'Shark Tank' offers a $35,000 deal to 13-year-old girl with a ‘socks with pockets’ business idea

“Shark Tank” has carved a niche for itself among TV shows as it inspired and encouraged budding entrepreneurs to pursue funding for their innovative ideas. But at the same time, the close scrutiny and harsh criticism from the sharks before they loosen their purse strings is intimidating for a lot of contestants. However, 13-year-old Sofi Overton not only cracked the formula but impressed investors with a solution as simple as adding pockets to socks.

Her company is called Wise Pocket Products and her pitch was perhaps one of the most innovative in the show’s history. She came out with an entourage of boys who danced for the sharks to prove that any item inside Overton’s socks would not fall out no matter what the person was doing physically. What makes it all the more intriguing is that she built the entire business on her own.

She created the product by cutting off the tops of other socks and sewing them on the inside, making sizeable pockets. She then saved and invested $10,000 of her own money which she partly earned from business pitches and competitions as per CNBC. When she was filming the episode, her product had already made more than $16,000 from sales, which is a fantastic number considering her age.

It's important to note that socks with pockets aren’t something new. Some companies make similar products, so investing in a 13-year-old was a big risk. However, Sofi was prepared. “My competitors only have small pockets for keys and stuff,” she said, explaining how her socks could even hold smartphones. The price of production was also more than $5, which means she had to sell it for $15 at retail and $11 at wholesale.

Her schooling was another issue since getting into business is highly impressive for a 13-year-old, but it’s not more important than their education. Sofi understood that but didn't see it as a challenge. “Going into high school is stressful but with the Wise Pocket Products, it’s kind of a boost for me, a confidence boost: If I can own a business, then I can go through school,” she explained.

All of this was enough for the sharks to be impressed but when it came to offering a deal, the teenager did not have a great start. When Sofi had asked her $30,000 for a 15% stake in her company, Kevin O’Leary was the first to back out as he did not want a sock company on his portfolio. Mark Cuban followed suit owing to his lack of experience in that particular industry.

Then it was time for Lori Greiner and Daymond John. The duo was willing to take that leap of faith but offered $30,000 to be a third partner in the company. That was a lot of the company for the teenager to give away. Thankfully, she was prepared for that as well. When Overton asked for $35,000 for 25% of the company, Mark Cuban could not help but applaud her exceptional negotiating skills.

Daymond John was also pleasantly surprised as he said that the ‘kidtrepreneur’ had a switchblade in her sock’s pocket. Ultimately, that was the offer everyone settled on and Sofi left the stage with a five-figure deal from “Shark Tank.”