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Daymond John, one of the famous Shark Tank investors and founder of FUBU, had regrets about missing out on a lucrative deal. In an October 17, 2024 interview with Entertainment Tonight, he opened up about the deal that he was still "bitter" about.
Scrub Daddy's founder Aaron Krause pitched in front of the sharks in season 4 episode 7, which aired on October 26, 2012. For the unversed, Scrub Daddy is a popular sponge line in America. Its unique feature is that it changes firmness with water temperature.
Daymond's regret stemmed from Scrub Daddy becoming the second-best-selling product in Shark Tank history.
"Every time I'm out, I see the stupid-looking smiley sponge staring at me and it's laughing at me all the time," said Daymond.
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Lori Greiner, another investor in the reality show, successfully made the deal. Daymond stated that whenever he saw the smiley-faced sponge in the market, he felt disappointed.
In Shark Tank season 14, episode 14, Aaron featured in a video during the "Update Segment" and revealed that his business made $670 million in profit after Lori invested $200,000 for 20% into his company.
Journey of Scrub Daddy before and after Shark Tank explored
Before Scrub Daddy became a popular brand through Shark Tank, its founder Aaron Krause had faced a lot of rejection. In 2008, Krause sold his company, which made buffing pads, to 3M. However, 3M didn't want the Scrub Daddy sponge, which Krause had also invented.
According to a February 2024 interview with Fortune, Krause's wife, Stephanie, later asked him to clean their moldy lawn furniture in 2011. Krause used the rejected sponge and was amazed at how well it cleaned the furniture. This moment sparked Krause's determination to make Scrub Daddy a success.
"I knew right away this was destined to be the best dishwashing tool in the world,” Krause said.
The founder of Scrub Daddy, Aaron Krause grew up in Wynnewood, Pennsylvania. He recalled in the Fortune interview that when he was 10 years old, he built a machine to turn off his bedroom lights from his bed. Krause recalled that this early project sparked his interest in finding solutions for various problems.
“That was the first time I realized I could come up with a crazy idea, build something, and change my world. From then, I literally started looking at the world completely different,” said Krause.
After graduating from Syracuse University with a degree in psychology, Krause decided to focus on building his own business instead of taking a traditional job. Krause's parents were initially unhappy with his choice, but his business took off. He created a product, a buffing pad for polishing cars, which eventually gained success.
Krause also revealed that he sold his car-washing business in 1995 and started a new venture, Dedication To Detail, which manufactured buffing pads. He stayed on as a consultant when 3M eventually took over Krause's company. After selling Dedication To Detail, Krause shared Scrub Daddy with his coworkers at 3M.
Although skeptical at first, Krause gave each of his coworkers a sponge, which helped them be convinced of his product. He took this opportunity to patent Scrub Daddy and started selling the product at a local grocery store owned by his friend. The product soon became popular as he sold 200-300 sponges per day.
He recalled that this prompted him to sell Scrub Daddy online and on QVC. After further gaining confidence in his product, he applied to appear on Shark Tank, and three months later, he received a call from the show's producers. As mentioned earlier, Krause eventually secured a $200,000 investment from Lori Greiner.
According to their offiical website, the company relocated its headquarters to Pennsauken, New Jersey, in 2021, and features a TV studio, warehouse, and store. In 2023, Scrub Daddy partnered with Unilever, a global consumer goods company, to expand into international markets with co-branded products.
Aaron told Fortune his company earned $220 million in sales in 2023.
Watch entrepeneurs like Aaron make their ideas come to life on Shark Tank season 16 every Friday at 8 PM ET on ABC.
