Television Reality TV
ByMelissa Lemieux/
We may receive a commission on purchases made from links.
Everyone loves a comeback kid, and "Shark Tank" definitely allowed Eben Dobson and his WISPline of housewares products to make it into the black. Though he didn't land a deal from the Sharks during his 2018 appearance on the program, one shark's retroactive interest — and the approval of QVC buyers — resulted in WISP taking off. The product not only still exists, but it's also now worth millions of dollars.
It turns out the faith of one shark has helped Dobson reach such auspicious climbs. While Lori Greiner wasn't willing to invest in WISP on the program, she was willing to include Doboson's product during a 2018 Christmas season appearance on QVC, which she co-hosted. WISP'sFacebook page hasn't had an update since 2021, itsTwitter and Instagramaccounts haven't been updated since 2018, and all of the products have sold out in itsAmazon storefront without being restocked. However, the company'swebsite is open and ready to take orders, with active and available stock ready to move, though some items are currently sold out. WISP's last financial report was in September 2022, where it was stated that the company is worth $7 million in profits, so it looks like it's thriving and will remain so for some time.
The WISP didn't draw cash from the Sharks
During his "Shark Tank" appearance, Eben Dobson requested $500,000 in exchange for a 10% stake in WISP. He came to the sharks with proof that his product line has legs; in 2018, it had been in business for six years.He demonstrated the WISP, explaining that a combination of a dustpan controlled and held by one's foot and a broom made out of electrostatic bristles takes the strain off of one's back and arms while cleaning. It's the sort of product that's quite helpful for physically infirm or elderly folks, and with a handle that rotates, it can get into odd corners without much physical effort on the part of the sweeper.
But while Dobson's product boasted $3.5 million in sales with 10,000 units out the door in 2018, he revealed to the sharks that he hadn't managed to net a profit yet. Worse, the company was $2.1 million in debt, had lost $60,000 in 2017, and he only had $50,000 left from his own initial investment. Dobson took all of the blame for these mishaps and explained that he wanted the investing Shark's help in unkinking snags in his distribution line.
Many of the Sharks were put off by this revelation, and one by one, they dropped out. Only LoriGreiner and Kevin O'Leary remained. O'Leary offered to become Dobson's partner in the business to the tune of a 50% stake for a $50 thousand investment. Greiner, meanwhile, offered to sell Dobson's product on QVC without providing a financial stake, asking to become a third partner in the deal. O'Leary rejected Greiner's attempt at inveighing, but Dobson remained torn. Dobson accepted O'Leary's proposal, but his wishy-washiness caused O'Leary to withdraw his offer.
After Shark Tank, WISP got a lot of QVC attention
Kevin O'Leary's firm rejection of Eben Dobson's request resulted in one of the show's most tense inter-shark standoffs. While kicking Dobson out of the room and off the program without a deal, O'Leary said, "It was in your hand and you're talking to her? You're out of here. See ya, buddy. Goodbye, take your broom."
While Dobson left "Shark Tank" without a deal, he revealed on the official WISP product website that soon after his appearance on the show, Lori Greiner contacted him with an offer to sell his product during one of her QVC appearances.
The promotional stop took place on December 7, 2018, and it launched WISP as a viable product in the cleaning field. The product had appeared on QVC multiple times over the years, but it had never had Greiner's selling power behind it before. Apparently, her word was enough, because the company soon hit high levels of growth, with new products being added to the line soon after the appearance.
The WISP still thrives -- and has diversified over time
Since appearing on "Shark Tank," the WISP line has heavily diversified. The company also added a PetWISP broom system specifically to clean up pet hair, the bigWISP and the handWISP, which offer handheld options to the product's cleaning power, a self-cleaning mop, a vacuum intended for use on draperies, and a microfiber dusting cloth and glove options. That's a lot of ways to WISP, and apparently, audiences enjoyed the variety. The average WISP costs around $34.95, with bundles that can cost up to $69.95. The store often runs sales on the product. The company has also developed a lasting relationship with QVC, and its line of products were last sold there in May 2022.
Even better, since "Shark Tank" WISPhas turned around its million-plus dollar debt. That's excellent news for a struggling company that seemed to stand on the brink of death before LoriGreiner expressed her interest in the product.
What's next for WISP?
As of press time, WISP hasn't announced any recent product launches, though it is currently running a sale that includes free shipping. Though it isn't active on social media, its storefront remains busy, and it appears that WISP has weathered the COVID-19 pandemic successfully. It does take the company a while to launch fresh products; its self-cleaning mop was added in 2021 after years of product testing and research. So keep your eyes peeled and be sure to pay attention to the official website to find out what's on the horizon. One never knows what WISP will come up with in the future.
While we have no idea where WISP will go from here, it appears that it's managed to survive with the help of a friend in the Shark Tank — even though she was reluctant at first to actually invest in the company. Nevertheless, to go from being in the red to being in the black is quite an accomplishment, and one WISP can always be proud of.
Recommended
