One of the most prevalent issues in 21st-century fashion is the lack of secure pockets in women’s and kids’ clothing. As a result, women are forced to carry around a purse or a handbag to hold their most valuable items without filling their hands. On the other hand, kids can only fit small objects in their pockets and carry other everyday items such as phones in their hands.
Sofia Overton, when 11, witnessed a similar scenario as she observed her cousin stuffing her boots with her phone. Sofia found that her cousin had nowhere else to stash her phone upon asking. Sofia tried the hack but got frustrated as the phone slipped towards her ankles.
Sofia started searching for answers and found that almost the entire student population at her school had faced the same issue. The kidpreneur’s mind slowly began churning ideas, and the Shark Tank fan devised the idea of sewing pockets inside the socks. She found her design working when she distributed the samples in the school and within her inner circle. That’s where the idea of Wise Pocket came from.
Wise Pocket, founded and owned by Sofia with a self-investment of $10,000, is a company that sells smartly designed socks with inside sewn pockets that have ample space to hold the phones securely. The company had made $260K in sales, and the profit margin also contributed to the revenue. Sofia also had different price points for wholesale and retail, but she wanted support and capital from sharks to take the product to the next level.
Sofia appeared on Shark Tank Season 11, asking for $30,000 in exchange for 15% equity of her startup. She pitched her company and the idea behind her product but also entertained the sharks with a demonstration with the help of hip-hop dancers. The dancers laid out some incredible moves with jumps and somersaults to present how well the product did its job in holding the phones securely, which impressed the sharks. Sofia then handed out the samples, which sharks loved due to their soft texture and impressive stitching.
Despite the numbers in her favor, Kevin didn’t favor investing in the company as he didn’t know much about the industry. Mark left the deal for the same reason, while Lori and Daymond discussed a combined offer. Barbara loved the product but stayed quiet as she looked over at Daymond, who was undoubtedly a better fit for the company given his experience in the fashion industry and his previous investment in Bombas, another sock business that’s the most successful Shark Tank investment so far.
Daymond and Lori offered to become the third partner in the company in exchange for $30K. Kevin pushed Sofia to think before accepting, making Sofia present a solid counter offer of $35K for 25% equity in the company. All the sharks were impressed with Sofia’s negotiating skills, owing to her interest in the show since age 6.
Lori and Daymond had no other way to go. They shook hands and sealed the deal. Sofia found the investment and the support of two incredible sharks for her young startup.
Our Review of Wise Pocket
Wise Pocket has increased its sales since its appearance on Shark Tank. The company was initially making $260K before the reality show appearance. However, after securing the deal from two incredible sharks, the business has generated $0.04 million in annual revenue.
The business has attracted numerous customers, with kid athletes mainly dominating the niche. Their target market is primarily high school kids who could use extra space during practice to keep their phones close for emergencies. Hence, gradually, Wise Pocket has created a customer base.
Pros of Wise Pocket
In a short time, Wise Pocket has managed to gain customers with its innovative design and the company’s incredible customer service. Here are some things customers love about the business:
- Wise Pocket has smart design socks that incorporate a 6-inch pocket within to keep essential accessories such as phones stashed away.
- The ergonomic design accommodates brilliant athletes who don’t want to worry about missing emergency calls while on the field.
- Wise Pocket socks are made of durable materials such as cotton, polyester, and nylon.
- Spandex used in Wise Pocket socks allows flexibility and elasticity to the product.
- Wise Pocket donates a pair to kids who need socks for every pair sold.
- Wise Pocket Socks are designed as one-size-fits-all, eliminating the need for buying numerous pairs of socks each year for kids their growing age.
- Wise Pocket socks are relatively more economical than their competitor’s products.
- The casual designs allow the socks to fit the everyday style.
- The socks are washable using a machine and don’t need special treatment.
Cons of Wise Pocket
Despite having a growing customer base, some things haven’t worked in favor of Chirp:
- Wise Pocket doesn’t have a great variety of products and designs, limiting the options for the customers as socks are a part of the overall outfit and must be aligned with the look.
- The socks manufactured by Wise Pocket may be a little skin-tight for adults.
Who Is Wise Pocket For?
Wise Pocket is a product for any individual who struggles with putting their essential accessories such as phones securely tucked away, especially during sports. Athletes and dancers can use the enormous pocket sewed within the socks to keep their phones from falling out. Wise Pocket products also reduce the need to hold onto clutches and handbags at events where the accessory isn’t the most appropriate.
Are There Any Alternatives?
Zip It Gear is another trending business in the fashion industry, well-known for its smart-design socks with pockets. Their products are great for athletes who want to stash away their cash not too far away from themselves. The pockets on the socks have zippers so that the items stay securely.
Wise Pocket has outdone the company’s product as they design pockets that have ample space to store phones without needing an uncomfortable zipper.
Our Final Thoughts
Wise Pocket is a fashion startup by a kidpreneur. The company has incredible products, but the real issue is the limited niche market. Though the limited designs and colors can give rise to increased profits and a chance of penetration to rival companies, Wise Pocket is in good hands with Lori and Daymond on board.
In the years to come, we will see more of Wise Pocket and its founder Sofia Overton in the ever-growing fashion sector.