Nerdwax Net Worth: Nerdwax is a natural beeswax compound that can be used to keep your glasses in place by applying it to the nose pads. The company was established in 2014 by Don Hejny, and it maintains its headquarters in Nashville. To make your glasses stay on longer, unroll the wax and rub it on the bridge and nose pads. Nerdwax is currently available for $10. It is available for purchase through the group’s online store. Aside from glasses, the website sells a variety of related products such as cleaning cloths, cases, and even t-shirts.
Come fast to get the net worth of Nerdwax.
Nerdwax Net Worth
The company’s value increased to $4.4 million following the pitch, and current projections show that it will earn $2.1 million in 2020 and $2 million in 2021. As a result, it is reasonable to assume that the company’s net worth has grown. Apart from this, you also may see the net worth of John Legend and Blake Shelton
Founder Of Nerdwax
The company was founded in 2014 by Don Hejny, and its headquarters are in Nashville. Unfortunately, it became clear that each of them had serious problems. As the couple wasted several months trying to recover from the tragedy, they lost a significant amount of money and stock. Everything was now handcrafted in their own homes. The Henjeys discovered a way to keep eyeglasses from sliding down the nose after months of trial and error with various waxes and other natural materials.
Over $61,000 has been pledged to this cause, reflecting the enormity of the problem and the community’s recognition that millions of people face it on a daily basis. Some successful Kickstarter projects provide a firm date when backers can expect to receive their rewards, whereas others only provide an estimate. The Nerdwax team has a solid plan in place to fulfill all orders within 90 days of the campaign’s end.
Nerdwax comes in a chopstick-shaped tube and can be applied to your eyewear to keep it in place for up to two hours. The total cost of the three tubes is $20, or $10 per tube. One of these tubes can be purchased from Amazon and is said to last six to eight months. It will not irritate the skin of 99.99 percent of consumers due to its natural composition.
Nerdwax Struggles At Shark Tank Pitch
Don and Lydia Hejny of Nerdwax fame present their successful Kickstarter product to the Sharks in Shark Tank Season 3 Episode 7. Don describes the moment when “the light bulb” literally went off, resulting in the creation of his product in the pilot episode of Nerdwax. Because of an early failure, they now produce Nerdwax in-house rather than outsourcing production. The Henjeys bring their children in to ask for $80,000 in exchange for a 20% stake in their $400,000 company.
The Henleys are a family that cannot function without their spectacles. Don explains the origins of the design, citing his constant perspiring and misplaced eyewear while working in music festival production as the impetus for the invention. He gives each of the Sharks a sample of Nerdwax and some eyewear, extols its virtues, and demonstrates how well it works on his own glasses. He emphasizes that this is not Chopsticks, but rather a new way of cooking. It’s common for them to sell Nerdwax online.
Each tube costs $10 to manufacture and costs $0.35 to sell. They make $130,000 and profit $62,000 in the first year. Sales have increased as a result of the positive media coverage given to Nerdwax. Mark is curious about what happens when the media stops covering a story. Because the product’s sales cycle is so long, the Sharks aren’t interested (6-8 months per tube). Mr. Fantastic thinks the price is too high, so he suggests selling it in smaller packets and lowering the price.
Lori agrees that they should be made more accessible, but she is no longer involved because she no longer believes she can turn a profit. Daymond believes it is too soon for them to contact the Sharks, so he actively discourages them from doing so. Mr. Fantastic will receive $80,000 in exchange for 10% of sales until he is repaid $240,000 and given a 3% equity stake in the company. Mark warns them against growing too quickly. He has stopped giving money to the business because he no longer believes in its profitability.
Troy Carter has offered to lend the company $80,000 in exchange for a 10% stake in the company. “KEVIN JR!” yells Mark. Mark reiterates his earlier warning to the Henjeys that accepting either of the offers would saddle them with debt before they could grow. He advises them to turn down both offers. Kevin yells angrily, “Shut up, they’re not writing a cheque!” Both offers were carefully considered by the Henjeys before they decided to decline them. They eventually walked away from the negotiating table without reaching an agreement.
Nerdwax after Shark Tank
They left without a deal with the Sharks but made $1,000,000 in sales. They’re still going strong in December of 2021, bringing in $2 million in annual revenue.
Competitor Of Nerdwax
Industry heavyweights such as Hero Nutrition, Hanz de Fuko, Lip Smacker, and Temptu are among Nerdwax Apothecanna’s competitors.
In the prologue, which takes place “at home,” Don explains the spark of creativity that led to the creation of Nerdwax. They had a rough start because the company they went through to make Nerdwax failed to deliver a quality product, so they ended up making it in their kitchen. They require the assistance of a “Shark” to help them grow. To participate, the Hejneys bring their children and offer $80,000 for a 20% stake in the company.
The entire Hejney family enjoys wearing eyewear, so much so that they all do. Don claims that the product idea struck him while he was working in music festival production and struggling to keep his glasses on his sweaty face. He explains the process to the Sharks, then hands each of them a pair of glasses and a tube of Nerdwax before putting on his own glasses to demonstrate how well the product works. He qualifies this by pointing out that the chemical composition of the product distinguishes it from Chapstick.
The majority of Nerdwax purchases are made through their website. Each tube costs $0.35 to produce but retails for $10. They made $130,000 in revenue and $62,000 in profit in their first full year of operation. The positive reviews written about Nerdwax have played a significant role in the company’s success. Mark is concerned about what will happen if the media stops covering the story. For related content, please visit our website digihindnews.com