Rick Hopper appeared on Shark Tank during Season 3 with a product called ReadeRest. The product was designed to solve a simple yet common problem. Many people often misplace or drop their glasses. This happens when glasses are placed in unsafe spots or just left hanging from a shirt collar. Rick invented a solution using magnets to hold glasses safely in place. He believed it would prevent the common issue of losing glasses.
Rick’s pitch involved showing how ReadeRest worked. It used a magnet that could be placed inside a shirt and another one on the outside. The glasses would hang from the outside magnet. The strong magnets kept the glasses secure. Rick had already completed a market test and made some sales. He asked the sharks for $150000 for 15% equity in the company.
The sharks were interested and asked many questions about the product’s manufacturing costs and sales numbers. Will the entrepreneur get a deal on Shark Tank? Check out Readerest update to find out!
Readerest Net Worth Shark Tank Update 2025
Rick Hopper went on Shark Tank asking for $150,000 for 15% of his company. This meant he thought his business was worth $1,000,000. He made a deal with Lori Greiner for $150,000 for 65%, lowering the value to about $230,000. The episode was aired on February 24, 2012. The company became a major success and continues to sell magnetic eyeglass holders in major retailers, generating over $5 million in lifetime sales. Using the viral/heavy-traction method, the current net worth of ReadeRest is estimated to be around $5–6 million in 2025.
After appearing on Shark Tank Rick Hopper and Lori Greiner started working together. Lori took the product and put it on QVC. The product sold out quickly on the channel. The deal with Lori proved to be a great decision. By the end of 201,2 ReadeRest reached $6 million in sales. The company continued to grow and expand. Today the business makes about $5 million each year in revenue.
ReadeRest has a wide customer base. It is available on Amazon and the company’s official website. The company has also expanded its product line. Now they offer readers as well. ReadeRest has been featured in several major publications such as Forbes and Good Morning America. The company’s success story is a testament to how persistence and the right partnership can turn an idea into a profitable business.
Yes ReadeRest did get a deal on Shark Tank. Rick Hopper entered the tank asking for $150,000 in exchange for 15% equity. Lori Greiner was impressed with the product and made an offer. She offered $150,000 for 65% equity in the company. At first, Rick was hesitant. He didn’t want to give up such a large portion of his business. He countered the offer asking for 49% equity.
Lori wasn’t willing to go lower than 65% so Rick had to make a choice. Lori believed in the product and knew she could help it succeed. She assured Rick that with her help the product would sell on TV. After some thought Rick accepted Lori’s offer. The deal was finalized at $150,000 for 65% equity.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Herjavec | out | N/A | N/A |
| Lori Greiner | $150,000 for 65% equity | $150,000 for 49% equity | Yes |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Readerest Shark Tank pitch
Rick Hopper’s journey started from a common problem. Like many people, he had trouble keeping track of his glasses. He often mislaid them or they would get scratched. Rick knew that he wasn’t the only one facing this issue. He saw that other people were losing or damaging their glasses too. He wanted to create a solution to this problem. After some thought Rick came up with the idea for a magnetic glasses holder.
The idea was simple but it solved a real problem. He knew that people would benefit from having a safe and secure way to keep their glasses. The holder used magnets to hold the glasses in place. The magnets were strong enough to keep the glasses secure even during physical activities. Rick had no prior experience in manufacturing. He took on the task of making the product by hand.
He spent hours gluing over 100000 magnets himself. This was a huge challenge. But Rick was determined to make it work. He even secured a patent for his product. This process wasn’t easy. It required a lot of effort and time. But Rick’s persistence paid off. The product worked well and it solved the problem he set out to fix. Rick eventually turned his idea into a business. He started selling ReadeRest and soon got the opportunity to pitch it on Shark Tank.
Rick entered the Shark Tank ready to present his product. He started by demonstrating how ReadeRest worked. He showed how the magnetic holder could be attached to a shirt collar. The glasses would then hang on the outside magnet. He explained that the product would help prevent glasses from getting lost or scratched. The magnets were strong enough to hold the glasses securely no matter what activity the user was doing.
Rick’s pitch was straightforward. He asked the sharks for $150,000 for 15% equity in his company. The sharks had several questions about the product. They wanted to know about the manufacturing process. They asked Rick how much he was selling the product for. Rick explained that the price ranged from $9.99 to $19.99 depending on the style. The sharks thought this was a bit expensive. They wondered if there was a way to lower the price.
Rick explained that the magnets used in the product were costly to manufacture. The sharks also asked about the sales Rick had made so far. Rick said that he had done $65000 in sales during a market test. However, he was going through inventory quickly and needed to return to production. The sharks were impressed with the idea but had concerns about the business’s scalability.
The sharks asked many questions to better understand the product. Kevin O’Leary asked how much Rick had sold the product for and how much profit he was making. Rick explained that the price range was between $9.99 and $19.99. The sharks were concerned that this might be too expensive for a small item. They questioned whether people would buy it at such a high price. Rick explained that the magnets used in the product were expensive to manufacture.
He had made sure that the quality of the product was high. He assured them that the price reflected the cost of production. Kevin O’Leary then asked about the sales. Rick mentioned that he had done $65000 in sales but had faced challenges keeping up with inventory. The sharks were curious about the business model and whether the product could scale. Robert Herjavec asked Rick if he was making the products himself.
Rick said that he had made over 100,000 units by hand. He had glued all the magnets himself. This impressed the sharks but also raised concerns about the scalability of the business. They wondered if Rick could keep up with the demand as the company grew. Daymond John asked Rick if he had a team working with him. Rick said that he was doing everything on his own.
This led Daymond to decide that he didn’t want to invest. He thought that Rick would have difficulty growing the business without more support.
The sharks gave their feedback on the product. Some of them were not convinced by the numbers. Robert Herjavec was one of the first to exit. He didn’t believe the product had enough potential to justify the valuation. Kevin O’Leary also expressed concerns about the price and the sales figures. Daymond John felt that Rick did not have the right marketing skills to take the business to the next level.
However, Lori Greiner saw potential in the product. She believed that with the right marketing and TV presence, the product could succeed. Lori offered Rick $150000 for 65% equity in the company. At first, Rick was hesitant to give up so much equity. He countered with 49% equity but Lori wasn’t willing to go any lower. She made it clear that this was her final offer. Rick took some time to think about it.
He asked to hear from Mark Cuban before making a final decision. Mark eventually decided not to invest. He felt that there were better options for him. After hearing Mark’s decision, Rick agreed to Lori’s offer. They shook hands on the deal of $150000 for 65% equity.
What Went Wrong With Readerest On Shark Tank?
ReadeRest faced some challenges on Shark Tank. Some of the sharks did not see the value in the product. Robert Herjavec was one of the first to go out. He didn’t think the product had enough potential. Kevin O’Leary also expressed concerns about the valuation. He didn’t think the sales were enough to justify the price of the product. Daymond John felt that Rick didn’t have the right marketing skills.
He was concerned that Rick couldn’t grow the business quickly. These factors led to the sharks backing out. However, Lori Greiner saw potential in the product. She believed that with the right marketing, ReadeRest could be a success. Despite the concerns, Rick and Lori made a deal. Lori offered Rick a partnership that ultimately helped the business grow.
Product Availability
ReadeRest is available in a variety of styles. The product is made of stainless steel and gunmetal black. It uses strong neodymium magnets to hold the glasses securely. The product is easy to use. Simply place one magnet inside your shirt and the other magnet on the outside. The glasses will hang securely from the outside magnet. The product is available for purchase on Amazon and on the ReadeRest website.
The company also sells readers. Prices for the ReadeRest glasses holder range from $9.99 to $19.99. The product is sold in packs of two. It is a popular item and has received good reviews from customers. The company continues to sell the product online and in retail stores.
Conclusion
ReadeRest’s journey on Shark Tank was a success. Despite some initial concerns, Rick and Lori Greiner made a deal. The product was a hit and sold out on QVC. By the end of 2012, the company had made $6 million in sales. ReadeRest continues to be a popular product today. The company is still in business and generates $5 million in sales every year. The product is available on Amazon and the company’s website.
ReadeRest has been featured in Forbes and on Good Morning America. The company has grown and expanded its product line. It is a great example of how a simple idea can lead to a successful business with the right partnership and marketing.
Hi, I’m Laiba Khurram, a BBA student specializing in Marketing at FAST NUCES ISB. My background includes experience in finance, marketing, and event coordination. My skills include teamwork, time management, and Microsoft tools. Watching Shark Tank has always inspired me, as I admire the innovative pitches and entrepreneurial spirit showcased on the show. This passion drives my approach to finding creative solutions and understanding market dynamics. Read more About me.
