million in 2021. This shows that the company net worth has elevated.
What is Le-Glue?
Le-Glue is a non-permanent adhesive designed exclusively for the purpose of gluing together buildings constructed from building blocks like.
Who is the founder?
Tripp Phillips, 12, is the founder of the patented Le-Glue. He lives in Dalton, Georgia with his parents, sister Allee, and dog Skippy. Tripp joined the ‘International Torrance Legacy Creativity Awards’ competition in December 2014.
How much were asking on Shark Tank?
They were asking for $80,000 for 25% stake of their company.
Did they get the deal?
Yes, they got a deal from Kevin O’Leary for $80,000 in exchange for 25% equity in the firm and a 50% royalty on any licensing deals until he recoups his money.
Is Le-Glue still in business?
Yes, it is still in business. They are producing Le-Glue at their production facility in Dalton, Georgia.
When did they start?
The company was established in 2015 by Tripp Phillips, who was 10 years old when he founded the company.
How successful is Le-Glue?
Since this 13-year-Shark Old’s Tank presentation, his business has allegedly generated an average of $35,000 each month. However, Le-genesis Glue’s story is even more amazing than what we seen on the reality program.
Is the firm located in Georgia?
The business is headquartered in Dalton, GA.
Do they sell Le-Glue?
Le-Glue adheres to various sorts of construction materials, including Le-Glue and Mega-Blocs. Simply dip a brick into the glue and adhere it to the desired location; it’s that simple to use.
Best of all, Le-Glue simply dissolves in warm water, restoring your bricks to their original state with no residue.
How does it make money?
The firm makes money from sales of their product Le-Glue.
Can you get Le-Glue sets?
Having said that, if anyone wishes to attach the sets together, one will need to disassemble them and glue them.
Simple white school glue is the most delicate adhesive that will not harm the Le-Glue parts but will hold the model together.
What is the Le-Glue opportunity?
The opportunity in this industry is that the brand has been around for a long time and it is still selling.
Is Le-Glue a confidence trick?
If they really want to give away their product away at all, they could do that, but it could be quite detrimental on them because of the price, shipping and everything else.
The point is if they are liable to give their very own product or service away for free with no commercial value to take in return, then they should not do that.
How is the business model of Le-Glue?
The business model of this company is simple; they charge the consumers for the product and make some money that way.
This is a buy one gets one free product, as long as you are willing to give an additional $7.95 shipping cost, which is on the steep side.
Does Le-Glue work?
Yes, it works.
How do I buy Le-Glue?
If one wants to purchase Le-Glue you can get it on Amazon.
Why should I use Le-Glue?
Using black magic glue will save you from the mess that happens when you need to move the bricks to another place. This product is also useful for attaching together figurines and toy parts.
Is there such thing as Le-Glue?
Le-Glue solves the age-old problem of Lego disassembly without harming the bricks.
Tripp became one of the youngest patent holders in US history due to the fact that Le-Glue was invented by a child for children.
Le-Glue is manufactured in our hometown of Dalton, Georgia, United States of America!
What is the net worth of Tripp Phillips?
The net worth of Tripp Phillips is unknown.