Sometimes, a huge investment on Shark Tank can be a double-edged sword for the tiniest of companies that appear on the show. Squid Socks found that out firsthand last year.
The Washington-based company scored some viral attention after appearing on an October 2019 episode of the ABC reality show, not only generating some significant social media buzz but also landing a $125,000 investment in exchange for a 33 percent share in Squid Socks. The co-founders, Gabe and Jessica Miller, chose to go with an offer from Daymond John, who has a background in marketing and selling clothing products.
As HeraldNet reported, the effect was immediate. Squid Socks had a surge of orders after being featured on the show, which presented some difficulties for a company based out of the pair’s home. It was especially challenging given the hands-on touch that the co-founders like to give with every order.
“We like to add a little gift to every order, a sock bag, to keep them together in the wash,” Jessica said, adding that they were held up when a shipment of laundry bags arrived late, leading to some stressful days as they waited and tried not to delay customer orders.
The orders came in so fast that the couple said they had to spill out of the home office where they were originally stationed and moved the operation into the larger living room — which presented its own challenges.
“This particular morning, the couch served as a temporary holding dock,” the report noted. “It would have to be cleared by evening so the couple’s two children, Casen, 3, and Claire, 2, would have a place to sit down when they returned from daycare.”
With the socks selling for $8 per pair, Gabe and Jessica said they also have to keep a close eye on quality. Knowing that this is a hefty price for socks, the couple said they are very careful to make sure the materials are up to snuff, and they told HeraldNet that they had to reject an order of materials that didn’t meet their standards.
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The sales have continued after the big interest the episode generated last year, and Squid Socks continues to rack up good reviews and buzz across social media after the Shark Tank appearance. The company’s product, which they said can stay on the feet of on-the-move little ones without slipping off like traditional socks, led to a bidding war between investors when they first appeared.