Wise Pocket Net Worth: Is Wise Pocket Still In Business? For a long time, pockets were not included in women’s clothing. That’s why young entrepreneur Sofia Overton invented her Smart Pocket Items, such as socks, and leggings with hidden storage spaces, for people like her. The kid secured a deal with Daymond John and Lori Greiner.
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Wise Pocket Net Worth
Smart Pocket Products is a $300,000 business in 2023.
Who Is Sofia Overton?
Right now, Smart Pocket Goods has a value of $300,000 in 2023. Sofia Overton may be found in Bentonville, Arkansas, attending secondary school. Since she was six years old, when the now-15-year-old first started watching Shark Tank, she has wanted to be a part of the show but has struggled to come up with a viable business proposition. Also, read Mac Mcclung Net Worth. How Rich He Is In Really?
Sofia, then 11 years old, got the idea for her business when she saw her cousin putting her phone in her boots because she didn’t have any pockets in her leggings. The phone kept falling off her foot, which was quite irritating to her.
Organizational Formation
Overton, a native of Bentonville, Arkansas, founded Wise Pocket Products in 2017. Her business makes clothes for busy kids that have storage spaces for toys and other necessities. She had the concept when she was 13 years old. Socks with built-in storage compartments were her solution to the occasional need for extra stuffing.
Overton kept many pairs of socks in his personal collection at home. Because of this, she was motivated to create a pair of socks with a large enough instep pocket to accommodate smartphones. The bright young woman put up $10,000 of her own money to start her company, Smart Pocket Products, in 2017. A large sum of money for such a young age! Here is a quick recap about Wise Pocket after shark tank.
She considered social issues as her company grew. The Bentonville student said she knew of at least 600 students who were homeless among her peers. That’s why she promised to give out a pair of socks for each product purchased.
She sought out assistance from organizations like Startup Junkie and the chamber of commerce in her hometown while she pursued a patent with the encouragement of her parents. Before entering the Shark Tank in 2018, she ran an IndieGoGo campaign that earned her $10,000 in donations and $16,000 in sales.
So, What Did You Miss At The Shark Tank?
Sofia Overton, aged 13, is an aspiring businesswoman. She hoped that with Shark’s backing, WisePocket might become a “genuine” business. As Sofia pitches her business on Shark Tank, she’s looking for $30,000. In exchange, she’ll give the investor 15% of the company. To prove that the socks can safely hold their electronic devices, she has a dance crew do an upbeat hip-hop routine during her pitch. Both the pitch and the young age of the entrepreneur win over the panel of investors. Here is a quick recap about Wise Pocket after shark tank.
She gives a pitch for her firm and shows off some samples, then says she needs funding so she can crank out more than 100 pairs of shoes per month. She wowed the sharks by funding the company with $10,000: $5,000 of her own money and $5,000 won in business competitions. Although Kevin and Mark admired Sofia, they decided to back out of the transaction, they nevertheless wish her the best of luck in her endeavor.
Daymond and Lori then decide to launch a joint offer. The licensing group has made a $30,000 bid for 33.3% of the business. In response, Sofia offers $35,000 in exchange for a 25% stake in the company. Once the request is granted by the Sharks, the transaction is finalized.
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