How this Shark Tank product now makes more in a month than it had in a whole year

Shark Tank’s Jane Lu has revealed exactly what happens after they strike a deal with an entrepreneur, with one company growing eleven times since they filmed the show five months ago.

Jane, who is the founder of online clothing retailer Showpo, took to her TikTok account to spill the details on cork insole brand Stryda.

According to Jane Lu, Victorian podiatrist and Stryda founder Thien Trinh’s pitch was ‘one of the most exciting pitches in Shark Tank history’.

Every shark made an offer on the product, agreeing to pay $50,000 in funding with 10% equity going to each Shark. The Sharks also negotiated a $2 royalty on each sale until the funding was paid back.

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“When we first saw the product we all thought boring, next, but then Thien the entrepreneur started pitching and he had us hooked,” Jane said in her video.

Jane went on to say that they all ended up striking a deal with Thien and she ‘can’t believe she’s now in the insoles business’.

“Not everyone knows this, but the Sharks actually invest our own money, after a very rigorous due diligence process of course,” she said.

“So Stryda now make more in a month than it had made in the whole year before coming on Shark Tank.”

Jane continued, revealing exactly how Stryda has grown, saying they ‘cranked up’ the social media content to get more eyeballs on the brand and his website.

They also rebranded Stryda as the ‘Home of Happy Feet’ and expanded the range of products on offer.

Thien also tweaked his website to improve his conversion rate and optimised his paid ads.

“Now we’re forecasting a run rate of $1 million by October,” Jane said in her video.

Speaking to SmartCompany, Thien revealed that after filming he decided to change the terms of the deal.

“The final terms of the deal are with Jane Lu for 10% of my business,” he said.

“It was an extremely difficult decision and with a heavy heart, that I had to make a decision.

“Ultimately, I felt like I had to take my business head on with as much equity as possible.”

Thien told the website that Shark Tank has ‘changed his life’ and it pushed him to ‘get out there’.

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