Have you ever experienced the struggle of dropping your car keys in the gap of your seat and then the subsequent process of finding them?
The experience of getting out of your car and then blindly searching for the object on the car floor is outrageous, isn’t it?
Well, Drop Stop is here with a foolproof solution to this problem. The owners have created a product that claims to prevent even a toothpick from going through it!!
Drop Stop at a Glance:-
| Idea | Device for preventing objects from falling in between car gaps. |
| Founders | Marc Newburger and Jeffrey Simon |
| Asked For | $300,000 for 15% |
| Accepted Deal | $300,000 for 20% |
| Sharks | Lori Greiner |
| Business status | In Business |
| Episode No. | Season 4, Episode 20 |
| Buy on Amazon | Buy Now! |
Index:
What is Drop Stop?
Drop Stop is a device designed to prevent things from falling into car seat gaps.
It creates a barricade between the seat and the center console which prevents any of your things from getting through it. It is adjustable and blends in with the color of your upholstery.
Founder Story:
Drop Stop was invented by Marc and Jeffrey after Marc suffered a near-fatal incident where he nearly wrecked his car.
He got distracted while driving after reaching for his cell phone that had fallen in the gap between the car seat and the main console. He nearly killed a pedestrian and came within inches of smashing his car into a metal pole.
After that experience, Marc and his friend Jeffrey started brainstorming on how to plug the gap and prevent things from falling into it.
They tried a number of different solutions, until one day Marc stuffed an automotive sponge into a sock with slits(for seatbelt), thus giving birth to Drop Stop.
Did Drop Stop get a deal on Shark Tank?
The owners of Drop Stop entered the Tank with an ask of $300,000 in exchange for 15% equity in the company.
Marc and Jeff then went on to explain how the product was born and revealed their sales. They have sold $250,000 units with sales of $1.3 million to date.
They also claim their product to be patented and suitable for any car in the market.
Even though the sales of the product were through the roof, Sharks Robert and Daymond don’t quite believe in the product and hence drop out.
Mr. Wonderful offers them a deal of $300,000 for a $2 per unit royalty. Lori then jumps in with an offer of $300,000 for 20%.
After much-heated discussion, the owners go on with Lori’s offer, hence sealing the deal at $300,000 for 20% equity.
What happened to Drop Stop after Shark Tank?
In an update interview following their appearance on Shark Tank, the founders of Drop Stop revealed that they did close to half a million dollars in sales after the show.
As of last summer, all their profits were going back into the business.
Drop Stop is now available in Bed Bath and Beyond, Walmart, Target, Staples, and more.
Their sales are approaching $10 million with more incoming clout and they are on the road to becoming one of season four’s greatest success stories.
Marc and Jeff re-appeared in an update segment of season nine, where they revealed that they now had $24 million in total sales with around $5 million in annual revenue.
Drop Stop is also one of Lori Greiner’s most successful investments.
Product Details:
- It is a car seat barricade that prevents any object from falling through it.
- It is adaptable to all sorts of cars, which have a seat separate from the center console.
- The product can be stretched or scrunched in size as and when required.
- The product is made of universal black neoprene casing which becomes invisible once inserted in the gap.
- It is designed to provide no constriction in moving the seats back and forth.
What’s the net worth of Drop Stop?
Drop Stop entered the tank with an ask of $300,000 in exchange for 15% equity, evaluating the company at $2 million.
The owners however accepted a deal of $300,000 for 20% equity, bringing the valuation to $$1.5 million.
Since its stint on Shark Tank, the company has gained lots of clout and has managed to have $24 million lifetime sales with an annual sales of $5 million.
The Net Worth of the company is estimated to be $10 million as of 2022.
Who are the competitors of Drop Stop?
Drop Stop faces maximum competition from apparel retailers and car upholstery selling brands, Some of its major competitors are Mama Faves, Cybex Thailand, and Maxi-Cosi.
Is Drop Stop still in business?
Yes, Drop Stop is in an uproaring business and has even been termed as the highest-selling car upholstery on Amazon.
With the business minds of Marc and Jeff and Lori’s guidance and alliances, the company seems sure to become a huge success in the future.
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FAQs:
What is Drop Stop?
Drop Stop is a device designed to prevent things from falling into car seat gaps.
What's the net worth of Drop Stop?
The Net Worth of the company is estimated to be $10 million as of 2022.