Wise Pocket, a clothing line founded by the young entrepreneur Sofi Overton, captured the attention of Shark Tank viewers when she pitched her innovative socks and leggings with built-in pockets. However, the journey of Wise Pocket after its Shark Tank debut has been a rollercoaster ride, ultimately leading to the company’s demise. This comprehensive blog post delves into Wise Pocket’s net worth, its founder, the Shark Tank pitch, and the aftermath of the company’s appearance on the show.
Who is Wise Pocket?
Wise Pocket is a clothing line founded by Sofi Overton, a young entrepreneur from Bentonville, Arkansas. Sofi’s inspiration for the business came from a common problem she noticed with women’s and kids’ clothing—the lack of functional pockets. She set out to create a solution, designing socks and leggings with built-in pockets large enough to hold a modern smartphone.
Who Is The Founder Of Wise Pocket?
Sofi Overton, the founder of Wise Pocket, was just 13 years old when she pitched her business on Shark Tank. Overton had a passion for entrepreneurship from a young age, having watched Shark Tank since she was six. When she noticed her cousin struggling to find a place to store her phone in her leggings, Sofi saw an opportunity to create a practical solution.
| Business Name | Description | Products Offered | Financial Details |
|---|---|---|---|
| Wise Pocket Products | Socks and leggings with pockets | Socks and leggings with built-in pockets | $16,000 in sales before Shark Tank Website down since 2023, social media inactive since 2020 |
How Was The Shark Tank Pitch Wise Pocket?
Sofi Overton’s Shark Tank pitch was memorable. She confidently presented her product, showcasing the functionality of the socks and leggings with a dynamic dance performance by a group of dancers. Before the pitch, Sofi had already invested $10,000 of her own money into the business and generated $16,000 in sales.
During the pitch, Sofi sought a $30,000 investment in exchange for a 15% equity stake in her company. While Kevin O’Leary and Mark Cuban ultimately opted out, Lori Greiner and Daymond John saw the potential in Wise Pocket. They offered $30,000 for a 33.33% stake, but Sofi counteroffered $35,000 for a 25% stake, which the sharks accepted.
Wise Pocket Shark Tank Update:
After the Shark Tank episode aired, Wise Pocket experienced a significant surge in sales and demand for its products. Sofi fulfilled all orders, and the company expanded its product line to include leggings and the original socks.
| Offer Details | Valuation | Investment Decision |
|---|---|---|
| $30,000 for 15% equity | $200,000 (initial) | Accepted |
| Final Deal | $35,000 for 25% equity | – |
What Happened To Wise Pocket After Shark Tank?
Despite the initial success following the Shark Tank appearance, Wise Pocket’s journey was short-lived. In the years after the show, the company faced various challenges, including manufacturing issues and the impact of the COVID-19 pandemic. By 2023, Wise Pocket’s website had gone offline, and the company’s social media channels had not been updated since 2020, indicating that the business had ceased operations.
Wise Pocket Net Worth:
As of 2024, Wise Pocket’s net worth is estimated to be $0. The company’s inability to overcome its obstacles ultimately led to its demise, and Sofi Overton could not maintain the success she achieved on Shark Tank.
Wise Pocket Growth and Operations:
During its brief operation, Wise Pocket experienced rapid growth, thanks to the exposure and investment it received on Shark Tank. Sofi Overton was able to streamline production and expand the product line, but the company’s small scale and limited resources ultimately proved to be its downfall.
Wise Pocket Marketing and Sales:
Wise Pocket’s marketing strategy focused on the unique functionality of its products and the company’s commitment to social responsibility. Sofi pledged to donate a pair of socks to a child in need for every pair sold, which resonated with consumers. The viral dance performance during the Shark Tank pitch also helped drive sales and brand awareness.
Wise Pocket Social Media Presence:
Wise Pocket maintained an active social media presence, primarily on Instagram, where the company shared updates, product photos, and customer testimonials. However, the last post on the Wise Pocket Instagram account was made in August 2020, indicating that the company had ceased its online activities by that point.
Wise Pocket Interesting Facts:
- Founder’s Age: Sofi Overton was 13 when she pitched Wise Pocket on Shark Tank. Her young age and entrepreneurial spirit were incredibly impressive, showcasing the potential of youthful innovation.
- Personal Investment: Sofi Overton had invested $10,000 of her own money into the business before appearing on Shark Tank. This demonstrated her commitment and belief in the product, even at her young age.
- Charitable Contribution: For every pair of socks sold, Wise Pocket pledged to donate a pair to a child in need. This aspect of social responsibility resonated with consumers and appealed to the brand.
- Product Expansion: After the successful Shark Tank pitch, Wise Pocket expanded its product line beyond just socks, introducing leggings with built-in pockets.
- Rapid Growth: Following the Shark Tank episode, Wise Pocket experienced a significant surge in sales and demand for its products. The company fulfilled all orders, showcasing the potential for the business to scale.
What’s Next For Wise Pocket?
Unfortunately, it appears that Wise Pocket has permanently closed its doors. The company’s website is no longer operational, and there are no indications that Sofi Overton plans to revive the business shortly. Sofi may have shifted her focus to her education and other opportunities, but the Wise Pocket brand has seemingly ended.
Final Words:
The story of Wise Pocket is a cautionary tale of the challenges young entrepreneurs face, even with the support of experienced investors. While Sofi Overton’s pitch captivated Shark Tank viewers and secured a deal with Lori Greiner and Daymond John, the company ultimately succumbed to manufacturing pressures, supply chain issues, and the broader economic climate. Despite the disappointing outcome, Sofi’s journey inspires other aspiring young entrepreneurs who dream of turning their ideas into successful businesses.
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