Zorpads Accepts $150,000 From Lori Greiner and Charles Barkley

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Taylor Wiegele and Sierra Smith, Harvard business school graduates, came to the Shark Tank in hopes of securing an investment of $150,000 in exchange for an 8% share in their company, Zorpads. Zorpads are an odor eliminating shoe insert that stays in place and doesn’t change the shoe fit. This product would replace shoe sprays, powders, and inserts that bunch up and make shoes fit too snuggly. The activated carbon odor-absorbing technology used in Zorpads has been tested by NASA for various applications. During competitive product testing, Zorpads have been found to be 8% more effective than the leading competitive product and can be used up to two months.

Business partners, Taylor and Sierra, each have a strategic part in the company. Taylor is a seasoned product developer who has worked for companies such as Clorox and SpaceX. Sierra is responsible for the scaling and growth of the company. They have learned that 40% of the consumers using their product have never used an odor absorbent before. While focusing on consumer marketing, Zorpads have begun to retail with companies such as Amazon, Walmart and Jet. Since July 2017, Zorpads has seen $103,000 in sales and been granted a provisional patent for their product.

Zorpads are looking for marketing and sales support from an investor. They are trying to get their branding up and running while simultaneously breaking into the retail space. They receive offers from 4/5 of the Sharks in the Shark Tank. Kevin O’Leary feels that there are other applications for this technology and offers $150,000 for 15% of the company. Robert Herjavec offers Zorpads $150,000 for 12% equity in the company. Lori Greiner and Charles Barkley decide to go together for an offer. They offer $150,000 for 22.5% of the company. She explains that Charles will endorse the product and she will work behind the scenes to sell the product in spaces such as QVC. Taylor and Sierra accept Lori and Charles offer.

What do you think of Charles and Lori’s investment in Zorpads? Would you purchase this product? Sound off in the comments below!

For a full summary of this episode, check out this article. Shark Tank airs on Sundays at 9:00 PM EST.