What is the net worth of Aaron Krause : scrub daddy net worth
Entrepreneur and inventor Aaron Krause has a $100 million fortune. His most well-known creation is the cleaning solution Scrub Daddy. Following its appearance on the TV program "Shark Tank," in which Lori Greiner made an investment, the company rose to fame in 2012. Subsequently, Scrub Daddy gained immense popularity and was carried by numerous retailers nationwide. It broke the record for the most money made by a product on "Shark Tank."
Early life and education
Aaron
Krause was born on February 1, 1969, in Wynnewood, Pennsylvania. His
parents were both doctors. He went to Syracuse University and graduated
with a Bachelor of Science degree in psychology in 1992.
The start of Scrub Daddy
Before
creating Scrub Daddy, Krause had a company that made buffing pads for
cars. He often had dirty hands from fixing machines, and he had to use
rough lotion to clean them. Using his knowledge of making foam pads, he
created a special hand scrubber in 2007. This scrubber had grooves on
one side and two holes in the center. At first, people didn't like the
product because they thought it wasn't necessary and cost too much.
Krause put the scrubbers in his garage and forgot about them. Meanwhile,
his buffing pad company was bought by 3M, a big company.
Krause
utilized the antique scrubbers he discovered in his garage in 2011 to
clean his dishes and lawn furniture. After realizing how successfully
they functioned, he made the decision to sell them. He began marketing
the scrubbers after giving them a happy face. An article about the
product was published in the Philadelphia Inquirer, which caught the
attention of a broker who got the product on QVC. Scrub Daddy was
officially launched in 2012 and appeared on QVC several times.
Shark Tank Success
Even
though Scrub Daddy had some sales, it struggled to get into big stores.
Krause decided to go on "Shark Tank" to find an investor. He appeared
on the show in 2012, and Lori Greiner liked his pitch. She invested
$200,000 for a 20% share of the company. The next day, they sold 42,000
Scrub Daddy sponges in less than seven minutes on QVC. Greiner
facilitated the product's introduction into Meijer, Home Depot, and
Walmart.
With over $100 million in total revenue by the beginning
of 2017, Scrub Daddy was the most profitable company on "Shark Tank."
The business generated approximately $670 million in retail sales by
2022.
Scrub Daddy Products
A yellow circular scrubber with a happy face was the original Scrub Daddy sponge. Since then, the business has produced more than 20 additional items, such as double-sided sponges, scouring pads, erasers, cleansers, soap dispensers, and sink organizers. Additionally, they create sponges in a variety of hues and forms, including seasonal patterns like pumpkins and snowflakes.