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Arkansas Teen Entrepreneur Secures Deal on “Shark Tank”

Arkansas

by Tyler Hale

Not just anybody can swim with the sharks, but one Arkansas entrepreneur prove that she’s got what it takes. In the latest episode of the ABC show Shark Tank, 14-year-old Sofi Overton, a Bentonville entrepreneur, pitched her company to the panel of investors and came out with a deal.

During her episode, which aired Sunday, Jan. 12, Overton pitched her company Wise Pocket Products, which produces socks that have pockets that can accommodate a cell phone.

This won’t be the first time that Overton has secured funding for her company. She has already won multiple IdeaFame competitions, which are pitch competitions for entrepreneurs. In addition, she launched a crowdfunding campaign on Indiegogo with the help of Startup Junkie in 2018, reaching her $10,000 goal in only one month.

This time, though, she aimed even higher. Overton told the panel that she was looking for $30,000 in exchange for a 15-percent stake in the company.

https://twitter.com/ABCSharkTank/status/1216781964822437888?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

While the other sharks bowed out, investors Lori Greiner and Daymond John decided to take a chance on the company. Greiner asked Overton if how she would manage school while also running a business.

Overton dismissed the concerns about school, saying that running a business is a confidence builder for her. “Going into high school is stressful on its own. But with the Wise Pocket Products, it’s kind of a boost for me. I feel a confidence boost. If I can own a business, I can go through school and turn in that essay,” she says.

Greiner and John made a join offer of $30,0000 for one-third stake in Wise Pocket Products. Following the investment, Greiner says that they would attempt to license the product.  “Our goal is to try to find somebody to license it. And then when we get to that point, we’ll figure out what the licensing deal is,” she says.

Overton responded that the offer would remove “a lot of my company” from her control. She made a counter offer of $35,0000 for a 25 percent stake, to the delight of several of the investors.

“Sofi’s got negoioating skills,” Mark Cuban says.

Even John was impressed with the counteroffer. “She had a little switchblade in her sock on that one, huh?”

After a brief consideration, Greiner and John decided to accept the counteroffer and invest in Overton’s company.

READ MORE: New Kids on the Block: Wise Pocket Products

Image and video courtesy of Shark Tank

Check out a clip from the show here:

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