Quick Shark Tank Update on Moki Doorstep
- Sales Figures: The product has been reported to generate annual sales ranging between $500,000 and $1 million as of August 2023
- Acquisition: Acquired by Daymond John for $3 million shortly after their appearance on Shark Tank (Season 10, Episode 8).
- Current Status: Still in business and distributed globally through Rightline Gear under a licensing agreement.
- Product Highlights: A portable step that attaches securely to car door latches, allowing users to load items on car roofs or clear snow more easily.
- Licensing: The product is now licensed to Rightline Gear, expanding its reach to major retailers such as Dick’s Sporting Goods, REI, and Amazon.
- Founders: Zach and Alyssa Brown, with backgrounds as firefighter and ER nurse, respectively, developed the product from their personal need for better car roof access.
Moki Doorstep introduced more than just a step for easy car roof access—it quickly became a hit, selling over $1 million in products within two weeks after its Shark Tank debut and eventually growing into a $5 million company.
This success largely came from the founders’ focus on practical innovation and smart partnerships. But it was their decision to shift to a licensing model that made the biggest impact, enabling rapid growth and wider distribution.
Curious to see how this strategy shaped Moki Doorstep’s journey? Keep reading to discover how it transformed a simple idea into a thriving business.
Case Study: How Moki Doorstep’s Journey Highlights Practical Innovation and Strategic Growth
Moki Doorstep centers its journey on practical innovation and strategic growth, as demonstrated throughout its pitch and subsequent actions.
Identifying a Niche Problem
During the pitch, Alyssa Brown highlighted a common issue:
“Being short even has some perks like being the champ at limbo… but there’s one thing Alyssa has always struggled with… securing the gear on the roof of a car”.
This quote underscores the founders’ personal connection to the problem they sought to solve.
They addressed an unmet need in the market by creating a simple, practical solution for car roof access. Moki Doorstep effectively disrupted a niche segment of the auto accessory market.
Iterative Testing & Early Market Validation:
The founders shared their approach to testing demand: “We did a Kickstarter campaign back in January… and we did $110,000 worth of sales”.
This emphasis on validating the product before scaling reflects the lean, iterative approach of launching with a Minimum Viable Product (MVP). By gauging early customer feedback and refining pricing, they ensured product-market fit.
Strategic Leveraging of Partnerships
Zach Brown mentioned a potential licensing deal during the pitch: “We’ve been talking to a rack company… they want to do a 7-year deal with minimums of $3 million”.
This decision to pursue licensing showcases their strategic use of external partnerships to achieve rapid growth without heavy operational burdens.
By tapping into Rightline Gear’s distribution network, Moki Doorstep quickly scaled its reach, illustrating the value of leveraging established channels for exponential growth.
Business Model Innovation
The shift from direct sales to a licensing model demonstrates a proactive approach to revenue generation. During the pitch, Zach expressed willingness to consider a full buyout: “If the offer was right, I’d sell it”.
This adaptability highlights the founders’ openness to evolving the business model, which ultimately led to the $3 million acquisition by Daymond John.
By moving beyond simple product innovation, Moki Doorstep optimized financial returns through licensing and royalties, ensuring sustained growth.
Handling Competitive Challenges
Kevin O’Leary warned of potential knockoffs: “Within months, you’re going to see knockoffs on this”. The founders were prepared; they secured patent protection and showed determination to defend it.
Their commitment to protecting their intellectual property while adjusting pricing strategies demonstrates their resilience and adaptability in a competitive market.
Harvard MBA-style Analysis: Why It Worked
Moki Doorstep’s success is attributed to practical innovation and strategic agility. The founders effectively targeted an underserved market need, presenting a solution that was both functional and easy to use.
The Kickstarter campaign’s success validated demand early, enabling strategic refinement and positioning for growth.
By leveraging licensing and adapting their business model, they minimized risk and maximized revenue potential. The decision to sell the company outright to Daymond John reflects strategic foresight.
This move secures a strong return while facilitating further distribution and scale through Rightline Gear. This combination of product innovation, iterative development, and strategic partnerships was key to Moki Doorstep’s rapid success.
The Takeaway
Moki Doorstep’s journey emphasizes the power of practical, sustained innovation. The founders effectively addressed a clear user need and iteratively improved their product. They leveraged external partnerships and adapted their business model to secure long-term growth.
How You Can Apply These Insights to Your Own Business
- Target Niche Problems: Just like Moki Doorstep, start by addressing a specific, underserved market need to capture immediate user interest.
- Test Early and Iterate: Launch with an MVP, as Moki Doorstep did, to validate demand and refine the product based on feedback.
- Leverage Established Partnerships: Use existing distribution networks to scale rapidly while reducing operational costs.
- Innovate the Business Model: Be open to adapting revenue models—whether through licensing or outright sales—to optimize financial returns.
- Prepare for Competition: Defend intellectual property and remain agile, continuously refining the product and strategy to maintain a competitive edge.
By following these principles, entrepreneurs can build successful ventures that not only solve real problems but also drive long-term business growth, as exemplified by Moki Doorstep’s story.
Feature Image credit: Eric McCandless, ABC