Jessica and Gabe Miller stumbled across a brilliant idea, one that every parent has wished for at some point. The sharks saw the potential of Squid Socks, baby and toddler socks that won’t fall off. Their original pitch, $125,000 for 20% equity, grabbed the attention of several sharks (particularly the sock-savvy Daymond John). Find out how the company is doing today with our Squid Socks update.
Shark Tank Squid Socks Update
- Entrepreneur: Jessica and Gabe Miller
- Business: Baby socks that don’t fall off
- Ask: $125,000 for 20% equity
- Result: $125,000 for 33% equity
- Shark: Daymond John
Jessica and Gabe Miller had the idea for Squid Socks while visiting family. In a moment of frustration, a cousin remarked that baby socks that stay on would be a million-dollar idea. That night, the idea for Squid Socks was born. They’ve elevated a simple, existing product by adding slip-proof sock tread to the inside cuff of baby and toddler socks. As a result, they created a sock that won’t slip off of your baby’s feet, no matter how much they try.
Squid Socks entered
Unfortunately, this enthusiasm only lasted until the pair began talking about their sales. Squid Socks were in production and on sale, but the company faced production and quality issues. Because of this, Squid Socks had $40,000 in sales over 16 months of business.
While the sharks agreed it was a great idea, a few were out immediately. Lori Greiner didn’t think it was the right investment for her. Kevin O’Leary stated that the logistics of marketing a sock company would be a nightmare.
Robert Herjavec was the first to bite, offering $125,000 for 40% equity. However, Daymond counter-offered with $125,000 for only 33% equity in the company. In the end, the Millers decided that Daymond’s experience with socks and licensing is too valuable to pass up. They took his offer. Will Squid Socks be as successful as Bombas, Daymond’s best sock investment? Let’s take a look in our Squid Socks update.
As a result of appearing on
The Today Show featured Squid Socks as a hot holiday item for 2018. Parents Magazine listed Squid Socks as a ‘Genius Baby Product’ in their November 2018 issue.
In our Squid Socks update, we discovered that Squid Socks are now sold in Bed Bath & Beyond, Amazon, and dozens of smaller boutiques across the US. Annual revenue is modeled to be about $200,000 per year. While it’s not yet a million-dollar idea, Squid Socks are going places!
Make sure to also check out our other company updates from Season 11 Episode 3:
Lastly, don’t forget to stop by our Season 11 products page for more Season 11 company updates.