Any parent who has ever lost their baby’s socks will understand how frustrating it can be. Infants seem to continually be moving and having their socks slip off, no matter what you do. Parents struggle to keep their children’s socks on and feet warm because of this frequent problem.
Parental duo Jessica and Gabe Miller encountered this issue and devised an innovative yet straightforward fix: squid socks. Because of a unique silicone grip within the cuff, these baby and toddler socks are made to stay on. The Millers created Squid Socks after seeing that this was a product that every parent required.
Jessica and Gabe pitched their original idea to the sharks in Shark Tank. They want $125,000 in exchange for a 20% stake in their company. Did the entrepreneur get a deal on Shark Tank? Check out our Squid Socks update to find out!
Squid Socks net worth 2024
Jessica and Gabe Miller asked for a $125k investment in exchange for 20% equity in their company. This meant they valued their company at $625,000. After a tense negotiation process, Daymond John invested $125,000 for a 33% stake in the business.
After the show aired, Squid Socks saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Squid Socks in 2024 is about $3 million.
Squid Socks Shark Tank Update
As for a Squid Socks update, after their Shark Tank debut, Squid Socks saw a sharp increase in sales. Orders flooded in because of their agreement with Daymond John and the show’s exposure. Squid Socks gained popularity among parents and were even hailed as a “hot holiday item” by The Today Show in 2018. Parents Magazine also named the product a “Genius Baby Product”.
The business kept adding products to its lineup, including adult-sized socks, a book, and additional sock designs. Squid Socks offered the first AFO socks, a unique type made especially for kids with orthopedic needs, in collaboration with MD Orthopaedics. The corporation is still operating as of today, bringing in about $3 million a year. Their goods are available on Amazon, various boutiques, and their official website.
Yes, Squid Socks made a deal on Shark Tank. After their product presentation and a tense negotiation process, Daymond John made an offer that Jessica and Gabe had to accept. Daymond invested $125,000 for a 33% stake in the business. Daymond has prior experience with socks from his work with Bombas. Daymond’s knowledge of socks and licensing, in the Millers’ opinion, made him the ideal business partner to help expand.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Daymond John | $125,000 for 33% equity | $125,000 for 25% equity | Yes |
| Robert Herjavec | 1# $125,000 for 40% equity2# $250,000 for 40% equity 3# $125,000 for 30% equity | $125,000 for 25% equity | No |
| Kevin O’Leary | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Squid Socks Shark Tank Pitch
Like many parents, Jessica and Gabe Miller had trouble remembering to put socks on their infant’s feet. A relative made a joke about making socks that remain on during a family get-together, which gave rise to the concept for Squid Socks. After some deliberation that evening, the Millers devised a solution: socks with silicone “squiddy dots” under the cuff to keep the socks from falling off.
The Millers had several difficulties in the beginning with manufacturing and quality. Their first sixteen months of the company brought in only forty thousand dollars in sales. Despite the slow beginning, they continued in honing their craft and were ready to introduce Squid Socks to the public.
During their pitch, Jessica and Gabe offered Squid Socks as a practical solution to a frequent parenting problem, baby socks that constantly fall off. They described how their socks stay on because of the silicone grips within the cuff. The Sharks were drawn to this small yet powerful invention.
They disclosed that the cost of manufacturing their socks, which were retail for $24 for a set of three, was $5.85. The Sharks were impressed with the idea and saw great potential in it, but the $40,000 in sales over a 16-month period raised some red flags.
Despite being transparent about the production and quality problems they had run into, Jessica and Gabe maintained their belief that their product was worthwhile. Keep reading our Squid Socks update to see what happens next!
Lori Greiner first asked about the patent. The founders responded that they have one utility patent pending on the squiddy dots inside that cuff, and they also have trademarks.
Mark Cuban questioned how they would communicate to people about the use of the product and the need for this product. Gabe responded they are introducing a video for the customers that shows the use and capability of the product.
Robert asked about the sales of the product. Jessica replied they entered the market 16 months ago and had $40,000 in sales. The product was first directly launched on the website.
Mark Cuban and Robert further asked about the cost and the price of the product. Jessica responded they retail it for $24, wholesale for $12 and it costs $5.85 to make.
Kevin O’Leary advised that the Millers license their product instead of trying to recreate the sock industry, questioning the Millers’ motivations. In the end, he decided not to make an offer since he did not see any benefit in starting a stand-alone company.
Robert Herjavec enquired about their digital marketing tactics and sales figures because he was interested in the product. Intending to assist them in enhancing their marketing and web presence, he made an offer of $125,000 for 40% stock.
Mark Cuban stated that while he loved the product, socks weren’t his specialty, so he chose not to invest.
Lori Greiner decided against making an offer, even though she found the concept intriguing and didn’t think it was the right investment for her.
Daymond John was pleased with the product because Bombas had given him experience with socks. He believed that both straight product sales and technology licensing would be profitable. The Millers approved Daymond’s offer of $125,000 because of his industry experience.
Robert Herjavec focused on assisting the business with digital marketing and offered $125,000 for 40% ownership.
Kevin O’Leary, Mark Cuban, and Lori Greiner: these Sharks made no offers. Kevin suggested licensing the product, but the Millers preferred to keep developing their own identity.
Product Availability
From our Squid Socks update research, products from Squid Socks are sold as of today on Amazon, the company’s main Squid Socks, and a few smaller boutiques around the country. They now have a $3 million yearly revenue prediction and are regarded as a reliable brand by parents.
The company has expanded its line of socks to include adult socks and special AFO socks for kids with orthopedic needs. Squid Socks come in a variety of styles and colors.
Conclusion
Squid Socks is an excellent illustration of how a straightforward yet successful concept can develop into a successful company. Jessica and Gabe Miller converted a common parenting issue into a business opportunity by creating non-slip socks for infants and young children. After appearing on Shark Tank, they could close a deal with Daymond John, who was quite impressed with their product and helped take their business to new heights.
Since then, Squid Socks has grown and broadened its product offering, accomplishing notable success. Having established a robust online and physical presence, Squid Socks is poised to maintain its position as the preferred brand for parents seeking dependable, non-slip socks. It will be fascinating to observe what fresh goods and inventions the business offers in the future.
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.
