Zip String, the innovative toy company that made waves on Shark Tank, has been making headlines with its unique string-launching device. But just how much is this company worth? In this blog post, we’ll take a deep dive into Zip String’s net worth, exploring its origins, Shark Tank pitch, growth, and prospects.
Who is Zip String?
Zip String, a toy company, has developed a handheld device capable of launching a string in a loop at speeds of up to 35 miles per hour. The string follows the user’s movements, creating mesmerizing designs and patterns. Austin Hillam and Stephen Fazio founded the company, drawing inspiration from a physics teacher’s tabletop string-launching demonstration.
Who is the founder of Zip String?
Austin Hillam and Stephen Fazio co-founded Zip String. Hillam, who comes from a family of entrepreneurs, worked with his father to develop the prototype for the Zip String device. Fazio, who witnessed the original string-launching demonstration, partnered with Hillam to bring the concept to life as a compact, handheld toy.
How was the pitch of the Zip String on the Shark Tank?
Hillam and Fazio appeared on Season 14 of Shark Tank, seeking $100,000 for a 10% stake in their company. The Zip String device immediately captivated the sharks, with Robert Herjavec in particular embracing his inner child as he played with the toy. However, some concerns arose when the entrepreneurs revealed that, despite significant social media buzz, they had only sold 10,000 units at $25 each due to manufacturing limitations.
| Entrepreneurs | Austin Hillam and Stephen Fazio |
|---|---|
| Business | Zip String (String Toy) |
| Ask | $100,000 for 10% equity |
| Result | Accepted $100,000 for 20% equity from Robert Herjavec and Kevin O’Leary |
| Sharks | Robert Herjavec, Kevin O’Leary |
| Other Sharks | Not interested |
Zip String Shark Tank Update:
After some negotiation, Zip String secured a joint deal with Robert Herjavec and Kevin O’Leary, who together offered $100,000 for a 20% stake in the company. The entrepreneurs quickly accepted the offer, recognizing the value of having two sharks on their team to help boost awareness and navigate future growth.
| Update | Details |
|---|---|
| Investment Outcome | Uncertain if the deal closed, ongoing involvement of Robert Herjavec and Kevin O’Leary not disclosed |
| Current Product Range | Original toy available in five colors, additional strings sold separately |
| Customer Reception | Mixed reviews with 3.9-star rating on Amazon; praised for entertainment value but concerns over tangling and heating issues |
What happened to Zip String after Shark Tank?
Since appearing on Shark Tank, Zip String has continued to produce its original product in the Hillam family’s basement in Johns Creek, Georgia. The company has focused on fulfilling orders and growing its social media presence, with followers increasing across Instagram, TikTok, and YouTube. Although they have not yet released details, Zip String has been actively developing the next version of their toy.
Zip String Net Worth:
While the exact net worth of Zip String is not publicly known, the company’s Shark Tank valuation of $500,000 (based on the $100,000 investment for 20% equity) provides a starting point. As the company continues to grow and develop new products, its value is likely to increase.
Zip String Growth and Operations:
Zip String has maintained its humble beginnings, with production still taking place in the Hillam family basement. As orders come in, the team works to quickly fulfill them from their neatly stacked inventory. The company acknowledges that, as it grows, it will eventually need to expand beyond its current operational setup.
Zip String Marketing and Sales:
The Zip String device has seen a price increase since its Shark Tank appearance, now selling for $29.99. Customers can save by purchasing multiple devices, and replacement string packs are available for $5.99. The company has also benefited from promotional partnerships, such as with the popular YouTube channel Dude Perfect.
| Product | Zip String Toy |
|---|---|
| Description | A toy that moves a string safely around at 35 mph |
| Features | USB-C charging, capable of creating various designs |
| Price | Initially $25, increased to $29.99 post-Shark Tank |
| Sales | 10,000 units sold initially |
| Production Location | Hillam basement in Johns Creek, Georgia |
| Current Developments | Working on the next version of the toy, expanding social media presence |
Zip String Social Media Presence:
Zip String has been working to grow its social media presence, with follower counts increasing on Instagram (6,300+), TikTok (1,390+), and YouTube (905+). These platforms serve as valuable channels for the company to engage with customers, showcase the toy’s capabilities, and build brand awareness.
Zip String Interesting Facts:
- The Zip String device can launch a string in a loop at speeds of up to 35 miles per hour.
- The toy’s string is safe to touch and can create unique designs like corkscrews and swirls.
- Zip String went viral on social media, garnering 20 million views in a single day and reaching the front page of Reddit.
- The company was promoted by the popular YouTube channel, Dude Perfect.
What’s next for Zip String?
As Zip String continues to grow, the company is focusing on developing the next version of its toy. Although the company has not released details, this new product has the potential to propel the company to even greater success. With the support of Shark Tank investors Robert Herjavec and Kevin O’Leary, Zip String is well-positioned to navigate future growth and expansion.
Final Words:
Zip String’s journey from a basement-born idea to a Shark Tank success story is a testament to the power of innovation and entrepreneurship. As the company works to expand its product line and grow its customer base, its net worth is likely to increase. While it remains to be seen whether Zip String will become the next cultural phenomenon like the yo-yo or Rubik’s Cube, the company’s unique offering and strong support from Shark Tank investors suggest a bright future ahead.
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