Scrub Daddy, Inc. is an American company which is best known for its sponge product, which is shaped like a smiley face. It was first bought by Lori Greiner at $200,000 for a 20% stake in the ABC channel’s show, Shark Tank and is the biggest success in the show’s history.
Aaron Krause is an entrepreneur and inventor who have more than 13 patents under his belt. Before the success of Sponge Daddy, he also had some success on buffing and polishing pads for cars, boats, and planes. He has now many products, which are produced and sold, through his company. Now let’s have a close look on Scrub Daddy’s net worth in 2018.
History & Wiki:
Aaron Krause, the CEO of Scrub Daddy, is a graduate of Syracuse University with a major in Psychology and a minor in marketing. He is married to his wife, Stephanie. They have twin daughters Bryce and Sophie. Aaron always had a knack for inventing things since his early childhood. Apart from inventing things, he also plays and coaches ice hockey in Voorhees Township, New Jersey.
Aaron started his career a car detailer and even had some success with it. While working in the detailing business he one day damaged the car, which got him the idea of inventing buffing and polishing pads. His company producing the buffing and polishing pads were acquired by the company 3M in 2008.
A number of the buffing pads produced by Krause were not purchased by 3M, and they were just sitting packed in his garage. Fast-forwarding five years while he was using his pads he happened to use them at his kitchen sink, and that was his eureka moment of inventing Scrub Daddy. He sold 25,000 of the sponges before appearing in the Shark Tank show.
The Scrub Daddy sponges were made using a high-tech polymer. The key feature of this sponge, which made it so popular, was that when dipped in cold water the sponge becomes very hard, and when dipped in cold water it becomes very soft. The hard sponge could be used for rough surfaces, and the soft sponge could be used for smooth surfaces.
The sponge does not hold any odor. It does not stink like any other normal cleaning pads. Altogether, the sponge was durable, hygienic, and functional than traditional sponges. In the Shark Tank show, his company was bought by one of the Sharks of the show and well-known business mogul Lori Greiner at $200,000. 40,000 units were produced the next day.
Their product was sold on almost every big retail stores like QVC Bed Bath & Beyond, Wal-Mart, etc. where they became the best sellers.2 million units were sold just on QVC right after the Shark Tank show.
Awards & Achievements:
Krause is now aiming to open more than four other companies. His invention is popular all over the world and is sold in the countries like UK, Russia, Korea, France, Italy, and many more. Scrub Daddy has also been featured in The Philadelphia Inquirer and on New York Live, Good Morning America, and many big TV Shows.
Net worth of Scrub Daddy:
The retail sales of Scrub Daddy crossed $100 million, which was the highest of any Shark Tank products. The true net worth of the Scrub Daddy, Inc. is unknown, but given the fact a single sponge costs $1 to manufacture, the company may be worth around $50 million.
Aaron Krause showed that it doesn’t matter how simple and basic your ideas may be if have the guts to hold on to them and the tenacity to apply them to build innovative products then no one can stop you from being successful. He showed that everyone should believe in their products and made them the best.