Nerdwax Net Worth: Nerdwax is an organic, beeswax-based product that prevents glasses from sliding off when applied to the nose pads. It was started in 2014 by Don Hejny, and its main office is in Nashville, Tennessee. The wax is designed to be unrolled and applied directly on a pair of glasses bridge or nose pads to keep the glasses on your face for a long time.
Though the idea was fantastic, Don and Lydia mishandled the implementation. Early on in the process, they got in touch with a manufacturer, who produced lots of gadgets for them. So, what is Nerdwax Net Worth?
Nerdwax Net Worth
Nerdwax Net Worth was valued at 4400,000 during and after the pitch in the shark tank. Since that time, the business has seen success in sales, generating $2 million annually. This demonstrates why the company’s net worth has grown. After Nerdwax Net Worth we will talk about its founder.
Founder Of Nerdwax
It was started in 2014 by Don Hejny, and its main office is in Nashville, Tennessee. They were all discovered to be defective, though.
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The couple’s months-long recovery struggle put those months behind schedule and resulted in significant retail losses for them. At this time, they had resorted to cranking out all of their units from their homes. The Henjeys finally found a solution to the issue of eyeglasses slipping off the nose after months of testing with various waxes and other natural materials.
Knowing that millions of people regularly deal with this issue, and demonstrating it by raising more than $61,000 from just under 3000 backers. While the timeline for when you’ll “hopefully” receive your prizes is vague in the majority of successful Kickstarter campaigns.
Nerdwax In Shark Tank
In order to expand their business, Don and Lydia Hejny present the Sharks with their Nerdwax Kickstarter success story in Shark Tank episode 3 of season 7. In the first chapter of Nerdwax, Don explains how the idea for his invention struck him at home. When they first got going, they ran into a major snag: they hired a factory that turned out a subpar product, so they went back to making Nerdwax at home.
The Henjeys arrive with their kids and ask for $80,000 in exchange for 20% ownership in their $400k company. The Henjeys love their glasses, which are worn by every member of the family. Don explains the idea and how it came to him: while working in music festival production, he was frequently perspiring and his spectacles were falling off.
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He gives the Sharks tubes of Nerdwax as well as a set of glasses after describing the product and demonstrating its use on his own pair of eyeglasses. He is careful to stress that the recipe is different and that it is not Chopstick. Nerdwax is what they mainly sell online.
The production cost of each tube is 35 cents, and they sell for $10 each. They generate $130,000 in revenue and $62,000 in profit in their first year. Sales of Nerdwax have surged as a result of favorable media coverage. Mark is interested in what will happen after the media attention ends.
Because each tube lasts between six and eight months, the Sharks think the sales cycle is too protracted. Mr. Wonderful urges them to lower their rates and offer smaller packs because he thinks it is too expensive. Although Lori thinks they ought to be more generally accessible, she decides against investing since she doesn’t think she can make back her money.
Daymond urges them not to negotiate with a shark because he thinks they are too early. As well as a 3% ownership position in the company, Mr. Wonderful guarantees $80,000 for 10% of sales up until he receives $240,000 back.
Mark cautions them about attempting to gain weight too rapidly. He is out since he doesn’t think the company is one that is worth investing in. Troy Carter provides an $80,000 loan up until he recovers $120,000 and asks for a 10% ownership part in the business. Mark exclaims, “KEVIN JR!”
Mark cautions the Henjeys once more, saying that even if they are debt-free, the two offers on the table will force them to take on debt before they can grow. He counsels them against taking up either offer. Kevin says, “Shut up, they’re not writing a check!” To Daymond and Mark’s great joy, the Henjeys carefully consider their options and decline both offers. They finally departed the pitch without concluding an agreement.
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Final Lines
Despite leaving the Sharks without closing a contract, they expanded the business to a million-dollar operation. With $2 million in annual sales, they are now flourishing and still living in 2023.
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