After a wash cycle, we all lose a sock here and there, and it’s frustrating. The screenwriter from San Francisco, Edwin Heaven, understood this problem very well. aAfter racking his brain, he believed he had found the ultimate solution to this rather mundane concern. He found Throx, which he calls “the cure for the missing sock.”
The brand’s name is a creative play on the words three and socks. Throx sells socks in a set of three, so you always have a spare sock when you lose one. With Throx, you’re getting three socks but only paying the price of a pair.
These socks are made of 55% cotton, 35% acrylic, and 10% spandex. Throx does sound somewhat comical and strange, but to Edwin, it is a legit business idea.
As a screenwriter, the inventor of Throx, Edwin has a way with words if his Shark Tank pitch is anything to go by. However, an adequate understanding of the business world is not likely his forte.
Before Edwin appeared on the Shark Tank, he had sold $38,000 worth of Throx in a year. His sales had already put off the Sharks, who were ready to grill Edwin over this bizarre product he called business.
Edwin sought an investment of $50,000 from the Sharks for equity of 25%. But by the looks of it, it seemed that the Sharks had partially made their decision. The Sharks looked skeptical and even shared an almost snarky laugh when Edwin said, “Throx beats the competition by a foot.”
Kevin O’Leary, who was seemingly discontented by Edwin’s constant jokes, told Edwin about the large sock companies and distributors. He expressed that if Edwin tried to take market share from these distributors, it would not take long or be difficult for these giant companies to destroy him effortlessly.
When O’Leary asked Edwin if he had patented Throx; Edwin said it was impossible to do so, but O’Leary knew that already, and for that reason, he was out. Robert Herjavec, who was initially confused if Throx was a genuine product, went out because the opportunity was not big enough for an investor.
Kevin Harrington believed Throx to be a novelty product, and the sales would not be sustainable. Barbara Corcoran also agreed with Harrington that Throx was a novelty product and that while she may purchase it once or twice, it would not have repeated sales. Daymond John also had similar sentiments and that Edwin should pursue this by himself.
Edwin Heaven, therefore, left the Tank with a long face and zero investment. He also disagreed that his product was a novelty.
Getting no investment from the Sharks did not stop Edwin from pursuing his business. Even after almost over a decade, Throx is still in business. From its official website, they sell Throx in a total of 12 different colors and designs. It is still a novelty niche product that has become popular among preteens and teenagers.
According to a report from 2021, Throx is achieving yearly revenue of $1 Million. That does not suggest that the business is a successful one; it just means that in a decade, Edwin has only managed to keep Throx afloat.
Our Review of Throx
When Edwin gave his short pitch on Shark Tank, it was hard for us to take the product seriously, much like the Sharks themselves.
The product is contradictory to its claims. While it offers you an extra sock for when you lose one and break up a pair, there is a chance that you will lose that spare sock too, until you’re left with only one sock. We find the product to be not as practical as it seems.
The product is popular amongst young people, but there are some online who have criticized his idea for not being original and even unnecessary. Because other distributors sell socks in packs of 6 or 12, people would instead purchase those than Throx.
We think socks are also normally not an expensive product, and for most customers, losing one sock is not as big a concern as Edwin has made it out to be.
Although some people are purchasing Throx, the brand has failed to become substantially well-known all these years, which is disappointing but not surprising because the Sharks did predict it.
On a lighter note, Throx does allow customers to mix and match their socks with these spare socks, resulting in a unique way of wearing socks.
Pros of Throx
Every product has its list of pros and cons. Here are a few of its pros:
- Colorful and vibrant designs
- Suitable for everyone
- Available in regular length and thigh-high length
- A reasonable price for three socks
Cons of Throx
Throx is an unconventional and unique brand of socks. Here are a few of its cons that the company can work on:
- It is not an everyday wear sock.
- It is not made of 100% cotton.
- It is not appropriate for sportswear.
- These socks are not environmentally friendly.
Who Is Throx For?
Edwin invented Throx for the general public, who were irritated by always losing a single sock. Still, its primary market became young people of any gender looking for simple socks with quirky marketing .
Are There Any Alternatives?
As O’Leary had mentioned, there are giant sock distributors in the market, therefore alternatives to sock brands are easily available. However, Throx is unique and has no known competitor or alternative brand that sells socks in a set of three.
Our Final Thoughts
We believe that coming from the film industry, Edwin has a creative spark. But as far as business is concerned, creativity alone can not guarantee success.
His pitch on the show was depressingly short because the Sharks did not find anything compelling or profitable about his product. Though the business is earning revenue, it is not enough to claim that Throx is a successful business.
The Sharks rightfully saw the product as a novelty because it eventually added no value to the customer’s life.
