Imagine the clocks running out, your house is a mess, you are late for the office, or your son is running late for school and you can hear the school bus honking, or itās your daughterās running late for her first interview and in all this to make the situation worst, neither of you can find another pair to your socks.
But then you remember you have got a third pair in your cupboard. Wonāt it be a relief? Yes, a third pair of your socks.
Throx is a company that sells socks that comes in three, so when you lose one, you still have a pair.Ā Throx is the creative solution to the irritating phenomenon of losing socks. It was started in 2003. It began its sales online on its website.
Throx at a Glance-
| Idea | The cure for the missing sock |
| Founders | Edwin Heaven |
| Asked For | $50,000 For 25% |
| Accepted Deal | No deal |
| Sharks | No shark |
| Business status | In Business |
| Episode No. | Season 1, Episode 8 |
Index:
What is Throx?
Welcome to the world of Throx ā the socks that come in threes! Have you ever lost a sock and been left with an odd pair? The frustration is real, but the founders of Throx found a solution. In 2006, Edwin Heaven, founder of Throx, introduced his idea on Shark Tank and left the sharks intrigued.
Throx offers a solution to the age-old problem of losing socks by selling socks in sets of three. Now, you can say goodbye to those lonely, unmatched socks in your drawer. Letās explore the Throx story and find out where they are today!
Founder Story:
Edwin Heaven is the founder, creator, and CEO of Throx. Edwin has a background in Writing and directing. He has written over a dozen of screenplays. He has written and directed āThe Organistā. It is an official entry at 21 International Film Festivals. He enjoys guiding newly emerging companies.
He says that it tires him to find socks when he loses them so came up with the idea of Throx. He created various designs online.Ā According to him instead of getting extra pair, why not buy an extra sock? Coming from an artistic background Edwin has always believed in his idea of Throx.
Did Throx get a deal on Shark Tank?
No, Edwinās Throx did not get a deal on Shark Tank. He came on the show asking for $50,000 for 25% of the company. The sharks were impressed with the idea but when it came to sales, they realized that the business was too small to invest in.
All the sharks said that it was a novelty product and they donāt see any repeat in the sales coming. Not only did sharks denied to invest but also asked to keep the company to himself.
What Happened to Throx after Shark Tank?
Throx did not stop after the disappointment of not receiving a deal on the show. Edwin continued to sell Throx. Today the products are available on its site in different designs and colors and sold for $16.33.
The sales during the show were $38,000 and it had sold around 8000 units. It makes $500,000 in annual revenue. The valuation of the company during the show was $200,000. Today the company is worth $2 Million.
Founder Edwin Heaven was doing laundry when he came up with the idea and originally sold them in boutique stores and online. Despite being rejected by all the sharks on Shark Tank in 2008, the business has been successful and even attracted famous customers like Michelle Obama.
Heaven believes that Throx offers added value to consumers, and his customers appreciate the extra sock and often buy them as gifts for others. While the experience on Shark Tank was not positive, he still believes in never giving up on a good idea.
What is the net worth of Throx?
The valuation of the company during the show was $200,000. Today the company is worth $2 Million.
Is Throx still in Business?
Itās been almost 15 years and Throx is still in business. Despite getting turned down by all Sharks on Shark Tank in 2008, Throx has been thriving and has even garnered famous customers, such as Michelle Obama.
Heaven believes that Throx provides extra value to consumers, and his customers appreciate the spare sock and often purchase them as gifts. Although his experience on Shark Tank was unpleasant, he still believes in persisting with a good idea.
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FAQs:
What is Throx?
Throx is a company that sells socks that comes in three, so when you lose one, you still have a pair.Ā Throx is the creative solution to the irritating phenomenon of losing socks.
What's the net worth of Throx ?
The valuation of the company during the show was $200,000. Today the company is worth $2 Million.
