The product was created by 12-year-old Tripp Phillips, who pitched it with his father, Lee, asking for $80,000 in exchange for 15% equity.
Le-Glue was designed to help children build more stable LEGO creations while allowing easy disassembly when desired, as it dissolves in warm water.
This concept impressed Kevin O’Leary, who offered $80,000 for 25% of the business, with royalties on licensing deals until his investment was repaid.
Since the Shark Tank appearance, Le-Glue’s sales have grown substantially.
They reported a 500% sales increase shortly after the show, and by 2022, annual profits exceeded $1 million.
Le-Glue has expanded its offerings with a “clear” version, allowing for an even more seamless look, and has partnered with educational programs across the U.S. as a tool for creative learning in STEM activities
#dropshipping #ecommerce #ecom #ecomtips #dropshippingtips #ecommercetips #onlinebusiness #onlinestore #shopifydropshipping #entrepreneur #businessowner #businesstips #businessman #businessideas #richlife #luxurylifestyle #money #sidehustle #investing #investment
Le-Glue was designed to help children build more stable LEGO creations while allowing easy disassembly when desired, as it dissolves in warm water.
This concept impressed Kevin O’Leary, who offered $80,000 for 25% of the business, with royalties on licensing deals until his investment was repaid.
Since the Shark Tank appearance, Le-Glue’s sales have grown substantially.
They reported a 500% sales increase shortly after the show, and by 2022, annual profits exceeded $1 million.
Le-Glue has expanded its offerings with a “clear” version, allowing for an even more seamless look, and has partnered with educational programs across the U.S. as a tool for creative learning in STEM activities
#dropshipping #ecommerce #ecom #ecomtips #dropshippingtips #ecommercetips #onlinebusiness #onlinestore #shopifydropshipping #entrepreneur #businessowner #businesstips #businessman #businessideas #richlife #luxurylifestyle #money #sidehustle #investing #investment
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