Nerdwax Shark Tank Net Worth 2023
During and after their pitch, the Nerdwax company was valued at $4,400,000. Since then, the company has been performing well in sales and generated $2 million in annual revenue in 2021. This success justifies the company’s net worth has increased.
What is Nerdwax? Who is the founder of Nerdwax?
Nerdwax is a beeswax-based substance made by Don Hejny in 2014, and it has its headquarters in Nashville, Tennessee. It is an organic product that is applied to the nose pads of glasses to prevent them from slipping off.
The product is designed to be unrolled and placed directly on the bridge or nose pads of glasses to help them stay on the face for a more extended period.
Although the concept was fantastic, Don and Lydia faced challenges in executing their idea. They contacted a manufacturer early in the process and had a large number of devices manufactured, only to find out that they were all flawed. This setback cost them a considerable amount of merchandise and put them months behind schedule.
To recover from this tragedy, the Henjeys had to resort to making all of their units from their residences. After months of experimentation with various waxes and natural materials, they eventually solved the problem of glasses slipping off the nose.
Nerdwax was created to address a common issue faced by millions of people. The Henjeys proved this by raising over $61,000.00 from nearly 3000 backers.
To ensure that all orders were delivered within 90 days of the campaign’s conclusion, the Nerdwax team put a solid plan in place.
Nerdwax comes in a tube that looks like a chapstick, and it costs $10 per tube or $20 for a three-pack. Each tube is expected to last 6-8 months and is available on Amazon. Because it is organic, it is unlikely to irritate 99.99 percent of consumers.
Nerdwax Shark Tank Pitch
Don and Lydia Hejny presented their successful Kickstarter idea, Nerdwax, to the Sharks in order to grow their company in Shark Tank episode 3 of season 7.
During the presentation, Don described how the idea for Nerdwax came to him when he was working in music festival production and his glasses kept slipping due to sweat.
He then explained the product, demonstrated how it works, and gave the Sharks tubes of Nerdwax and pairs of glasses.
The Hejny family, all wearing glasses, sought $80,000 for a 20% stake in their company, which was valued at $400,000.
However, they initially faced a challenge when they employed a manufacturer that produced a substandard product, causing them to start creating Nerdwax from home.
Each tube of Nerdwax costs 35 cents to produce and sells for $10. In their first year, they made $130,000 in sales and earned $62,000.
The Sharks expressed concern about the long sales cycle since each tube lasts 6-8 months and the product’s cost. Mr. Wonderful advised them to cut their prices and offer smaller packets.
While some Sharks were not interested in investing, others made offers. Mr. Wonderful offered $80,000 for 10% of sales until he received $240,000 back, plus a 3% stake in the company.
Troy Carter offered an $80,000 loan until he recouped $120,000 and a 10% stake in the company. Mark warned the Henjeys not to grow too quickly and advised against accepting either offer due to the debt they would incur.
Despite not receiving an offer they were willing to accept, the Henjeys left the pitch without a deal. However, they continued to grow their company and turned it into a million-dollar enterprise, with $2 million in yearly sales as of December 2021.
Competitors of Nerdwax
The company main competitors are; Apothecanna, Hero Nutritions, Hanz De Fuko, Lip Smacker and Temptu.
Net Worth of Nerdwax
The company was valued at 4400,000 during and after the pitch, since then the company have been performing well in sales with annual revenue of $2 million in 2021. This justify that the company net worth has increased.
What is Nerdwax?
Nerdwax is an organic, beeswax-based substance that, when applied to the nose pads of glasses, keeps them from falling off.
Who invented Nerdwax?
Don Hejny invented it in 2014.
How much was asking on Shark Tank?
Don was asking for $80,000 for 10 percent of the business, which he values at $400,000.
Did he have the deal?
No, he did not have the deal from Shark Tank.
Is Nerdwax still in business?
Yes, they are still alive and well in December 2021.
What was Nerdwax made out of?
Nerdwax is made of Bee’s wax and water.
Who would be interested in Nerdwax?
Those who wears glasses and frequently loses them.
How can I purchase Nerdwax?
They primarily offer Nerdwax online.
How much is a tube of Nerdwax?
Each tube costs $10, while a three-pack costs $20. Each tube is supposed to last 6-8 months and is available on Amazon. Because it is organic, it will not irritate 99.
How do you use Nerdwax?
It is a very simple process that can be done at home. Users take a tube of wax, squeeze out the wax and rub it on their glasses with their finger, shaping it around the frame to achieve a custom fit.
What colors are available?
There are three colors: black, white and clear.
How long does it last?
It will last between 6-8 months depending on wear and tear.
Is Nerdwax any good?
The glasses are all properly set, yet the majority of them still slip a bit. The Nerdwax does keep them in place for a few hours, but not for the entire day.
However, if I remove my glasses for whatever reason and then put them back on, the Nerdwax no longer works properly.
Where is the location of Nerdwax?
Hejny, a native of East Nashville, devised a remedy to his problem: Nerdwax. The all-natural, beeswax-based combination comes in a lip balm-sized container and is used to keep glasses from sliding.
What keeps your glasses from slipping?
Simply twist two thin hair ties (the same color as their spectacles) around the ends of their glasses at the two spots that end up behind your ears when they put them on.
What is the net worth of Don Hejny?
Don Hejny net worth is unknown.