In 2016, business partners Spencer Quinn and Eric Child came to see the business sharks of ABC’s Shark Tank with a new and innovative idea. Their product, called FiberFix, is a heavy-duty repair tape targeted to the do-it-yourself handymen and general consumer market as an easy and inexpensive way to make repairs that would otherwise be quite costly.
ZD Net recapped the initial deal Quinn and Child made with Lori Greiner, who promised the twosome she would use her pull to get FiberFix on QVC and fully fund future purchase orders. The twosome initially asked the panel of sharks for $90,000 for 10 percent equity. Greiner’s expertise in the television direct sales market came in handy in sealing the deal with Quinn and Child, who settled on a final deal of $120,000 for 12 percent equity plus funding for purchase orders.
The product’s official site states that “FiberFix has grown from a single product to an internationally recognized brand with many inventive repair solutions sold in over 30,000 retail locations around the world.”
The brothers said that prior to their Shark Tank debut, they had only done $300,000 in sales. After appearing on the series, they grossed almost $6 million.
During their first QVC appearance, alongside Greiner, the partners sold 45,000 rolls of FiberFix in only 10 minutes. The products went from only a dream idea to being featured in retailers such as Home Depot, Ace Hardware, and True Value Hardware Stores.
Lori Greiner’s official website features some of her most highly-lucrative deals on ABC’s Shark Tank, including FiberFix. The multi-purpose product is also available on Amazon, where it is listed as being “100X stronger than duct tape” and says it is “the solution to all your breaks, tears and cracks. 100 times stronger than duct tape, FiberFix is as strong as steel for durable and dependable repair.”
According to her official website, Greiner is a self-made inventor and entrepreneur, who has created over 700 products and holds 120 U.S. and international patents. She also has her own show on QVC called Clever & Unique Creations by Lori Greiner.
Money Inc. reported that the businesswoman created her first product as a practical solution to her abundance of earrings. She created a specialized jewelry organizer and took out a $10,000 loan to make a prototype, which would eventually become an item which stored upwards of 60 pairs of earrings in a clear, elegant case.
Shark Tank is currently airing its 10th season on ABC. CNBC will replay a “where are they now” recap of FiberFix’s road to success tonight at 7 p.m. EST.