Here's What Went Down With Wise Pocket Products Socks After Shark Tank
Some business deals on "Shark Tank" start with a frenzy and fade out quietly, and this seems to have been the case with Wise Pocket Products, a sock company started by 13-year-old Sofia Overton. The young entrepreneur pitched a very clever sock product featuring stealthy pockets so customers could still stash their phones or keys securely when their outfits lacked proper pockets.
Overton is one of a few youngsters who have pitched their ingenious products to the sharks. An entrepreneur at any age is an inspiration, but when a founder is very young, we root for them even harder. We saw Trey Brown pitch his clothing line SPERGO to the sharks, joined by his mom when he was just 15. We also saw Maddie Bradshaw pitch her jewelry brand, M3 Girl Designs, to the sharks when she was only ten. There are clearly no age restrictions for getting onto "Shark Tank." While Overton wowed the sharks and audiences worldwide with her clever socks, Wise Pocket Products didn't stand the test of time, unfortunately.
Wise Pocket Products snagged two investors on Shark Tank
Sofia Overton appeared on "Shark Tank" with her brand, Wise Pocket Products, seeking $30,000 in exchange for 15% of her company. Overton's pitch was incredible; she came out with six friends who were all wearing her socks. To prove that Wise Pocket socks could hold cell phones, the six friends broke out into an incredible dance routine, and by the end of it, none of their phones had budged an inch. Overton explained that she got the idea when she saw a friend slide her phone into her boot because her clothing didn't have pockets. Overton saw an opportunity to create something that could offer a solution. On top of that, she was consciously driven. To help students in her school district who were homeless, Overton donated one pair of socks for every purchased pair. She explained that she had been able to get her business off the ground by saving $5,000 of her own money, and earned another $5,000 through business competitions.
The sharks were impressed with Overton. Kevin O'Leary and Mark Cuban pulled out because it wasn't their area of expertise. Barbara Corcoran was proud of Overton but didn't make her an offer. Lori Greiner and Daymond John, on the other hand, came in with a joint offer of $30,000 for 33.3%. Overton countered and they agreed on $35,000 for 25% of the company.
What happened to Wise Pocket Products after Shark Tank
Sofia Overton absolutely slayed her "Shark Tank" pitch for Wise Pocket Products, and people were really proud of her, especially for securing a deal with Lori Greiner and Daymond John. "I love everything about this pitch ... she was nervous at the beginning but kept her cool and impressed ALL the sharks. She totally earned the deal and is awesome to see people like her succeed at her goals," one fan wrote on YouTube. Another added, "[T]his 13-year-old actually went out on this stage alone and even negotiated a fantastic deal with some millionaire partners. What an amazing future I can't even imagine how proud her parents must be."
People were really taken with Overton, and impressed with her business acumen and negotiating skills. The deal did go through because Greiner listed Wise Pocket Products on her website. However, according to the Shark Tank Blog, the licensing deal that Greiner and John were planning on didn't happen, but no reason was given.
Why did Wise Pocket Products go out of business?
Unfortunately, it looks like Wise Pocket Products went out of business. The brand's last Instagram post was on August 14, 2020, and the content was related to the coronavirus pandemic. "Here's a reminder to wear a mask! Stay safe, healthy, and stylish! If you want to give back, you can make your own masks to donate to the children's shelters!" the post read, featuring a photo of Sofia Overton holding a pair of her socks. There is no trace of a website, either, as wisepocketproducts.com is now available on GoDaddy.
On the last Instagram post, people wanted to know what happened. "Any updates? It's been awhile since you've posted, I want to support you!" one person commented. "[I]s WisePocket out of business?" another asked. "How can we buy them?" someone else wanted to know.
It's unclear what went wrong for Wise Pocket Products. Many companies, both connected to "Shark Tank" and otherwise, went under during the pandemic because production stalled or people were unable to complete orders. Wise Pocket Products didn't give a definitive update on social media to say why they closed. Since the last posts on Instagram and Facebook were in 2020 during the pandemic, the best we can guess is that things got held up because of Covid, and the business couldn't keep going.
What's next for Wise Pocket Products and its founder?
Wise Pocket Products has shut down, so it doesn't look like there's any further momentum there. It's a shame because founder Sofia Overton and her product struck a chord with viewers, and she had no shortage of people wanting to buy her ingenious socks. "Can't get to your website to purchase, please help," one person wrote on Facebook. Another asked if they could buy her socks. "Just came from Shark Tank. I'm not a kid but I'm a huge fan of pockets. I want these socks!! can't wait till they are back in stock!" another added.
Overton doesn't have an obvious social media presence besides her brand, so it's difficult to see if she's started another venture. On LinkedIn, Overton has herself listed as the founder and CEO of Wise Pocket Products but hasn't posted anything else since. Whatever the case is, we wish her the best and hope to see her back in the entrepreneurial world. She's clearly got what it takes!