Nerdwax was founded by Don and Lydia Hejney, who had a successful funding campaign, which led them to try and receive further investment from one of the sharks on Shark Tank.
The company specializes in selling a beeswax-based organic product that is easily applied on the nose to prevent your glasses from sliding off.
Although it seems like a strange idea, there is actually a significant market for it since many people face the problem of slipping glasses.
The couple managed to raise more than 60,000 USD from a Kickstarter campaign in 2014 and sell their product, which resembles chapstick.
The wax is easily applied to glasses to ensure they stay in place for 2 hours or more.
Each tube costs 10 USD, but you can get a deal of three tubes for 20 USD.
The product has already seen some traction and is available on Amazon, with an expiry date of up to 8 months.
The company guarantees that its product is 100% organic, which means it will not cause any eye irritation.
The couple entered Shark Tank hoping to secure a deal of 80,000 USD for 20% of their business.
The question is, will the sharks bite?
They give their pitch and inform the sharks of how they came up with the invention of the product and the setbacks they faced early on in their career.
They had initially collaborated with a manufacturer who created a defective product, forcing them to rethink their plan and retreat to their home, where they tried to devise strategies to get their product on the market.
The family arrives with their children wearing glasses and points out the need for non-slipping glasses, which are a source of annoyance for many people across the world.
Since there are no similar products on the market, the idea is fairly unique and promising, surely making it worth investing in?
The sharks inquire about the manufacturing price, and the couple reveals that each tube costs 35 cents to make and sells for 10 USD, which is a huge profit margin.
They made 130,000 USD in sales in the first year and had a profit of 62,000 USD.
The sharks ask how they’re planning to advertise their product once the media coverage they’re currently receiving dies.
Kevin thinks the price is too high and that the couple should make smaller packages.
Lori doesn’t buy into the offer and quickly opts out of the deal.
Daymond also thinks they’re in the early stages of their business and backs out.
Mr. Wonderful offers 80,000 USD for 10% of the sales until he makes 240,000 USD for 3% of the company.
Mark doesn’t think the couple will succeed and doesn’t make them an offer.
Troy offers a loan of 80,000 USD until the couple returns 120,000 USD alongside 10% of the company.
However, the couple declines the deals and goes home without an investment.
Our Review of Nerdwax
Nerdwax is currently in operation and frequently updates its social media accounts while maintaining an active status on other platforms.
Despite not receiving investment from any of the sharks, they managed to build their business from scratch and are earning north of 2 million USD in annual revenue.
Three days after getting exposure from Shark Tank, they raised 150,000 USD in sales and were interviewed by Shopify podcast in 2016.
They also introduced two new products called Magic Drops, which are a cleaning solution designed for cleaning surfaces using a washcloth.
The cleaning cloth they sold alongside it is no longer sold on the website.
The couple took Kevin’s advice and created a new packaging, which is more convenient with a slimmer tube, making it easy to apply.
However, they did not lower their price, which turned out to be a smart decision.
Most of the people have left positive reviews for the products, but some have complained that the wax isn’t as effective as marketed and definitely doesn’t last for 2 hours.
Nerdwax is quite popular on Facebook and has a significant fan following, and their marketing strategy seems to be working well.
Pros of Nerdwax
Some of the pros of Nerdwax are described below.
- Nerdwaxworks exceptionally well to keep the glasses glued to people’s noses, preventing slipping.
- The couple managed to find a need in the market and create an invention that gained a lot of traction despite not securing investment from any of the sharks.
Cons of Nerdwax
Some of the cons of Nerdwax are described below.
- Nerdwaxproducts are a little expensive and not affordable for everyone.
- Some people have complained that the wax doesn’t last as long as is advertised.
- The product resembles a chapstick, which is a good marketing strategy since people associate it with easy application and convenience.
Who is Nerdwax For?
Nerdwax products are mainly for people who wear glasses and live with the annoyance of having them slip off.
People looking to alleviate this problem by opting for a chapstick formula are quick to buy Nerdwax, which prevents your glasses from slipping off.
It may also be used by people who wear sunglasses.
Are There Any Alternatives?
There are no competitors to Nerdwax, and the products are fairly unique, which means they are the only items that guarantee no slipping.
You may find slightly similar products on the market, but they cannot be categorized in the same way.
Our Final Thoughts
Nerdwax was seemingly a pretty niche idea that many thought wouldn’t survive on the market, but the sales proved otherwise.
The couple managed to succeed in setting up their business properly despite not receiving funding from any of the sharks, which is simply exceptional.
The product quality is pretty high, which is why people can justify spending 10 USD on eyewear-related issues.
