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Evedrop Shark Tank Update

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Evedrop is introduced as a “Rooftop Christmas Lights Management System” that helps to permanently fix Christmas Lights inside the veins of the Roof and allows its user to hide them inside the Roofs and use them whenever required.

It is made up of plastics and acts like a tool that is once installed inside the rooftops and its extensions are used to hide and open Lights with the help of sliding mechanisms. It made Lightning and Decorating house with Lights very easy as it reduces the efforts of putting up lights and taking them down after the festival gets over. Also, it ends up the efforts to put ladders in different areas to hang lights.

Evedrop at a glance

SeasonSeason-6, Episode-12.
Business IdeaPermanent Rooftop Christmas Lights Hangers.
FoundersNathan Shaffer.
Asked For$75,000 for 20% of equity.
Accepted DealNo Deal.
SharksNo Sharks.
Business StatusOut of Business.
WebsiteEvedrop

Index:

Founder Story:

Evedrop is founded and developed by a young entrepreneur called Nathan Shaffer from Henderson, Nevada. They invented this product to reduce the unnecessary efforts that are made during hanging and putting out the Christmas Decorative Lights.

Nathan has an Associate’s Degree in Physical Science from “Brigham Young University” and they also have a Bachelor’s Degree in “International Business Management” from “Utah Valley University”. Between the years 2013 to 2016, he started working as a President and as an Inventor in Shaffarne LLC. Where they invented their Christmas Product “Evedrop”. After shutting down their business they get employed as a Real Estate agent in Keller Williams Realty. INC.

Did Evedrop get a deal on Shark Tank?

Evedrop is introduced in ABC’s famous reality show Shark Tank in Season-6 and Episode-12 by their owner Nathan. They introduced their product and explains their features and their assembling processes as they are attached inside the roods and sliding mechanisms are attached with them that help them to slide up and down to hide or unhide the lights of the festival from roofs. He also showed their samples to sharks and asked for an investment of $75,000 in exchange for 20% of their company.

Sharks find their product innovative and asked a few questions as Robert asked them to give a deep demonstration as to how their product is gone worked. They explain how it can be attached and allow its users to reposition the lights without using a Ladder. Sharks also asked them about their sales as, they only made over $4,500 in sales out of which the majority is spent, on Molds. The cost of manufacturing a packet is $9.99.

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He also explains that they have pre-orders of $3,500 from 12 different retail outlets and they have to supply them as soon as possible. Sharks like their products but they can’t justify their valuation also they don’t have enough sales, therefore, all Sharks backed themselves, and they lefts without any deal.

What Happened to Evedrop after Shark Tank?

After the show, it receives a major jump in its sales as an effect of the Shark Tank they saved more than double of what they had done before, for some period they listed their product in Ace Hardware’s, True Value, and Do It Centre Shops. But they didn’t hold them as they experienced a lack of inventories and capital, which leads them to Shut- Down their operations in August-16. Later he joined a Real-Estate company.

Competitors of Evedrop

The idea and the product both are new to the market as they have invented a combination of a tool and a decorative item, therefore no Competitors are found in front of them.

Net Worth of Evedrop

Evedrop is valued at $375,000 at the time of its appearance in the show and the owner didn’t justify its valuation, currently, their valuation is not available.

Is Evedrop still in Business?

No, the company is not into the business as they have shut down their business due to the shortage of inventory and capital that leads to the decrease in their sales and shutting down of their operations.

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FAQs:

What is Evedrop?

Evedrop is introduced as a “Rooftop Christmas Lights Management System” that helps to permanently fix Christmas Lights inside the veins of the Roof and allows its user to hide them inside the Roofs and use them whenever required.

Who founded Evedrop?

Evedrop is founded and developed by a young entrepreneur called Nathan Shaffer from Henderson, Nevada. They invented this product to reduce the unnecessary efforts that are made during hanging and putting out the Christmas Decorative Lights.

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