FiberFix impresses the Sharks, lands on Shopify
Easy to use as duct tape and as strong as the strongest epoxy, FiberFix made its debut on ABC’s Shark Tank back in October 2013. Spencer Quinn and Eric Child brought their new invention to the ‘Sharks’ in hopes of striking a deal and breaking into the mainstream market.
FiberFix is a super-strong repair tape that is said to be 100 times stronger than duct tape. From a leaky pipe to a boken bike, FiberFix can repair it. It’s also water-proof, cold and heat-resistant, non-toxis, and dries in minutes, making it a dream come true for any handy-person.
Prior to its appearance on Shark Tank, FiberFix had already begun video marketing and was selling on Amazon, with deals from Home Depot and QVC on the horizon. At the time, FiberFix sold over $100K in the past month.
After sharing samples of their product with the sharks, Quinn and Child announce their seeking $90k for 10% of their company. With a $7.99 retail price and only $2 manufacturing cost, the sharks are impressed with FiberFix. Kevin O’Leary makes the first offer at $90K with a 70 cent per-unit royalty until the $90K is paid back. Robert matches their original ask of $90k for 10%. Lori places an offer of $250K for 18% and states she wants to see FiberFix on QVC. After considering all offers, Quinn and Child settle on a deal with Lori at $250K for 12%.
Following their appearance on Shark Tank and deal with Lori, FiberFix went on to sell 15,000 units the next morning on QVC. Thanks to the deal with Lori, FiberFix was able to establish its own call center.
“One of our biggest sales drivers is our call center. We have people calling on independent hardware stores, selling FiberFix. 50% of the hardware industry is independent stores, so we can’t ignore that. It’s a double-edged sword. With big companies you get into 3K stores in one fell swoop, but the process is long. Independents are easier – we’ve closed over 1000 ACE hardware stores, so in a sense, we control our own destiny. ACE is an owner conglomerate; they have a central warehouse that does bulk purchasing, but you can’t get in there until your product is proven.”
Next, FiberFix set its eyes on a new e-commerce platform. After weighing all options, Quinn and Child decided on Shopify. “Based on what happened with other Shark tank businesses, we wanted to make sure our website didn’t crash. After talking with a dozen or so companies, we decided to go with Shopify. The website saw a huge spike in traffic – I don’t have the stats, Spencer headed that up, but we didn’t crash.”
Today, FiberFix has launched its revolutionary products into a new Shopify app with the help of F13 Works. The app, titled Spark Innovation Dropshipping Fulfillment, allows store owners to list FiberFix products in their own store, with the entire order process automated.
Simply install the app into your Shopify store and choose which products you would like to add to your store. You will be shown a wholesale price which is the price you pay for the product as well as the Manufacturer Suggested Retail Price (MSRP) and a Minimum Allowable Price (MAP). The MSRP is what we suggest the item is sold for on your site while the MAP is the minimum price FiberFix allows the item to be sold for.
Once you set your price and add the item to your store you can start marketing the product to your customers. When a product is purchased, FiberFix will automatically fulfill the order for you and update your store with tracking information when the order is sent.
Install the app today and begin selling popular products like FiberFix on your store!