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.
[maxbutton id=”56″]
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.
Nerdwax Shark Tank Updates
Nerdwax is a beeswax-based organic product that prevents glasses from slipping off when applied to the nose pads. Don and Lydia Hejney pitched Nerdwax on Shark Tank in 2015.
They funded their first production run of Nerdwax when they launched a successful Kickstarter campaign. The Sharks were skeptical of the product, but the Hejneys declined both offers and left the Tank without a deal.
Despite not getting a deal, Nerdwax earned $150,000 in sales within 72 hours of its Shark Tank airing.
As of 2022, Nerdwax’s founders, Don and Lydia Hejny, have a net worth of $2 million USD. The Shark Tank Blog provides updates on entrepreneurs who have appeared on the show, but there have been no recent updates on Nerdwax.
However, the company is still in business and selling its product.
Nerdwax Shark Tank Summary:
| TOPIC | INFORMATION |
| Product | Beeswax-based substance for nose pads of glasses to prevent them from slipping off |
| Founder | Don Hejny in 2014, with its headquarters in Nashville, Tennessee |
| Sales | $130,000 in the first year and $2 million in annual revenue in 2021 |
| Competitors | Apothecanna, Hero Nutritions, Hanz De Fuko, Lip Smacker, and Temptu |
| Shark Tank | Sought $80,000 for a 20% stake in the company, which was valued at $400,000 |
| Mr. Wonderful offered $80,000 for 10% of sales until he received $240,000 back, plus 3% stake | |
| Troy Carter offered an $80,000 loan until he recouped $120,000 and a 10% stake in the company | |
| Net Worth | Valued at $4,400,000 after Shark Tank appearance |
| Founders’ worth | $2 million USD in 2022 |
Nerdwax FAQs
What Is Nerdwax Shark Tank?
Nerdwax is a beeswax-based, organic product that prevents glasses from slipping off when applied to the nose pads. Don and Lydia Hejney pitched Nerdwax on Shark Tank in episode 7032. They funded their first production run of Nerdwax through Kickstarter.
The Hejneys had a major glitch when they first started – they used a manufacturer that made a defective product, so they went back to making Nerdwax at home. Within 72 hours of its Shark Tank airing, Nerdwax earned $150,000 in sales.
During their Shark Tank pitch, the Hejneys asked for $80,000 for 20% equity in their company. They received offers from Kevin O’Leary and Lori Greiner, but they declined both offers as they wanted to maintain control of their company.
After their Shark Tank appearance, Nerdwax became a huge success, earning $150,000 in sales within 72 hours.
How Does Nerdwax Shark Tank Works?
Nerdwax is a beeswax-based product that is designed to keep glasses in place by preventing them from slipping down the nose. The product was pitched on Shark Tank by Don and Lydia Hejny in season 7, episode 32.
They were asking for $80,000 for 10% of the business, which they valued at $400,000. However, none of the sharks were interested in investing in Nerdwax due to its high price of $10 per tube.
Despite not receiving a deal, Nerdwax’s appearance on Shark Tank was a success, and the company earned $150,000 in sales within 72 hours of the episode airing.
Since its appearance on Shark Tank, Nerdwax has been performing well in sales and generated $2 million in annual revenue in 2021.
The company’s net worth has increased to $4.4 million. Nerdwax is still in business and can be easily used at home by squeezing out the wax and rubbing it on glasses with a finger.
In conclusion, Nerdwax is a beeswax-based product that prevents glasses from slipping down the nose.
Despite not receiving a deal on Shark Tank, the company has been successful and generated $2 million in annual revenue in 2021. Nerdwax is still in business and can be easily used at home.
How Successful Has Nerdwax Been Since Appearing On Shark Tank?
Nerdwax has been performing well in sales since appearing on Shark Tank. Within 72 hours of its Shark Tank airing, Nerdwax earned $150,000 in sales.
During and after their pitch, the Nerdwax company was valued at $4,400,000. The company generated $2 million in annual revenue in 2021. Nerdwax is still in business as of December 2021.
Despite not getting a deal on Shark Tank, Nerdwax has continued to grow and succeed. The product has been well-received by customers and has generated significant revenue for the company. The success of Nerdwax justifies the company’s net worth increase since appearing on Shark Tank.
What Is The Current Valuation Of Nerdwax?
Nerdwax was valued at $4,400,000 during and after their pitch on Shark Tank. As of 2022, the founders of Nerdwax, Don Hejny, have a net worth of $2 million.
What Happened To Nerdwax Shark?
Nerdwax is a product that prevents glasses from slipping off when applied to the nose pads. It was formed in 2014 by Don Hejny, with headquarters in Nashville, Tennessee. The product was pitched on Shark Tank in October 2015, but the founders did not get a deal.
Despite leaving the Sharks without a deal, they expanded the company to a million-dollar corporation. They are still in business in December 2021, with annual revenues of $2 million. Within 72 hours of its Shark Tank airing, Nerdwax earned $150,000 in sales.
Nerdwax is an organic, beeswax-based product that turns any glasses into non-slip glasses by creating a layer of friction between the glasses and skin. It can be applied when needed and keeps glasses in place for one hour to all day depending on how much is applied.
Each tube costs $0.35 to make and sells for $10. They last between 6 and 8 months. Nerdwax has also expanded its product line to include special cleaning cloths, such as “The World’s First Life-Size Pizza Microfiber Cleaning Cloth”.
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.
