Tracie and Glen Burress strutted onto “Shark Tank” season 7 in 2015, asking for a $50,000 funding with 20% fairness. Instantly grabbing the Sharks’ consideration, Tracie and Glen carried out a comedic sock puppet skit and launched their product. “One sock tab stays on one sock always,” stated Glen. “That approach, you put on it all through the day, and on the finish of the day, you merely pinch the wings, tab it by means of its mate, and your socks are able to go within the hamper.” SockTABs might characteristic completely different colours, designs, and even logos. “It is like a cufflink on your socks,” Tracie famous.
The couple highlighted a purpose of a licensing cope with a shoe or sock producer and stated they’ve made $20,000 in revenue throughout the final six months by means of retailers and on-line. A pack of 24 prices $1.25 to supply and is offered wholesale for $4.99. All Sharks acknowledge that they just like the product, however that is not sufficient. Three traders again out as a result of they really feel they are not appropriate for the funding and that different firms could be robust opponents. Kevin O’Leary identified that SockTABs might by no means fully complement the couple’s present revenue, so he handed for uncertainty of their dedication. Daymond John noticed a battle of curiosity with one other considered one of his investments, Bombas Socks. However when all different traders had been able to let the couple go, John supplied a $50,000 funding with 30% fairness if Bombas Socks was on board.