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Sofi Overton presented Wise Pocket Products in Shark Tank season 11, episode 12, which aired on January 19, 2020. At the time she was 13 years old and had come from Bentonville, Arkansas. She asked for $30,000 for 15% equity and pitched leggings and socks with built-in pockets to hold little items like phones.
Sofi said she came upon the idea when she observed that women's and kid's clothes typically didn't have pockets, and even if apparels had pockets, they were too small. She experimented with several designs and produced a sock that could hold the items securely. Before her appearance on the show, she had made $16,000 in sales after investing $10,000 of her own money.
"You're already out there hustling, thinking, creating, doing it yourself. So you've got everything that it takes to really be a great entrepreneur," Lori Greiner told Sofi.
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After hearing her pitch, Lori and Daymond John decided to make an offer. They teamed up and presented a deal to Sofi.
Sofi's pitch and response from Shark Tank mentors
Sofi’s Shark Tank pitch began with a product introduction and a live dance performance, showcasing the effectiveness of her pocketed socks. Her confidence and knowledge of her product and market impressed the sharks.
Sofi also mentioned that she was eleven years old when she saw her cousin having trouble putting her phone in her boot. That's when she created Wise Pocket Products to address this problem after testing several prototypes.
The sharks appreciated her pitch:
"Sophie, let me just tell you, you're a perfect example of what every kidpreneur should do," Mark Cuban said.
He complimented her for saving up money, developing a prototype, and successfully selling her product. However, Cuban ultimately backed out, stating his lack of expertise in the sock business. Kevin O’Leary also opted out, stating that he was not interested in a sock company.
Even though few sharks rejected to make an offer, Sofi continued with her pitch to say that each pair cost $5.47 to make and had a retail price of $15 and a wholesale price of $11. Her goal for the $30,000 investment was to streamline production, as she was only able to produce about 100 units per month at that time.
Sofi gets a deal from Lori Greiner and Daymond John
Lori Greiner and Daymond John saw Sofi's potential and made her a joint offer on Shark Tank. Daymond, who worked in the sock business before, talked about his investment at Bombas, a company that gives away a pair of socks for every pair that is sold. He thought Wise Pocket Products had a similar mission to help people and believed in its potential.
Lori and Daymond first offered $30,000 for 33.3% of the company. They wanted to license the product and make production more efficient. As a response, Sofia asked for $35,000 in exchange for 25% equity. Daymond and Lori quickly accepted, securing the deal.
Sofi expressed gratitude for the opportunity. Reflecting on the moment, she said:
"I'm very overwhelmed and I'm really excited that I got a deal with Lori and Daymond."
Following her Shark Tank appearance, sales increased for the products. She further added leggings to her line of products. Even though Wise Pocket Products was successful at first, the company eventually went out of business. The company has shut down its website and hasn't posted on social media since 2020.
Watch the recent episode of Shark Tank season 16 exclusively on ABC.
