Nerdwax Shark Tank Update | Nerdwax after Shark Tank
What is Nerdwax?
Nerdwax is an organic, beeswax-based substance that, when applied to the nose pads of glasses, keeps them from falling off. Don Hejny established it in 2014, with headquarters in Nashville, Tennessee.
The wax is intended to be unrolled and placed directly to the bridge or nose pads of a pair of glasses, allowing the eyeglasses to stay on your face for an extended amount of time.
The concept was brilliant, but Don and Lydia’s execution was faulty. They contacted a manufacturer early in the process and had a large number of devices manufactured.
Who is the founder of Nerdwax?
Don Hejny founded it in 2014, with headquarters in Nashville, Tennessee. However, they were all found to be flawed.
The couple struggled for months to recover from this tragedy, which placed those months behind schedule and cost them a substantial amount of merchandise.
They had resorted to cranking out all of their units from their residences at this point. After months of experimentation with various waxes and other natural materials, the Henjeys eventually addressed the problem of eyeglasses slipping off the nose.
Knowing that millions of individuals face this issue on a regular basis, and proving it by raising over $61,000.00 from almost 3000 backers.
While the majority of successful Kickstarter campaigns have a hazy timeframe for when you’ll “hopefully” get your prizes.
The Nerdwax team has a solid plan in place to ensure that all orders were dispatched within 90 days of the campaign’s conclusion.
Nerdwax comes in a tube that resembles Chopstick; put it to your glasses and they will remain in place for up to two hours.
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 99.99 percent of consumers.
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What Happened to Nerdwax at Shark Tank pitch?
In Shark Tank episode 3 seasons 7, Don and Lydia Hejny present their successful Kickstarter idea, Nerdwax, to the Sharks in order to grow their firm.
Nerdwax begins with the home part in which Don describes how the light bulb went out for him to create his product.
When they originally started, they experienced a huge hiccup: they employed a manufacturer that produced a substandard product, so they went back to creating Nerdwax from home.
The Henjeys come in with their children, seeking $80,000 for a 20% stake in their company, which is valued at $400,000.
Everyone in the family is wearing glasses, and the Henjeys adore them. Don describes the concept and how he came up with the idea: when he worked in music festival production, he was often sweating and his glasses kept slipping.
He describes the product, shows how it works on his own spectacles, and gives the Sharks tubes of Nerdwax as well as pairs of glasses.
He’s cautious to point out that it’s not Chopstick; it’s a different recipe. They primarily offer Nerdwax online.
Each tube costs 35 cents to produce and sells for ten dollars. In their first year, they make $130,000 in sales and earn $62,000.
Nerdwax’s sales have increased as a consequence of positive media publicity. Mark is curious about what happens when the media coverage fades.
The Sharks believe the sales cycle is too long because each tube lasts 6-8 months. Mr. Wonderful believes it is too costly, and he advises that they cut their prices and provide smaller packets.
Lori believes they should be more widely available, but she doesn’t think she’ll be able to recoup her investment, so she’s out.
Daymond believes they are too early and goes out to implore them not to negotiate a deal with a Shark. Mr. Wonderful promises $80,000 for 10% of sales until he receives $240,000 back, plus a 3% stake in the firm.
Mark warns them not to attempt to grow too large too quickly. He believes it’s not a firm worth investing in, therefore he’s out. Troy Carter offers $80,000 loan till he recoups $120,000, plus he wants a 10% stake in the company. “KEVIN JR!” exclaims Mark.
Mark warns the Henjeys once more; they have no debt, and the problem with the two offers on the table is that they will be saddled with debt before they can expand. He advises them not to accept either offer. “Shut up, they’re not writing a cheque!” says Kevin.
The Henjeys deliberate and refuse both offers, much to the delight of Daymond and Mark! Finally, they left the pitch without a deal.
What Happened to Nerdwax after Shark Tank?
Despite going away from the Sharks without a deal, they grew the firm to a million-dollar enterprise. They are still alive and well in December 2021, with $2 million in yearly sales.
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 FAQs
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.
