Mad Optimist Soap Shark Tank Update | Mad Optimist Soap after the Shark Tank Pitch
What is Mad Optimist Soap?
The Mad Optimist is a vegan soap firm headquartered in Bloomington, Indiana, which is also the location of Indiana University.
They manufacture sustainable soaps and body care items, including soap, lip balm, shaving cream, fragrances, and bath soaks.
Their USP (unique selling point) is that you can create, personalize, and modify the size, shape, and scent of the products—aptly called build your body care, which features a sliding spectrum of costs and inclusions.
Customers may accomplish this on their website by following helpful step-by-step instructions and paying between $7 and $14 each product.
Additionally, they employ all-natural materials that are plant-based and vegan friendly.
Mohammed A. Mahdi, Mohammed M. Mahdi, and closest buddy Anthony Duncan founded the firm in 2012.
All three graduated from Indiana University with degrees in political science (Mohammed A), psychology (Mohammed M), and linguistics (Mohammed M) (Anthony).
Additionally, all three worked in Bloomington, Indiana, their hometown. The three men remain listed on the firm’s website as co-founders and executives, and the company maintains its offices in the same location.
The company concept began while all three founders were flat mates and discovered that animal fats are required for the production of conventional soaps.
As Muslims and vegans, this was in direct conflict with their essential values.
As a result, they began creating soap in their home utilizing oils as the primary ingredient and then teamed with LPK, a rebranding agency.
Thus was created the Mad Optimist, a moniker derived from a commitment to putting people and the environment ahead of profit.
They generated over $800,000 in sales over seven years by concentrating their sales exclusively online and at farmers’ markets.
After quitting their jobs and surviving off family contributions in order to avoid taking a salary, they saw the need to expand in order to ensure the business’s long-term viability.
Who are the Founders of Mad Optimist Soap?
Mohammed M. Mahdi, Mohammed A. Mahdi and Anthony Duncan.
What happen to Mad Optimist Soap at the Shark Tank Pitch?
Mohammed, Mohammed, and Anthony appear on Shark Tank Season 11 Episode 24 in search of $60,000 in exchange for a 10% stake in their firm. This indicates a worth of $600,000 for the business.
They discuss their origins and how they custom price and manufacture each bar of soap.
Kevin and Robert are dissatisfied. Kevin refers to the business model as the “third hell.”
Sales are also not particularly robust. They sold $97,000 worth of goods last year, $21,000 of which were bespoke creations.
There is an abundance of lovely, dynamic energy emanating from the entrepreneurs, but they still have a long way to go,” guest Shark and Kind snacks CEO Daniel Lubetzky stated. “They’re far too fixated on their objective, and they’re obstructing the product’s visibility.”
“I adore your energy, but I cannot hate your business. The free market does not reward good intentions; it rewards performance,” Shark Lori Greiner concurred with Robert Herjavec.
Kevin refers to the business model as the “third hell.”
Except for Mark, the Sharks are unimpressed. Mark appreciates the openness and feels it will result in recurring business. He offers $60,000 in exchange for 20%, which the boys instantly accept.
Mad Optimist Soap after the Shark Tank Pitch
The agreement with Mark was never finalized. It was the Shia Muslim holiday of Ashura on the day they originally aired.
They gave all revenues from the sale between 8 p.m. and 3 a.m. Eastern time – a total of $80,192.39 – to “deserving organizations that combat social discrimination by supporting populations such as the homeless, refugees, and LGBT children.”
They are still in business as of November 2021, with an annual revenue of $1 million.
Mad Optimist Soap Net Worth
The founders were seeking $60,000 for 10% stake thus valuing at $600,000 but they accepted an offer from Mark Cuban of $60,000 for 20% stake which brings the valuation to be $300,000.
Mad Optimist Soap Competitors
The Mad Optimist Soap competes with the following; Function of Beauty, Bare Anatomy and Adorn Cosmetics.
Mad Optimist Soap FAQS
What is Mad Optimist Soap?
Mad Optimist Soap is a vegan and cruelty free soap mixed with essential oils to create the most effective and best smelling soap.
Who is the founder of Mad Optimist Soap?
The Mad Optimist Soap was found by Mohammed A. Mahdi, Mohammed M. Mahdi and Anthony Duncan.
How much were they asking in the Shark Tank?
They were asking $60,000 for 10% equity.
Did they get the deal?
They did get a deal with Mark Cuban which was for $60,000 for 20% equity but they never closed.
Is Mad Optimist Soap still in business?
As of November 2021, they have an annual revenue of $1 million.
What happened to Mad Optimist after Shark Tank?
The entire situation blew out on social media following their really memorable episode.
The Mad Optimist creators reported that they collected a stunning $80,192.39 in sales in only one night following the Shark Tank episode’s airing.
All proceeds will be donated to a charitable organization.
What are the strengths of Mad Optimist Soap?
Their strength is their product, which are vegan and cruelty free.
What are the weaknesses of Mad Optimist Soap?
Their weakness might be they do not have a lot of sales, therefore they might need to invest a lot more on social media marketing.
Why is Mad Optimist Soap on Shark Tank?
The Mad Optimist founders were seeking $60,000 for 10% equity but they accepted an offer from Mark Cuban of $60,000 for 20% equity.
How are Mad Optimist Soap different from Bar Soap?
Their products are vegan, cruelty free and essential oils.
How much does Mad Optimist Soap costs?
Customers choose to pay between $6 and $16.
How much is Mad Optimist worth?
The entrepreneurs approached Shark Tank with a $600,000 value for their business. However, when the founders accepted Mark Cuban’s last offer of 20% for $60,000, the worth of Mad Optimist was effectively reduced to $300,000.
Are they selling on Amazon?
The Mad Optimist is selling on Amazon.
Where is Mad Optimist Soap located?
The Mad Optimist is based in Bloomington, Indiana and owned and operated by three best friends.
Is the mad optimist profitable?
Thus was born the Mad Optimist, a moniker derived from his dedication to putting people and the environment ahead of profit.
They generated roughly $800,000 in sales over seven years by concentrating their sales exclusively online and at farmers’ markets.
When was Mad Optimist Soap started?
Mad optimist soap.com was launched in August of 2012 by Mohammed A. Mahdi, Mohammed M. Mahdi and Anthony Duncan.
What other products are Mad Optimist Soap producing?
They make Soaps, lip balm, shaving creams, scents, and bath soaks.