There are times when one of the packages is damaged or due to incident things fall and you are unable to hold them back. This is common, but did you know that there is a solution to this problem, Hugo’s amazing tape? This is no adhesive tape that has magnificent holding power for any objects like a rug or paper bundles.
Isn’t that amazing to have a roll of tape that help you hold open books, bags of food airtight, and objects together? The tape is transparent or in translucent color to allow the object to be secured. Hugo Maisnik, brought this amazing tape idea, was he able to seal the investments with the sharks?
Hugo Amazing Tape at a glance.
| Business idea | Hugo’s Self clinging Tape. |
| Founder | Hugo Maisnik |
| Asked for | $50,000 for 50% |
| Accepted deal | $100,000 for 100% |
| Sharks | Mark Cuban and Lori Greiner |
| Business status | In business |
| Episode | Season 9, Episode 23 |
| Website | Hugo’s Amazing Tape |
| buy on Amazon | Buy Now! |
Index:
Founder Story:
Hugo Maisnik, the son of a printer and was always keen and curious to try something different and innovative. The idea of Hugo’s amazing tape was an accident when he was inspired to discover the usage of a plastic which was holding to the package. He went on to try different sizes and thicknesses to achieve the exact result he wanted.
The product design is awesome as it’s a non-adhesive tape that sticks to itself when wrapped on any object to hold them together letting it be hot or cold and even heavy too at ease. Would be amazed to know that Hugo’s Amazing tape won the Art Fry award which was sponsored by Art fry (Inventor of Post It).
Did Hugo’s Amazing Tape get a deal on shark tank?
Katherine Saltzberg and Lauri Fraser had a dramatic show at shark tank, being actresses and voice artists, the pitch was cool. The sister duo pitched their business for $50,000 at 50% at Shark Tank.
Did you see that coming? #SharkTank pic.twitter.com/xvrmcD2bOQ
— Shark Tank (@ABCSharkTank) February 23, 2018
The Hugo amazing tape pitch was energetic and catchy as the duo demonstrated the strength and various uses of the tape which does stick to itself and is wash proof. The sisters explain how their father Hugo invented this amazing product. Sadly, they lost him and now are looking at reviving his business in his honor.
Kevin and Robert are not convinced as Hugo himself had a great start but not sure if the sisters can sustain the business. The product is amazing, and their margins were exciting. The cost price was $1.27 and sold at $12.99 which was profitable. The sisters did hear Barbara hinting that they should sell this business.
Lori and Mark make an offer to buy out their company for $100,000 at a 100% stake. Surprisingly the sisters did not make any counteroffer and ended up in agreement with the deal. Katherine and Lauri accept the offer from Lori and Mark and close the deal.
What happened to Hugo’s Amazing Tape after shark tank?
Lori and Mark have been able to give the right momentum and drive to excel in the Hugo amazing tape. The business is still available on the sharks’ own business list. The products still thrive at Amazon and Walmart the large retail store chains. Now on their own website.
Product details:
- Available in 50 feet length and three sizes Half an inch, One Inch, and two inches.
- Non-Stick Adhesive tape.
- Self-clinging tape can be reused again.
- Can hold up to 150 pounds of weight and has high tensile strength too.
- All Purpose – strong tape that can hold versatile products – paper, wood, cords, boxes, crafts, and many more.
- Multiple Transparent colors are available.
What is the net worth of Hugo’s Amazing Tape?
At the time of Shark Tank’s appearance, it was valued at $100,000. The current net worth of Hugo’s Amazing Tape in 2021, is $3 million.
Is Hugo’s Amazing Tape still in business?
Yes, Hugo’s Amazing Tape is rocking and doing better than ever. It’s now A Lori Greiner and Mark Cuban Company. Its presence in large retail stores speaks for itself, available in Amazon and Walmart in six colors. A patent exists for the product was done by Hugo.
In 2021, they made a solid $3 million in revenue and are still going strong. Hugo’s Amazing tape speaks for itself with its unique features which even its competitors can’t match.
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FAQs:
What is Hugo's Amazing Tape?
Hugo’s Amazing Tape is a strong, versatile tape that can be used to hold or bind together crafts, cords, sewing thread, wood, papers, supplies, and boxes.
What's the net worth of Hugo's Amazing Tape?
At the time of Shark Tank’s appearance, it was valued at $100,000. The current net worth of Hugo’s Amazing Tape in 2021, is $3 million.