The show Shark Tank features some of our favorite business moguls investing in what they believe are the best and brightest entrepreneurs and their ideas. So far, the most successful of these has been Aaron Krause, the founder and CEO of Scrub Daddy. Krause has sold over 10 million of his little yellow sponges, to the tune of over $20 million. The team at Trademark Management Group believes that there are some principles Krause followed that would benefit any aspiring innovator.
• Be Willing to Start from Scratch: Krause got his idea for the Scrub Daddy sponge when he was washing a car by hand and damaged it.
• Stay Ahead of Trends: When Krause noticed urethane was gaining popularity, he started experimenting with various types and patented the materials that held the most promise.
• Sweat the Small Stuff: Krause’s sponge existed for several years, but it wasn’t until he added a small hole that looked like a smile that the product became marketable.
• Know Your Investors: It took months for Krause to finally get his shot on Shark Tank, but when he did he was ready. He had studied the show to learn as much as he could about each investor, and had a specific pitch designed with each shark in mind.
• Work with the Right People: Although Krause had initially hoped to work with Mark Cuban, he ended up teaming with Lori Greiner. Her expertise in retailing, packaging, and the female demographic has been invaluable.
Following in the footsteps of successful people is often the best way to succeed. Use these lessons from Aaron Krause’s triumph and work toward your own.