Unshrinkit Shark Tank Update | Unshrinkit after Shark Tank.
What is Unshrinkit?
Unshrinkit is a tool that helps people remove wrinkles, creases, and bumps from clothes. It is a new product that promises to fix your wrinkled clothes without ruining them.
The idea is to use a heating element attached to the clothing to shrink the fabric inside while leaving the surface of the cloth unchanged.
Two Harvard Business School students Desiree Davis Stolar and Nate Barbera are behind the product UnshrinkIt.
It’s a formula that can fix woollen sweaters that have been accidentally shrunk while washing or drying.
You add UnshrinkIt to a gallon of water, soak the sweater for 30 minutes, rinse and then reshape the sweater and let it dry.
Cofounders Desiree Stolar and Nate Barbera presented their pitch for funding at ABC reality show, Shark Tank Episode 709 asking the Sharks for $150,000 in exchange for 10% stock in their firm.
They presented UnshrinkIt as a company that sells a patent-pending liquid solution that helps users restore the original size of their wool clothes.
Who Founded the Unshrinkit?
Desiree Stolar and Nate Barbera are the founders of Unshrinkit.
How does Unshrinkit Work?
Unshrinkit works in four simple steps:
1: Fill sink with warm water (3 liters), then pour entire bottle of Unshrinkit into sink.
2: Soak clothing in mixture for at least 30 minutes for maximum effectiveness.
3: Rinse clothing under cold running water, then gently stretch to preferred size.
4: Squeeze out any excess liquid and lay clothing on a towel to dry.
Gloves are optional because they designed Unshrinkit it for sensitive hands, but if you normally use gloves for washing dishes or handling laundry, you can use them.
What Happen To Unshrinkit At The Shark Tank?
Nate Barbera and Desiree Stoler appeared on the Shark Tank seeking a $150,000 investment in exchange for 10% equity in their business.
They claimed they want to discuss a critical issue: shrinkage – specifically in sweaters.
They show how to use the product by soaking Unshrinkit in a gallon of water for 30 minutes, then rinsing, reshaping, and drying it.
Their method works on all types of wool. Desiree claims to be wearing the sweater that gave birth to the company, with the wool strands cut back to their original length.
Desiree discovered there was a market after she shrank her favourite sweater and couldn’t find anything to aid her.
They’ve sold 5000 units thus far, and Nate worked at Johnson & Johnson before going to business
School, where he devised the formula.
Unshrinkit chemistry is explained by him. It’s based on a widely used chemical compound that they’ve patented for a specific application.
Only approximately 12% of wool items sold, according to Daymond, will shrink.
The substance, according to Nate and Desiree, is similar to aspirin in that it should be kept in everyone’s house just in case.
This year, the firm expects to make $135K in sales. It costs only a dollar to create and retails for $12-$15.
Customers and investors thought Unshrinkit was undervalued at $9.99, which is why they charge so much.
Lori has decided to leave since she believes the market is limited.
Robert thinks it’s a brilliant concept, and he believes it might generate $1.5 million in sales in two years.
Kevin offers $150K in exchange for 33%, but Nate replies with $150K in exchange for 15%. Why would I do it when there are no other offers? Kevin wonders.
After a brief pause, Daymond claims that FUBU has never had a shrinking issue. He wants to license it and is willing to pay $150K in exchange for a 25% stake in the company.
‘Look, you guys are clever’ Mark adds. He makes an offer of $150K in exchange for 15% of the business, and they accept!
Mark agreed to a deal for $150K in exchange for a 15% ownership.
Unshrinkit after Shark Tank.
The millennial entrepreneurs secured $150K investment in exchange for a 15% ownership after appearing on Shark Tank.
While Stolar remains CEO of UnshrinkIt, Barbera left the company in February 2016 to work as an associate at the prominent consulting firm McKinsey & Company in the Miami-Fort Lauderdale region.
UnshrinkIt is now available online, and through retailers like Bed Bath & Beyond, Bloomingdale’s, HomeGoods, Marshalls and T.J.Maxx.
The product has evolved significantly over the last five years to include a patent pending technology that utilizes the same chemistry as UnshrinkIt to protect garments from shrinking in the first place!
Unshrinkit competitors include Forever Lazy, Restore, Dryel, Smart shrinking, shrinking spray.
Since appearing on the show Unshrinkit has opened up many opportunities for the product. Mark Cuban owns a large stake in UnshrinkIt and has a seat on their board.
Unshrinkit is expected to post over $1.5 million in revenues this year and will continue to grow with the expansion of their product Unshrinkit.
There are some competitors, but the market is big enough for everyone since not all people want to go through the hassle of sending clothes to be professionally unshrunk.
- Smart shrinking,
- Shrinking spray
Unshrinkit Net Worth
The net worth of UnshrinkIt during the shark tank pitch was $1 million
Who founded UnShrinkIt?
Harvard Business School grads and entrepreneurs Nate Barbera and Desiree Stolar founded UnShrinkIt, a product to fix shrunken sweaters. They pitched for investment in Shark Tank episode 709.
How does UnshrinkIt work?
During the Shark Tank episode 709 pitch, they demonstrate the product by adding a gallon of water to UnShrinkIt, soaking for 30 minutes, rinsing, reshaping, and drying.
What motivated you to launch your business?
Desiree explains that she is wearing the sweater that sparked the business, which has had the wool strands restored to their original length.
It’s a solution that may be used to restore woolen sweaters that have shrunk due to improper washing or drying.
What’s the deal?
The Deal: Mark agrees to a deal for $150K in exchange for a 15% equity.
What happened the deal with Mark?
The deal with Mark was never executed.
What is the purpose of UnshrinkIt?
It’s a mixture that may be used to repair woolen sweaters that have shrunk due to improper washing or drying.
Following the directions on the back of the container, the solution will properly restore the fibers to their normal form, leaving clothes fragrance of new linen.
Is Unshrinkit for clothing for both men and women?
UnshrinkIt is specifically designed to fix wool garments for both men and women.
What is the cost of UnshrinkIt
The cost of the product is $12-15 per bottle
How do you use UnshrinkIt?
Unshrinkit is a specialized formula that was created to reoxidize wool fibers back to their original length.
Simply put, Unshrinkit restores the original state of the garment’s wool fibers, all while leaving the surface texture of the cloth intact!
Why is UnshrinkIt better than my regular shrinking solution?
It’s not just about the fact that it works! It’s also about the fact that UnshrinkIt doesn’t work all by itself, you have to combine it with another product. So it’s an even more effective solution.
What are some uses for Unshrinkit?
UnshrinkIt can be used for many different fabrics, including wools, synthetics, silk & cashmere.
What is the recommended usage of Unshrinkit?
The recommended usage is to use it for woollens that you don’t want shrinking.
What do you need to use Unshrinkit?
For the treatment, you will need a gallon of warm water. You will also need to mix 1 – 2 tablespoons of UnshrinkIt with the water.
Then you will put the mixture into your garment and let it soak for 30 minutes. After that, you can rinse your garment in warm fresh water for 10 seconds.
Why do you use Unshrinkit?
UnshrinkIt is a product that is designed to restore the original state of the garment’s wool fibers, all while leaving the surface texture of the cloth intact!
The reason why we created this product is because we had found there was no easy way to fix clothing that has shrunk. That’s why we decided to create this product.
Can Unshrinkit be used on multiple items?
Yes! You can use the formula on multiple items at the same time.
Does it work for all clothes?
UnshrinkIt is a specialized formula that was created to reoxidize wool fibers back to their original length.
Can UnshrinkIt be used on wooden items?
No, the product is specifically meant for wool items.
Is Unshrinkit safe?
Yes! The ingredients used in this product are all natural and food-grade approved.
Their main ingredient is Pacific Sea Salt that you can find in your kitchen. So it’s perfectly safe for your health and the environment as well.
Can I reuse UnshrinkIt?
Yes! You can use the formula again when it is needed.
How long has UnshrinkIt been in production?
We have been developing UnshrinkIt for over two years.
Are there any restrictions on the usage of Unshrinkit?
The product is meant for wool items only. It performs best with items that are 100% wool.
It should not be used on synthetic fibers or blended fabrics.
The product is also not recommended for leather, silk, rayon or stretch fabrics. You might need to
Consult a professional cleaner, or dry cleaner for these types of garments.
What type of water is needed in order to make Unshrinkit work?
The product can only be used with warm water. The water should be hot, but not boiling. You can use tap or filtered water.
The product will not work with cold or ice water either, if the temperature is below 40 degrees Fahrenheit.
How do I speed up the process of Unshrinkit?
UnshrinkIt takes time to react with the wool fibers. You can speed up the process by leaving the button open longer, or leave it soak for one more hour.
How long is Unshrinkit effective?
UnshrinkIt is an effective product if used correctly. The product has been used successfully on wool items for over 4 weeks, and it’s still working! However, once you stop using it; you will start to see some shrinkage again.
One of the main reasons why it works for this long time is because UnshrinkIt restores the wool fibers to their original state, which is not 100% shrunk.
How many times can I use UnshrinkIt?
You can use it as many times as you want. The only limit is the size of the bottle. If you have a big carpet, you might need to buy more than one bottle.
What does Unshrinkit smell like?
UnshrinkIt has a light, pleasant smell. It’s not offensive at all.
What happens if I use too much of the product on my clothes?
There is no such thing as “too much;” as long as you follow the instructions and don’t leave it soaked for more than two hours, you should be ok.
It’s only when you leave it soaking overnight or longer that you will experience issues with your garment.
Where is Unshrinkit produced and manufactured?
Cambridge, Massachusetts, USA
What is the shelf life for Unshrinkit?
Unshrinkit should be used within 12 months of purchase for optimal performance. Do not keep a portion of Unshrinkit stored as it should all be used during the unshrinking process.