Shark Tank Update
Shark Tank Pitch
Tipsy Elves Shark Tank Update
Published:
3m
San Diego, CA
| Name | Tipsy Elves |
|---|---|
| Main Presenters | Evan Mendelsohn and Nick Morton |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 1/23/2023 |
| Main Location | San Diego, CA Loading Map |
| Order Shown in Episode | 4 |
| Final Deal | All Sharks went Out |
Tipsy Elves Shark Tank Pitch
Evan Mendelsohn was a lawyer with a background in search engine optimization. After seeing a large search volume for ugly Christmas sweaters in 2011, he and Nick Morton started Tipsy Elves. In 2012 Tipsy Elves did $862k in sales, and Evan walked away from his $175k a year job to go full-time on Tipsy Elves.
Evan and Nick feel they have nearly maxed out their online potential and are seeking to enter the retail space. Daymond is in the retail space and still has inventory from his own bad experience with selling ugly Christmas sweaters, so he goes out.
Kevin gives a royalty offer, and Robert gives a clean equity offer, which Evan and Nick accept.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $100k for 5% of company | |
| Sharks | Out | Mark Cuban | Out |
| Sharks | Out | Lori Greiner | Out |
| Sharks | Offered | Kevin O'Leary | $100k for 0% of company and a $2 royalty until paid back then drops to $1 |
| Sharks | Deal | Robert Herjavec | $100k for 10% of company |
| Sharks | Out | Daymond John | Out |
Mark Cuban
Out
Daymond John
Out
Kevin O'Leary
Offered
Lori Greiner
Out
Robert Herjavec
Made Deal
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Tipsy Elves After Shark Tank
In season 6, episode 12, Evan Mendelsohn and Nick Morton gave an update that Tipsy Elves was doing $8 million a year. They gave another update in season 7 that total sales reached $20 million and they had 20 employees.
In 2015 Tipsy Elves was featured on the first episode of Beyond The Tank. Robert said Tipsy Elves was his most profitable Shark Tank investment. Nick leaves his endodontist (a dentist) job and moves across the company to work on Tipsy Elves full-time. Robert shuts down Nick and Evan's idea of introducing a cheaper line. Robert sees Tipsy Elves growing into a $100 million clothing brand.
Evan did an interview with The Savage Leader Podcast https://podcasts.apple.com/us/podcast/1-tipsy-elves-co-founder-evan-mendelsohn-taking-the/id1553084397?i=1000508466529 in 2021. Evan had always been entrepreneurial and worked on side hustles. One such hustle was Day Finder, a website that showed upcoming holidays, and he was able to get the site ranked high in google. When his holiday website made a couple of thousand dollars in monthly ad revenue, he had the confidence to start Tipsy Elves. Evan felt joy building the business and being a customer for ugly Christmas sweaters and was uninspired by his law job.Link Preview
The Savage Leader Podcast
He was initially hesitant to broadcast his decision to leave law to go in on his unproven, quirky side hustle to his parents and coworkers, but it was what his heart desired. He called Nick, whom he met in college, to join him.
He said over the years, they had many hurdles, such as moving through five different manufacturers and laying off staff during times of financial strain. In the early times of Covid, their sales took a nose dive, and they cut their employees' hours and pay.
According to a 2022 article by delmartimes.net https://www.delmartimes.net/lifestyle/story/2022-12-02/uc-san-diego-grads-make-an-ugly-christmas-sweater-on-a-massive-scale Tipsy elves had 45 employees and surpassed $200 million in lifetime sales. Tipsy Elves expanded into other holidays and categories, such as ski suits, golf, and Halloween.Link Preview
delmartimes.net
In 2023 Evan posted on his Instagram, @evanmendelsohn https://www.instagram.com/evanmendelsohn, that in 2022, Tipsy Elves made the world's largest ugly Christmas sweater, the company hockey team won their adult league championship, and Evan got married.Link Preview
@evanmendelsohn
As of 2023, Tipsy Elves is active on their Twitter, @tipsyelves https://x.com/tipsyelves https://www.facebook.com/TipsyElves https://www.instagram.com/tipsyelves https://www.tipsyelves.com, Facebook Link Preview
@tipsyelves , and Instagram, @tipsyelves Link Preview
Facebook . Tipsy Elves' website is tipsyelves.com Link Preview
@tipsyelves .Link Preview
tipsyelves.com
Nick did an interview published on medium.com https://medium.com/authority-magazine/nicklaus-morton-and-evan-mendelsohn-of-tipsy-elves-5-important-business-lessons-i-learned-while-d06db5c8dfbd https://www.instagram.com/nicklausmorton in 2021. Nick said they have been thrilled about their deal with Robert and commend his passion for Tipsy Elves. In 2023, Nick is active on his Instagram, @nicklausmorton Link Preview
medium.com , where he posts trips with his family, skiing in Tipsy Elves gear, and other such adventures.Link Preview
@nicklausmorton
Join the Newsletter
Stay up to date on the latest news and updates occuring in the Shark Tank world.
Join the Newsletter
Stay up to date on the latest news and updates occuring in the Shark Tank world.
