Find out the value of Wise Pocket’s socks in 2023 by the 13-year-old entrepreneur who pitched the business on Shark Tank 2019. What will Wise Pocket be worth in 2023?
Shark Tank is always a place where young entrepreneurs are appreciated. The 13-year-old girl created a unique design – socks with pockets for storing your things. Sharks were not only impressed by the uniqueness of her product but also her passion and sales.
She had a dream since she was 6 to appear on Shark Tank. This was even before Wise Pocket came into her mind. She did achieve her dream and even landed a deal on Shark Tank.
This article will take a look at Sofia Overton’s Wise Pocket, and we will calculate both the net worth of the business and that of the entrepreneur in 2023.
Sofia Overton’s Profitable Business: How She Transformed A Simple Sock Into Wise Pocket
Sofia Overton is a 17-year-old girl from Bentonville Arkansas. She was on Shark Tank in 2019 where she presented her product. Wise Pocket is a new sock that has pockets.
She said she had been aware for a long time that school clothes don’t come with many pockets. It is not comfortable for the majority of kids to put their things in their shoes. Sofia found a clever solution to this problem:
It was difficult to turn this concept into a product that could be sold. Sofia invested over $10,000 in the business. What made a 13-year-old invest $10k in a business?
She also had incredible sales. Sofia announced that in 2019, she had made sales of over $16,000, which impressed the sharks.
Wise pocket Shark Tank Deal
Mark Cuban and the other sharks were all impressed with her product. Some sharks weren’t impressed when she told them how much it cost her to make each sock. Even though the socks were unique, they cost more than $5 each to produce and sold at $15. This is not an affordable price, despite their high quality. She was also only able to produce 100 pairs per month which is another thing that turned off the sharks
Kevin and Mark had to go. Lorie and Daymond were interested in this young entrepreneur.
Lori Greiner said, “You have everything you need to be an entrepreneur. Daymond and I want to help.”
Lori and Daymond were willing to put up $30,000 but wanted one-third of the business. Sofia’s negotiation skills impressed all. She was able to get a 35% stake in Wise Pocket for just $35,000, and the company accepted her offer.
Wise Pocket after Shark Tank
Sofia’s product was not promoted after the Shark Tank agreement. YouTube videos and Facebook ads were on the web, but Sofia didn’t appear to be able to sell her product.
She is still selling online, as well as in local markets, and her company is a success, especially for someone who is only 17 years old. Wise Pocket is a popular Instagram user with over 1400 fans but doesn’t share much. The last post from her was in 2020.
In 2023, based on her past sales and projected future growth, Wise Pocket is expected to sell more than $100,000 in products. Her sales will be even higher if she uses social media.
The net worth of Wise Pocket in 2023
Wise Pocket’s projected value in 2023 is over $350,000. Shark Tank valued the company at over $140,000 in 2019.
Locally, the company is doing very well. We know the sharks only took 25 percent of the business, but she owns the rest. Sofia Overton’s net worth is over $200,000. This was in 2023.
Final Words
Sofia Overton has become an overnight success with her Wise Pocket socks! Sofia Overton’s Pocket socks have become a huge success!
