Many people love the festive ritual of decorating for Christmas, but connecting Christmas lights can be somewhat difficult. It can be inconvenient to climb ladders, fasten lights to the roof, and make sure everything stays in place. It might be difficult for homeowners to install lights in a simple fashion that doesn’t include dangers or aggravation.
Nathan Schaffer identified this issue and devised a creative fix, Eve Drop. He created a special tool that eliminates the need for staples and clips and enables people to quickly and simply hang lights from their roofs. A device that allows homeowners to slide their lights under the gutters, saving time and work year after year, was a simple but successful idea.
Nathan presented his invention to the Sharks on Shark Tank, hoping to get an investment for his company. He requested $75,000 in return for a 20% equity in Eve. Did the entrepreneur get a deal on Shark Tank? Check out our Eve Drop update to find out!
Eve Drop Net Worth 2024
Nathan Schaffer asked for $75,000 in exchange for 20% equity in his company, Eve Drop. This meant he valued his company at $375,000. Unfortunately, he did not secure a deal on Shark Tank. Despite his efforts, Eve Drop struggled to gain traction and eventually closed in 2017. As of 2024, Eve Drop is no longer in business, so its current net worth is $0.
Eve Drop Shark Tank Update
Nathan Schaffer had a difficult road ahead of him with Eve Drop after Shark Tank. As for an Eve Drop Update, the business failed to expand in spite of his enthusiasm and confidence in the product. In 2017, Nathan made the tough choice to close the company. It was difficult to get acceptance in the market, and Eve Drop didn’t take off as he had planned. As of today, the product is no longer offered for sale, bringing the company’s journey to an end.
No, Nathan Schaffer was unable to close a deal on Shark Tank. He requested $75,000 from the Sharks in exchange for a 20% stake in his business. The Sharks, however, were unimpressed with the company’s early-stage sales and potential. At the time of his pitch, Nathan had only made $4,500 from Kickstarter sales, which was insufficient to impress the Sharks. Nathan ultimately left without a deal when all of the Sharks rejected his offer.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Barbara Corcoran | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Robert Herjavec | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Eve Drop Shark Tank Pitch
Nathan Schaffer realized how annoying it may be to hang Christmas lights, which is how Eve Drop was born. Like many others, he was looking for a quicker, easier, safer way to decorate his house without having to go up ladders or spend hours screwing lights onto the roof. Despite not having experience in product development, he was driven to provide a workable answer to a typical vacation problem.
Nathan had to deal with the typical difficulties of starting a new company in the early phases of product development, such as selecting the best design, obtaining production, and selling his goods. Even with his commitment and Eve Drop’s promise, the company had trouble making sales and drawing new customers.
Nathan’s Shark Tank pitch was centered on finding an effective solution for the Christmas light hanging dilemma. He described how Eve Drop operated, allowing homeowners to avoid risky climbs and irreversible attachments like staples or nails by simply sliding their lights into place beneath the gutters. Because the product was unlike anything else on the market, Nathan thought Christmas decorators might turn to it as their go-to option.
He requested $75,000 from the Sharks in exchange for 20% ownership, hoping to use the funds for increased marketing and production. Keep reading our Eve Drop update to see what happens next!
Barbara Corcoran asked about the numbers. Nathan replied he had made $4500 in sales till today.
Barbara further asked about the retail price of both items. The founder replied $9.99 and $3.99.
Kevin O’Leary questioned the product’s market demand as well as the business’s potential for growth. In response, Nathan said that there was a sizable market for Christmas lights and that Eve Drop was a useful solution for a lot of households.
Robert asked about his business situation today. Nathan responded that right now he is waiting for his inventory to arrive. He bought a total inventory of $30,000 with 35,000 preorder sales.
Kevin O’Leary was the first to withdraw, citing doubts about the product’s market and sales prospects. He didn’t think Eve Drop had a very obvious path to significant growth.
Mark Cuban declared that the product’s poor sales were not justified as an investment.
Robert Herjavec, Lori Greiner, and Barbara Corcoran also declined, stating that although they found the product fascinating, they did not believe it presented an attractive commercial prospect.
Not a single Shark offered a deal; Nathan left the show without the deal.
What Went Wrong With Eve Drop On Shark Tank?
The absence of established sales figures was Eve Drop’s primary problem on Shark Tank. With just $4,500 raised through Kickstarter, the Sharks had doubts about the company’s ability to expand and compete. In addition, they questioned the product’s long-term sustainability given that it is only utilized once a year, around the holidays. Although Nathan had a lot of faith in the product, the statistics didn’t back it up.
The Sharks also expressed doubts about Nathan’s ability to properly promote the product and about its ability to grow. In the end, Nathan’s failure to land a deal was primarily due to a lack of sales and evident market need.
Product Availability
From our Eve Drop update research, Eve Drop was created to allow homeowners to slide their Christmas lights under their gutters, making the hanging process simpler. This reduced the need to use staples or climb ladders, saving time and effort. However, Nathan closed the business in 2017 after attempting to expand it for a number of years. Eve Drop is currently unavailable for purchase, both online and in physical locations.
Conclusion
Although Eve Drop was a creative answer to a typical holiday dilemma, its commercial success was eventually temporary. Nathan Schaffer brought his brilliant idea to Shark Tank with huge expectations, but the Sharks were unconvinced by the sales figures. Nathan kept working on the company in the absence of a deal, but he made the decision to shut it down in 2017.
Even if Eve Drop’s business career didn’t turn out the way Nathan was planning, it was still a learning experience, and he displayed the value of determination and innovative thinking.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
