Readerest Shark Tank Update| Readerest after Shark Tank
What is Readerest?
Readerest is a brilliant concept that contains a magnetic clip that attaches to a shirt and securely secures spectacles.
The creator is Orange County, California resident Rick Hopper. He began building monoliths using Lincoln Logs and Erector sets when he was a child.
He continued this into adulthood, beginning his career in window paneling and spending his free time creating furniture for his small family.
Following the failure of a window business in the late 2000s, Readerest was Rick’s second effort to commercialize his creativity.
Who is the Founder of Readerest?
Rick Hopper, who lives in Orange County, California, is the founder. He began creating monoliths as a youngster using Lincoln Logs and Erector sets.
He carried on like this into adulthood, starting a profession in window paneling and spending his spare time making furniture for his little family.
Readerest was Rick’s second attempt to market his creativity after the collapse of a window business in the late 2000s.
Rick loathed the hassle of reading glasses, but the first prototype, consisting of a bent paper clip and a few magnets, was a hit.
The contraption served its duty beautifully, and he never misplaced or dropped his spectacles again. Even when he damaged his shoulder in a fall on an electric skateboard, his glasses stayed secure.
His tiny idea grew into a viable product, and business presented him with an opportunity.
In quest of a market for his paper clip, which evolved into stainless steel, he traversed the length of the west coast and attended trade shows.
A powerful neodymium magnet was created from leftover metal used as a back piece.
Rick was still handcrafting them when his friends begged him to watch Shark Tank. After nine months of coaxing, he decided to take the plunge.
What Happened to Readerest at Shark Tank Pitch?
Rick Hopper chose to pitch his company concept to Shark Tank investors nine months after inventing Readerest.
Rick Hopper enters the pitch looking for $150,000 for a 15% ownership in his firm, which is valued at $1 million.
He then describes the company’s progress, stating that he had made nearly $65,000 in sales and had made over 100,000 eyeglass holders by hand.
He explained why he is searching for a Shark Tank partner to help with production and distribution.
Robert Herjavec dislikes too much involvement in work, Kevin O’Leary dislikes the company’s valuation, and Daymond John lacks mass appeal, so they are out of the business.
Lori Greiner immediately made a $150,000 offer for 65% ownership of the company. Lori Greiner’s offer prompted Mark Cuban to withdraw.
Eventually, Rick Hopper and Lori Greiner reach an agreement for $150,000 in exchange for 65% ownership of the company.
What Happened to Readerest after Shark Tank?
Lori and Rick’s successful transaction grew the company tremendously after she convinced him to get out of his garage and secure manufacturing for the Readerest.
Lori and Rick predicted over $6 million in sales after the product was aired, and they sold out in five minutes. With over 126 million eyeglass wearers in the United States, the market is massive.
They made $13 million in sales three years after the initial air date. Reading glasses were also introduced by the company. The company generated annual revenue of $5 million in 2021.
Competitors of Readerest
Initially known as Eyeglass Holders, Rick Hopper’s Readerest eyeglass holder has many competitors.
The main competitor is another magnetic eyeglasses holder called Spexwear and Magneglasses.
Net Worth of Readerest
The company valuation was $1 million during the Shark Tank pitch and the company had makes a lot of sales since that time which means the net of the company has increases.
Readerest FAQs
What is Readerest?
Readerest is a brilliant concept that contains a magnetic clip that attaches to a shirt and securely secures spectacles.
Who is the founder?
The founder of Readerest is Rick Hopper of Orange County, California.
What is their offer on Shark Tank?
Rick Hopper was asking for $150,000 for 15% equity of his business.
Did he get the offer?
Yes, Rick Hopper made a deal with Lori Greiner for $150,000 in exchange for 65% ownership.
How much is the net worth of Readerest?
Readerest company valuation was $1 million during their Shark Tank appearance and sold over $3 million worth of product after the episode aired and has produced over 100,000 holders by hand before the establishment.
How many employees does Readerest have?
Readerest currently has 25 employees and growing.
What is their business model?
Readerest is a business of selling magnetic eyeglass holders.
Is Readerest for newsstands only?
Readers can purchase magnetic eyeglasses holders directly from the company’s website. The product comes in seven sizes ranging from XS to XXL.
How long have they been selling?
This company was established in 2018 and started selling its product at the end of 2018.
What is the process of placing an order?
The process involves placing an online order and paying for the product. The product will be shipped to the customer’s address
How can I contact them?
Their contact information is:
Readerest, Inc.
972 East Green Street #922, Pasadena, CA 91101.
How can I make a purchase?
Customers can buy the product directly from the company website. The price is $29 for one pair of eyeglass holders.
Who are their customers?
Their customers are mostly eyeglass wearers who don’t want to misplace or damage their eyeglasses while they are working out or running errands around the neighborhood.
Readers can purchase magnetic eyeglass holders directly from the company’s website.
What is the B2C model?
The company’s business model is direct sell as they sell their products directly to consumers through their website.
Who are their buyers?
Readerest customers are mostly eyeglass wearers who don’t want to misplace or damage their eyeglasses while they are working out or running errands around the neighborhood.
If they would like to initiate a business and/or launch a new product, we would suggest undertaking it inside an incubator environment.
Is safe to buy online?
Yes. Companies that sell online have less chances of being scammed as they can be held accountable by the customer if their product doesn’t live up to the company’s standard.
Is there any opportunity?
Yes. This product is a brilliant idea for a target market that is made possible by the use of a neodymium magnet, which is a powerful magnet.
What can our company offer them?
In exchange for investment from Shark Tank, they will get their business launched and expand their prospects for further growth.
How much does it cost to begin a business?
Starting a business will cost money but not as much as one would think.
How can we get in touch with them?
Customer can contact the company directly through their website or email.
How much is it to start a business?
The cost of starting a business depends on the company’s business model . However, most businesses require an investment in an idea and initial inventory.
For instance, restaurants and food trucks require large initial investment that small businesses may not be able to afford.
However, companies that sell online and interact with customers only electronically may not need as much capital for inventory and equipment.
