In December 2020 on season 12 of Shark Tank, a gag gift product managed to bag a deal for $200,000 from Mark Cuban.
The product is a Toilet Timer created by Adam Stepehey for the people who unintentionally spend too much time in the toilet either distracted by their phone or book and keep people waiting for them outside longer for their turn to use the bathroom.
Toilet Timer at a glance:
- It’s a five-minute sand timer for your bathroom breaks.
- Founder: Adam Stephey and Katie Stephey
- Asked For $200,000 for 10% at a $2 million valuation on Shark Tank.
- Received $200,000 for 25% from Mark Cuban.
- Buy on Amazon
Index:
What is a Toilet Timer?
Toilet Timer is a gag gift created for people who take too much time in the toilet. It’s a five-minute sand timer. It shows when the sand runs out it’s time to get out of the toilet and not let anyone else wait. To restart the timer u simply have to rotate the timer just like a normal sand timer. That’s what this is but it was enough to grab the shark’s attention.
Founders story:
Adam Stephey realized he was taking too much time in the toilet spending most of his time on the phone, Adam states if not the phone it would be a book or puzzle just anything to distract him and make him wonder where his time went.
Kate Stepney his wife was a marketing expert and Adam has been creating witty things since he was a kid. Adam knew this habit of his wasn’t unique and many people spent too much time in the toilet and he knew people needed a reminder. Kate and Adam both found Katamo, LLC for their product Toilet Timer. Adam used his skills in 3d printing to make the first-ever model of his design. With the help of their actual jobs at the gun storage facility, they could get their hold on the molds, material, and precise sand that are needed.
In 2017 Adam and Kate started their company with $300. The couple raised over $23,000 from Kickstarter funding to get this production started. The 5-minute limit is nothing but random, it is suggested by doctors and gastroenterologists. Anything longer is not good for one’s health and can risk hemorrhoidal bleeding.
How was the Toilet Timer Shark Tank pitch?
Kate Stepheny walked in front of sharks alone saying her husband would be there if he didn’t spend too much time in the toilet. Adam Stephen then followed her “That would explain why I can’t feel my legs,” he says. While introducing their product Toilet Timer, Adam states it is for the “poo-castinators” who spent too much time in the toilet.
The couple was seeking an investment of $200,000 for 10% of the investment. To which Mark exclaims “Hell no!” Mark then says “let me say for all the men in America this is the only time we get privacy” amused by the 5-minute time limit. Adam further reveals that they were looking forward to investing in a production line in China to increase their production capacity. Barbara suggests the owners not to go down the rabbit hole and tell the current production company to improve their production for free.
Sharks ask them about the numbers and Adam reveals that past two Christmas they didn’t have to spend too much money on advertising as the amazon algorithm helped them. Adam explains that the cost of each Toilet Timer is $3 and retails for $14.99.
Kevin O’Leary was the first to back out by saying they were asking for too much, Barbara states “they were a gimmick and not a business” and backed out as well. Daymond John was impressed with the sales numbers. He said it was an achievement they took $300 capital to track $1 million sales but he said Toilet Timer was not resonating with him as it was taking away the only time man has so he was out.
Mark Cuban seems interested in the product as he has invested in a gag product company before. Mark offered a $200,000 investment for 25% of the stakes. Despite the impressive sales sharks were not into the business. Adam and Kate took the offer from Mr. Cuban. “There will always be Father’s day and there will always be a need for gags like this” mark added.
Toilet Timer net worth:
When Adam and Kate appeared on Shark Tank Adam had declared a $2 million valuation for their company. The company experienced a Shark Tank effect as the sales increased after the episode aired. Toilet Timer had received a great amount of funding from Kickstarter of $23,000 which is more than the goal of $20,000.
Adam had told the company had made $249,000 in sales in 2019, when they appeared on the show in August they had already made $318,000 worth of sales and were looking at $1 million in sales in 2020.
Investor’s details:
The Toilet Timer had already made $294,000 in sales before appearing on Shark Tank. In the 12th season of the show, Mark Cuban invested $200,000 for 25% on equity which brought the value of the company to $800,000.
What Happened to Toilet Timer After Shark Tank?
The product experienced a surge in sales of the product after Shark Tank as the product sold out during Christmas which was right after the show aired. There had been thousands of good reviews on their social media platforms and on amazon.
Toilet Timer is also available in three designs on amazon along with the “Get off the pot” greeting cards; Katamco also sells wall docs for the bathroom. The founder Adam Stephey has written a book “When dad goes poo: bathroom book” which sells with the set of greeting and wall docs.
The benefits of Toilet Timer:
Many stated that the Toilet Timer is of great use for children who are still doing potty training and for a child with autism when usual methods are not much help. Even though they are perfectly fine with the diapers. The Toilet Timer comes as a transition object. The picture on the product makes it clear what the timer is for. The child could be thought what the timer is for and when it is time to go to the bathroom or when it is time to get off the toilet.
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FAQs:
What is Toilet Timer?
Toilet Timer is a gag gift created for people who take too much time in the toilet. It’s a five-minute sand timer. It shows when the sand runs out it’s time to get out of the toilet and not let anyone else wait.
Who founded Toilet Timer?
Kate and Adam both found Katamo, LLC with their product Toilet Timer. Adam used his skills in 3d printing to make the first-ever model of his design.
Interesting product.