Krapp Strapp, the innovative outdoor relief product featured on Shark Tank Season 15 Episode 6, has garnered significant attention for its unique solution to a common problem faced by campers and hikers. Founded by two entrepreneurial friends, Keith Lindsey, and Bob Legg, the company has experienced impressive growth since its TV debut. In this blog post, we’ll take an in-depth look at Krapp Strapp’s journey, from its humble beginnings to its current net worth, and explore what the future may hold for this intriguing startup.
Who is Krapp Strapp?
Outdoor enthusiasts can relieve themselves with ease and minimal mess with the Krapp Strapp product. The device consists of two straps that attach to a tree, providing support for the user to lean back and take care of business comfortably. With pockets for tissues and other toiletries, Krapp Strapp offers a convenient all-in-one solution for those who find themselves in need of a bathroom break while enjoying nature.
Who is the founder of Krapp Strapp?
Keith Lindsey, a 30-year-old entrepreneur, and his 82-year-old friend, Bob Legg, founded Krapp Strapp. The duo is also behind Air Boss Outdoors, a company that offers a range of outdoor merchandise. With their combined experience and passion for the outdoors, Lindsey and Legg set out to create a product that would make life easier for fellow nature lovers.
How Did Krapp Strapp’s Shark Tank pitch go?
Lindsey and Legg appeared on Shark Tank, seeking $65,000 for a 10% stake in their company. They began their pitch with an entertaining demonstration of how Krapp Strapp works, using a dummy to showcase the product’s ease of use.
The sharks were amused by the presentation and impressed by the product’s practicality. Lindsey revealed that they had sold 4,000 units at $49.95 each, totaling nearly $200,000 in sales, without any marketing expenditure.
| Shark | Offer | Equity Offered | Counter Offer | Accepted? |
|---|---|---|---|---|
| Robert Herjavc | OUT | N/A | N/A | NO |
| Lori Greiner | $65,000 for 35% equity | 35% | 25% | NO |
| Daymond John | $65,000 for 33.3% equity | 33.3% | 33.3% | YES |
| Kevin O’Leary | OUT | N/A | N/A | NO |
| Mark Cuban | OUT | N/A | N/A | NO |
Krapp Strapp Shark Tank Update:
After hearing the pitch, Robert Herjavec and Mark Cuban opted out, stating that the product wasn’t a suitable fit for their portfolios. Kevin O’Leary also declined to invest, although he acknowledged the product’s potential.
However, Lori Greiner and Daymond John saw an opportunity and offered $65,000 for a 35% stake in the company. Lindsey and Legg countered with $65,000 for 25%, and after some negotiation, they settled on a deal of $65,000 for 33.3% equity, which the entrepreneurs happily accepted.
After Shark Tank, what happened to Krapp Strapp?
Since appearing on Shark Tank, Krapp Strapp has experienced a significant boost in sales and website traffic. The company has reportedly been selling an average of 50 units per week, a testament to the “Shark Tank effect.” Although their social media presence is not particularly active, the company’s steady growth suggests that they are focusing on fulfilling orders and expanding their business behind the scenes.
Krapp Strapp Net Worth:
Estimating Krapp Strapp’s precise net worth is challenging without access to the company’s financial records. However, based on the information provided during their Shark Tank appearance and the subsequent sales boost, it is reasonable to estimate that Krapp Strapp’s current net worth is around $560,000. This figure takes into account the initial valuation of $650,000 (based on the $65,000 for a 10% equity offer), the Shark Tank investment, and the company’s post-show growth.
| Aspect | Details |
|---|---|
| Net Worth | Estimated at $1.3 million post-Shark Tank with sales continuing to grow. |
| Monthly Sales Range | From $2,000 to $20,000, showcasing consistent growth. |
| Sales Channels | Direct-to-consumer via their website and Amazon. |
| Key Product Pricing | Krapp Strapp: $49.95, The Tether: $31.99, Air Boss Apparel: $20 to $40. |
| Growth Strategy | Expanding product line, leveraging e-commerce, and social media for marketing. |
| Success Factors | Innovative products addressing niche outdoor needs, effective marketing strategies, and strategic partnerships (e.g., AirBoss Motion Decoys). |
Krapp Strapp Growth and Operations:
Since partnering with Lori Greiner and Daymond John, Krapp Strapp has focused on expanding its product line and streamlining its operations. The company has introduced new products to its lineup, catering to a broader range of outdoor enthusiasts. Additionally, they have likely benefited from the expertise and resources provided by their Shark Tank investors, allowing them to scale their business more effectively.
Krapp Strapp Marketing and Sales:
Before their Shark Tank appearance, Krapp Strapp had not invested in marketing, but the show’s publicity has proven to be a powerful promotional tool. The company has capitalized on this exposure by improving its e-commerce website and making its products more readily available to consumers. As a result, Krapp Strapp has maintained a steady sales growth trajectory, contributing to its increasing net worth.
| Product | Description |
|---|---|
| Krapp Strapp | An outdoor bathroom device designed for easy use by attaching around a waist and securing to a tree. Includes pockets for toiletries. |
| AirBoss Motion Decoys | A product line extension offering motion decoys for hunters. |
| The Tether | A product designed to secure belongings while outdoors, priced at $31.99. |
| Air Boss Apparel | Apparel for outdoor enthusiasts, ranging from $20 to $40. |
Krapp Strapp Social Media Presence:
Despite their success, Krapp Strapp maintains a relatively low profile on social media platforms. This may be a strategic decision to focus on product development and order fulfillment rather than investing heavily in online engagement. However, as the company continues to grow, it may become increasingly important for them to build a stronger social media presence to connect with their target audience and foster brand loyalty.
Krapp Strapp Interesting Facts:
One of the most fascinating aspects of Krapp Strapp’s story is the age difference between its two founders. At 82 years old, Bob Legg defies the stereotype of the young, tech-savvy startup founder. His partnership with 30-year-old Keith Lindsey demonstrates that entrepreneurial spirit knows no age limit.
Additionally, the fact that Krapp Strapp achieved $200,000 in sales without any marketing spending is a testament to the power of word-of-mouth and the effectiveness of their product in addressing a common pain point for outdoor enthusiasts.
What’s Next for Krapp Strapp?
As Krapp Strapp continues to grow, it will be fascinating to see how they expand their product line and market presence. With the support of their Shark Tank investors and the increasing demand for innovative outdoor products, the company is well-positioned for future success. Potential areas for growth include expanding into international markets, partnering with outdoor retailers, and developing complementary products that cater to the needs of their target audience.
Final Words:
Krapp Strapp’s journey from a simple idea to a successful Shark Tank pitch and thriving business is an inspiring tale of entrepreneurship and innovation. By addressing a common problem faced by outdoor enthusiasts with a practical, easy-to-use solution, Keith Lindsey and Bob Legg have created a product that resonates with their target market.
As the company continues to grow and evolve, it will be exciting to see how they navigate the challenges and opportunities that come with scaling a business. With a current net worth of around $560,000 and a strong partnership with Lori Greiner and Daymond John, Krapp Strapp is well on its way to becoming a household name in the outdoor industry.
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