Wise Pocket Products began in 2017, founded by Sofia Overton, a young entrepreneur with a big idea. She wanted to solve a common problem: women’s and children’s clothing often lacks functional pockets.
Her solution was simple yet innovative, socks with built-in pockets that could hold essentials like phones and keys.
The product offered a practical way to make life easier. It also brought added convenience to its users.
In December 2019, Sofia pitched her idea on Season 11, Episode 11 of Shark Tank. She asked the Sharks for $30,000 in exchange for 15% equity in her business.
During her pitch, Sofia’s creativity and enthusiasm shone through. The Sharks were impressed with her vision. They teamed up to offer $35,000 for 25% equity, which Sofia accepted.
After appearing on Shark Tank, Wise Pocket Products experienced a spike in sales and even expanded its product line.
However, the business soon faced challenges. Production was limited, the pandemic disrupted operations, and Sofia needed to focus on her education.
By 2020, the company had closed. Its website and social media accounts became inactive, and the product was no longer available.
Even though Wise Pocket Products is no longer in business, its story is still a powerful example of innovation and entrepreneurial spirit.
Every Shark Tank product offers lessons, whether the business thrives or not. Wise Pocket’s journey highlights both the potential and the pitfalls of starting a business.
So, what can entrepreneurs learn from its rise and fall? Let’s explore the key takeaways.
5 Simple Business Lessons You Can Learn from Wise Pocket
1. Address Real Problems with Practical Solutions, but Prepare for Scalability
Sofia Overton solved a simple but common issue: the lack of functional pockets in women’s and children’s clothing. She created socks with built-in pockets to address this need.
“Kids and women’s clothing don’t have pockets, so I tried it too, and it was really uncomfortable,” she explained during her Shark Tank pitch.
Her idea gained traction with $16,000 in sales before Shark Tank. However, the company faced challenges meeting demand due to limited production of 100 units per month.
This highlights the importance of planning for growth from the very beginning.
2. Passion Can Kickstart a Business, But Strategy Ensures Growth
Sofia’s business started with a personal experience. “I got into this business when I was 11 because I saw my cousin putting her phone in her boot since her clothes didn’t have pockets,” she shared.
She invested $10,000 of her own savings to bring her idea to life, which impressed the Sharks. Mark Cuban said,
“You’re a perfect example of what every kidpreneur should do, you saved up, made prototypes, and sold actual products.”
While passion helped her start the business, the lack of a clear long-term plan for growth contributed to its challenges.
3. Social Responsibility Builds a Strong Brand but Needs Ongoing Support
Wise Pocket’s “buy one, give one” model made it stand out. For every pair of socks sold, Sofia donated one to a child in need.
“The best part is for every pair of socks we sell, we donate a pair to kids in need,” Sofia said.
Daymond John praised the idea, comparing it to Bombas. He said,
“They’re donating over 10 million pairs of socks now, and the donation is way more important to them than the money.”
While a social mission can attract customers, maintaining such a model requires strong operations and funding. Wise Pocket struggled to sustain this model over time.
4. Great Storytelling Attracts Attention, But Execution is Key
Sofia’s Shark Tank pitch was creative and memorable. She introduced herself confidently with, “I have a PhD in sockology!” and used a fun dance demonstration to show how her socks worked.
Along with her engaging pitch, she provided key financial details. The socks cost $5.47 to make, retailed for $15, and wholesaled for $11.
While good storytelling helped her win attention, production delays and operational issues prevented the business from reaching its potential. Execution is what drives long-term success.
5. Partnerships Provide Support, but Sustained Effort is Needed
Sofia secured a deal with Lori Greiner and Daymond John for $35,000 in exchange for 25% equity. Their guidance aimed to help Sofia license the product and streamline production.
Lori expressed confidence in Sofia, saying, “You’ve got everything it takes to be a great entrepreneur, and Daymond and I want to help you.”
Even with this support, Wise Pocket faced hurdles like limited production and the impact of the pandemic. Sofia’s decision to focus on her education also played a role in the business’s closure.
Partnerships can provide expertise and resources, but consistent focus and effort are essential for sustaining growth.
Key Takeaway for Entrepreneurs
The story of Wise Pocket Products highlights the importance of balancing passion, innovation, and strategy. Sofia Overton created a product that solved a real problem and added social impact to her brand.
However, the company’s challenges show that growth requires careful planning and scalable operations. Entrepreneurs can learn that while passion and creativity are crucial for starting a business, long-term success depends on execution and sustainability.