Do you love putting decorations and ornaments on your Christmas tree but are constantly nagged by the fear of them falling off the arrangement?
Fret Not, because Ornament Anchor is here with its products to save you from festive gloom by securing all your treasured and cherished ornaments!!
Ornament Anchor at a Glance:-
| Idea | Ornament hangers for Christmas trees |
| Founders | Ayaan, and Mika’il Naqvi |
| Asked For | $90,000 for 5% |
| Accepted Deal | None |
| Sharks | None |
| Business status | In Business |
| Episode No. | Season 13, Episode 8 |
| Buy on Amazon | Buy Now! |
Index:
What is Ornament Anchor?
Ornament Anchor is a device that is used to secure ornaments and decorations. The anchor is an improvement to traditional hooks which are often very prone to ornament accidents.
The device is a string with a toggle device that loops through the ornament’s attachment area around the tree branch, thus preventing it from falling.
These anchors can be used on a number of surfaces and for a number of decorations such as window decorations, outdoor ornaments, and more, in addition to Christmas trees.
They are particularly useful for those people who have pets and are afraid that their decorations might fall due to the constant disturbance.
Founder Story:
The company was founded by the Naqvi brothers, Ayaan and Mika’il.
Ayaan who was only an eighth-grade student at the time came up with the idea of the Ornament Anchor when one of his favorite Christmas ornaments broke due to incessant disturbances around the tree.
He then thought of a practical idea to solve this problem, ultimately coming up with Ornament Anchor.
With an idea in mind, the brothers were set to develop a business around it. They got the product patented and set up and launched a functional website within a year.
10% of the revenue from their business also goes to preventing animal cruelty and supporting animal sanctuaries in America. Even before entering the show, the product was being sold in retail stores like Walmart, Target, and Nordstrom.
Did Ornament Anchor get a deal on Shark Tank?
The founders entered the tank seeking a deal of $90,000 for 5% equity in the company. The brothers were accompanied by their family.
They revealed that they had previously appeared on the show as well, to promote their startup Kudo Bands. The founders then set forth to explain and demonstrate what their product does and what is its purpose.
On the financial front, the company has been performing great. They had made $500,000 in sales within 18 months of starting the company.
They had a high-profit margin, ranging up to 94%. The products were already available in famous retail store chains.
After the presentation, Sharks such as Kevin and Mark pointed out the seasonal nature of the business and the niche market size to which it caters.
Shark Lori and Barbara also voiced similar concerns, including the higher price range of the product and lower sources of making money from the business. The Naqvi family hence, had to return empty-handed.
What happened to Ornament Anchor after Shark Tank?
The company failed to bag any deals in the show, but they did experience the popular Shark Tank “after-effect” in the form of increased sales of their products.
The products continue to be available in Walmart, Target, Bed, Bath, & Beyond, while also marking its presence in 500 Lowe’s stores as of 2021.
The product also bagged various magazine features from esteemed publication houses. They also continue to spend some portion of their earnings on preventing animal cruelty throughout America.
The brothers had a chance to be on QVC where they shared their entrepreneurial journey in the year 2022. The company’s annual revenue has risen to $1 million as of 2023.
Product Details:
- Ornament Anchor is a special hook designed to avoid ornament accidents.
- The product can be used for hanging ornaments on Christmas trees as well as for decoration at birthday parties or other special occasions.
- It is available in quantities of 24, 48, and 96, with different colors like green, red, and gold.
- The cost of the product ranges from $20 to $75. They are available both on Amazon and on their website.
What’s the net worth of Ornament Anchor?
Ayaan and Mika’il entered Shark Tank with a demand of $90,000 for 5% equity in the Ornament Anchor, evaluating it to $1.8 million.
The founders are unable to grab any deal on the show and hence its after-show valuation could not be measured.
The company continues to stay in business as of 2023 and its Net Worth is estimated to be around $2 million.
Who are the competitors of Ornament Anchor?
Some of the competitors of Ornament Anchor are as follows:
- Christmas Tree Hang-It Tool
- Wrap-and-Stick Ornament Hanger
Is Ornament Anchor still in business?
Yes, Ornament Anchor is still in business. Despite being unable to grab any deal on Shark Tank, the brothers held their heads high and continued hustling continuously to make their products better.
As a result of which, the company has managed to secure impressive sales and is in talks for further expansion.
The founders have showcased the utmost grit and resilience to demonstrate that their product is indeed revolutionary.
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FAQs:
What is Ornament Anchor?
Ornament Anchor is a device that is used to secure ornaments and decorations.
What's the net worth of Ornament Anchor?
Ayaan and Mika’il entered Shark Tank with a demand of $90,000 for 5% equity in the Ornament Anchor, evaluating it to $1.8 million. The Ornament Anchor’s Net Worth is estimated to be around $2 million.