The journey of The Woobles on “Shark Tank” captured the interest of many as the brand presented its unique approach to crafting and crochet. Focusing on creating crochet kits that aim to make learning crochet fun and accessible, The Woobles turned heads with their adorable plushies and the promise of an engaging new hobby. The company’s founders pitched their concept with the hopes of gaining not only financial investment but also valuable partnerships to expand their reach.
When “The Woobles” appeared on “Shark Tank,” they showcased a business that was not just about the products, but the experience of creating something by hand. Their crochet kits included everything needed to create cute, crocheted creatures, appealing to a wide demographic of craft enthusiasts. The appearance on the show propelled The Woobles to a wider audience, leading to increased sales and interest in crochet as a pastime.
Key Takeaways
- The Woobles introduced a crochet kit business model combining crafting with education.
- Their “Shark Tank” presentation highlighted the appeal and potential for expanding the craft of crochet.
- Post-show, The Woobles experienced a significant growth in their business and customer base.
Concept and Founders
https://www.youtube.com/watch?v=50rKKll0ZM0&embed=true
The Woobles is a unique crafting venture that stemmed from a passion for creativity and teaching. Founded by Justine Tiu and Adrian Zhang, this company offers beginner-friendly crochet kits paired with a strong mission to make learning crochet accessible and fun.
Who Are Justine Tiu and Adrian Zhang?
Justine Tiu holds a B.S.E. in Electrical and Computer Engineering from Duke University and brings her expertise in UX Design from her tenure at Google. Her partner in creation, Adrian Zhang, complements the duo with his own set of skills and entrepreneurial spirit. Together, they represent the innovative brains behind The Woobles. Their shared dedication is evident in each crochet kit, designed to guide novices through the crafting process with ease.
Motivation Behind The Woobles
Their primary motivation was to simplify the crochet learning curve for beginners. They noticed a gap in the market for accessible crochet education and took it upon themselves to fill it. Their mission is to foster DIY spirit through their products, making sure that even those with no prior experience can enjoy the satisfaction of crafting something by hand. This dual focus on technical design and hands-on creativity is what sets The Woobles apart, turning it into a fast-growing brand.
The Woobles’ Shark Tank Journey
https://www.youtube.com/watch?v=IJ79FO8pE7s&embed=true
Before taking their handmade crochet kits to the world, The Woobles took a momentous step onto the Shark Tank stage in Season 14. Their adventure in the tank resulted in a significant investment that propelled the company forward.
The Pitch and Investment
The Woobles’ pitch on Shark Tank was as colorful and engaging as their crochet kits. The founders, Justine Tiu and Adrian Zhang, presented their business with the goal of securing a strategic partnership. They captivated the Sharks with a clear demonstration of their product, emphasizing its uniqueness and market potential.
The aspirations for The Woobles were met with keen interest from two Sharks in particular, Lori Greiner and Robert Herjavec. After negotiations, they agreed to an investment that both rewarded the founders’ hard work and provided the resources needed to scale their business. The details of the deal were impressive:
- Original Ask: $250k for 5% equity
- Investing Sharks: Lori Greiner & Robert Herjavec
- Winning Counter Offer: $450k for 6% equity
- Final Valuation: $7.5 million
The investment from Greiner and Herjavec occurred during a season filled with competitive product pitches, yet The Woobles managed to stand out and secure a deal. This investment has not only validated the company’s valuation but has also set The Woobles on a trajectory for growth in the retail and e-commerce space.
Product Review
In this detailed review, the spotlight shines on The Woobles crochet kits, designed for beginners who aim to learn crochet with high-quality materials and clear instructions.
Crochet Kits for Beginners
The Woobles offers crochet kits that are especially tailored for beginners. Each kit contains a 4mm crochet hook suitable for those just starting out, 75% cotton and 25% nylon yarn, which provides durability and softness, along with essential tools such as a yarn needle, tapestry needle, stitch marker, stuffing for plushies, and eyes to bring creations to life. They package these materials thoughtfully to give novice crocheters everything they need in one convenient kit.
Learning Experience
The Woobles enhances the learning experience by providing detailed video instructions accessible through various online platforms such as Instagram, YouTube, and Google Classroom. These tutorials guide users step by step, ensuring that even those with no prior crochet experience can follow along. Alongside the videos, written instructions assist learners in mastering new stitches and techniques, making the process of creating adorable plushies both engaging and educational.
Post-Show Success and Impact
After their appearance on Shark Tank, The Woobles experienced an impressive surge in both sales and interest, proving that their innovative approach to crocheting resonated with many.
Sales and Expansion
The founders, Adrian Zhang and Justine Tiu, initially sought an investment of $250,000 for a 5% stake, putting The Woobles at a valuation of $5 million. Ultimately, they accepted a counter offer of $450,000 for a 6% equity stake from Lori Greiner and Robert Herjavec, leading to a final valuation of $7.5 million. This investment undoubtedly played a crucial role in accelerating their business growth.
Since their Shark Tank debut, The Woobles’ sales figures have seen a significant increase. They expanded their retail presence, with their products becoming available on major platforms like Amazon, which broadened their reach and facilitated easier access for customers. Their popularity also soared on social media, translating into higher demand for their crochet kits.
The company’s revenue continued to climb post-show, as they tapped into extensive advertising opportunities. With a strategy that smartly leveraged Google ads and targeted customer service excellence, they enhanced their net worth and amplified their market presence. The Woobles’ investment in shipping and logistics ensured that growing demand was met with efficient delivery, further cementing their reputation among consumers.
Prompt customer service has been a cornerstone of their post-show strategy, differentiating The Woobles from competitors and fostering strong consumer loyalty. Forward-thinking in their advertising, they’ve utilized various channels to maintain and elevate brand awareness.
As they continue to capitalize on their Shark Tank success, The Woobles are becoming a prominent name in the world of crochet, with their brand’s growth reflected not just in sales but also in the way they’ve successfully knit together a community of crafting enthusiasts.
