Forbes Ranks Folcroft’s Scrub Daddy as Top Business from Shark Tank

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Photo courtesy of Scrub Daddy.

According to a study conducted by Forbes writer Susan Adams, Scrub Daddy, the perfect helper for all kinds of cleaning tasks that is headquartered and packaged in Folcroft, is the most successful product in the history of ABC’s Shark Tank.

Shark Tank is a reality show that first aired in 2009 and affords budding entrepreneurs the chance to bring their dreams to fruition. They present their ideas to the sharks in the tank – five titans of industry who made their own dreams a reality and turned their ideas into lucrative empires. The contestants try to convince any one of the sharks to invest money in their idea. When more than one of the sharks decide they want a piece of the action, a bidding war can erupt, driving up the price of the investment.

Adams recently ranked the Top 10 best businesses to come out of the Shark Tank by the revenue each generated in 2015.

Scrub Daddy’s inventor, Aaron Krause, is a 1988 graduate of Akiba Hebrew Academy in Merion and 1992 graduate of Syracuse University. He currently lives in Voorhees, N.J.

In the episode of Shark Tank that aired on October 25, 2012, the sharks were fighting over Scrub Daddy, then a bright yellow sponge in the shape of a smiley face.

QVC personality Lori Greiner said: “You’ve heard me say before, I can tell instantly if it’s a hero or a zero, and I think what you’ve got here is a hero.” She won the bidding with an offer of $200,000 for 20 percent of the company.

Since first appearing on Shark Tank more than three years ago, the $3.99 Scrub Daddy sponge, made of a polymer produced in a German factory and then cut and packaged in Krause’s Folcroft plant, has made its way into hundreds of stores.

Total retail sales hit $50 million in 2015, according to Krause, which translated to annual revenue of more than $20 million for the company.

Aspiring entrepreneurs appear on the reality show and pitch to a panel of so-called sharks, who then negotiate a deal, usually a flat sum in exchange for a percentage of the company and the promise that the shark will help the business as a senior advisor.

Click here to read the Forbes piece in its entirety.

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