Shark Tank Update
Shark Tank Pitch
Fiberfix Shark Tank Update
Published:
4m
Pleasant Grove, UT
| Name | FiberFix |
|---|---|
| Main Presenters | Spencer Quinn and Eric Child |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 12/4/2022 |
| Main Location | Pleasant Grove, UT Loading Map |
| Order Shown in Episode | 1 |
| Final Deal | All Sharks went Out |
FiberFix Shark Tank Pitch
Spencer Quinn and Eric Child created FiberFix, a ridiculously strong repair wrap. FiverFix is a more robust alternative to duct tape. The wrap is activated by water and dries to a strong position in a few minutes.
Spencer and Eric have done $100k in sales over their first few months selling through 400 independent retailers. They have an upcoming test with The Home Depot and will be on QVC.
Kevin makes his typical stupid pitch about giving up no equity and lies about how valuable it is, while Robert offers exactly what they came in asking for. Lori makes an offer for more money and equity. Spencer and Eric negotiate for a long time for a line of credit but ultimately close a deal with Lori with her promise to fund purchase orders as needed.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $90k for 10% of company | |
| Sharks | Offered | Kevin O'Leary | $90k for 0% of company and 70 cent royalty until $90k recouped drops to 20 cents |
| Sharks | Offered | Robert Herjavec | $90k for 10% of company |
| Sharks | Out | Daymond John | Out |
| Sharks | Offered | Lori Greiner | $250k for 18% of company |
| Sharks | Offered | Robert Herjavec | $90k for 10% of company and $250k line of credit |
| Company | Offered | Lori Greiner | $120k for 12% of company and $2 million line of credit |
| Sharks | Out | Mark Cuban | Out |
| Sharks | Deal | Lori Greiner | $120k for 12% of company |
| Sharks | Out | Robert Herjavec | Out |
Mark Cuban
Out
Daymond John
Out
Kevin O'Leary
Offered
Lori Greiner
Made Deal
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| 5 | 21 |
| 5 | 29 |
FiberFix After Shark Tank
Eric Child did an interview https://www.sharktankblog.com/fiberfix-update-interview-eric-child/?csspreview=true with Shark Tank Blog after airing on Shark Tank. The equity holders of FiberFix were Eric Child, Derek Rowley, Spencer Quinn, who was on Shark Tank, and Spencer's cousins Reed Quinn and Chris Quinn. Spencer goes to BYU, so he has limited availability for the FiberFix business. They closed their deal with Lori and went on QVC days after airing on Shark Tank.Link Preview
interview
Eric Child went on The Harvest Growth Podcast https://podcasts.apple.com/us/podcast/fiber-fix-eric-child-grow-your-consumer-product-business/id1462326877?i=1000473214076 in 2019. Eric said he and Reed Quinn had worked together in the past, and in catching up with Reed, Reed brought up that he knew some guys working on
structural wraps inspired by those used by doctors for making casts. Eric was interested, so Reed, who spoke Mandarin, went to China to research production logistics while Eric researched sales channels. Eric and Reed licensed the rights to the product from the original group that prototyped concepts and bought the company from them.Link Preview
The Harvest Growth Podcast
In season 5, episode 21, we got an update that FiberFix had done $300k in sales before Shark Tank and $6 million in the three months following Shark Tank. They went on QVC with Lori and moved into an 82k square foot building that produces 10k units a day. FiberFix rolled out to every Lowes nationwide. In season 5, episode 29 (the season finally), FiberFix was briefly mentioned in the montage of season updates.
Eric began by getting into a few Ace Hardware stores and, with success, continued to grow. Lowes was always willing to test the new FiberFix products, but Home Depot could scale faster and did the most business for FiberFix. They also had QVC days where they sold $1 million of products.
According to Eric Child's LinkedIn https://www.linkedin.com/in/eric-child-b09112 /seasons/5/episodes/4/screenmend, he and several others founded Spark Innovation, LLC, which works with many new companies or inventors, mainly in Utah, to help them navigate the path to running a viable and successful business venture, including ScreenMend Link Preview
LinkedIn from season 5, episode 4. Eric is still the CEO of Spark Innovation in 2022.Link Preview
ScreenMend
FiberFix's last Tweet from @FiberFix https://x.com/FiberFix https://www.prnewswire.com/news-releases/j-b-weld-acquires-the-fiberfix-brand-of-specialty-repair-wraps-and-adhesive-products-300731310.html https://a.co/d/3I6xxu8 came in 2017. According to prnewswire.com Link Preview
@FiberFix , FiberFix had grown to be in 20k stores and was acquired by J-B Weld in 2018. FiberFix is available on Amazon Link Preview
prnewswire.com in 2022.Link Preview
Amazon
According to Reed Quinn's LinkedIn https://www.linkedin.com/in/reedquinn https://kcpw.org/local-news/2016-08-09/the-bottom-line-a-better-tape-reed-quinn-founder-of-kt-tape-and-fiberfix, he worked on FiberFix from 2012 to 2014 but was a founder of Spark Innovation and remained part of the picture, including a successful product, KT Tape, which is used by athletes for muscle support. Reed is likely responsible for a lot more than he is credited for. He is humble and discussed some of his ventures in a 2016 radio show on kcpw.org Link Preview
LinkedIn .Link Preview
kcpw.org
According to Spencer Quinn's LinkedIn https://www.linkedin.com/in/spencer-quinn /seasons/4/episodes/13/urbio, he was a Founder of Spark Innovation and worked there from 2014 to 2020. As of 2022, he works for an e-commerce company called Pattern, which is where Beau Oyler from Urbio Link Preview
LinkedIn from season 4, episode 13 plays a large part.Link Preview
Urbio
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