Cutting gift wrap is one of the most frustrating parts of the holiday season. Everyone wants their packages to look great, but cutting with scissors can leave jagged, uneven edges. However, Bryan Perla has created a tool that changes the gift-wrapping game! Will he also cut a deal on
If you’re short on time, here’s a quick overview of what happened to Little Elf after
Bryan Perla appeared on
|Lori Greiner||Accepted deal for $150,000 for 20% equity|
|Kevin O’Leary||$150,000 for 10% equity plus a $1/unit royalty until $450,000 is repaid|
|Barbara Corcoran||No Offer|
|Robert Herjavec||No Offer|
|Mark Cuban||No Offer|
Shark Tank Little Elf Update
- Entrepreneur: Bryan Perla
- Business: Easy gift wrap cutting tool
- Ask: $150,000 for 15% equity
- Result: $150,000 for 20% equity
- Shark: Lori Greiner
Bryan, a student at Stanford, brought Little Elf to
The Little Elf Gift Wrap Cutter has revolutionized the gift wrap industry by making it easier for people to cut wrapping paper. Little Elf is a patent-pending device that is the most efficient, safe, and easy tool for cutting wrapping paper.
The demonstration says it all. When Barbara Corcoran and Lori Greiner come up to try it, they agree that Little Elf works magic on stubborn wrapping paper.
Bryan even demonstrates how you’d cut a full sheet in half by using the other side of the Little Elf. That’s not all, Little Elf has an exclusive licensing agreement with the largest gift-wrapping company in the world, though Bryan retains the right to sell online and on home shopping networks.
At the time of filming, Little Elf has done $250,000 in sales so far. He’s selling a 2-pack of the Little Elf for $13.99 and individual packs for $5.99 – $7.49, depending on the quantity.
When Robert Herjavec asks how Bryan came up with the Little Elf, he says he has always had a knack for coming up with ideas and solutions. However, in school, he struggled with reading, writing, and comprehension.
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He was finally diagnosed with severe Dyslexia, but it hasn’t stood in his way. Hearing his story, several of the sharks related, and said they had the same story.
The sharks begin bidding almost immediately. Lori, the QVC queen, comes through with the first bid of $150,000 for 30% equity in the company.
Kevin O’Leary immediately offers a different deal of $150,000 for 10% equity, plus a $1 per-unit royalty, until he makes $450,000.
Lori and Kevin actually get into a bidding war, lowering the royalty back and forth until Bryan speaks up, stating he would like an equity-only deal.
Eventually, Lori drops her deal to $150,000 for 20% equity, outbidding Kevin in the process. The other sharks drop out one by one.
Robert Herjavec doesn’t think it’s in his space, Barbara doesn’t think Bryan needs a shark at all, and Mark Cuban says it’s not in his wheelhouse because he can’t offer the TV sales that Bryan needs.
He tries to get Kevin and Lori in on the deal together, but it’s no dice. Instead, he finally takes Lori’s offer.
Is this gift wrap cutter still a holiday hit, following
We have amazing news to share in our Little Elf update! It turns out that the bidding war for this product was extremely justified as the company has reached around $1 million in annual revenue. Further, it seems that the deal with Lori never closed.
Little Elf was already being sold on Amazon and through its website, and now it has become a household name. The device became a bestseller on Amazon and is now sold in over 15,000 retail stores, including giants like Target, Walmart, and even Hobby Lobby.
While the price of the product has gone up slightly since airing on
Our Little Elf update research also found a lot of knock-off and counterfeit items being sold. That’s when you know it’s a good idea!
You can find the other company updates from Season 11 Episode 9 here:
For even more on companies and products, be sure to stop by our Season 11 products page!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!