Biz Tips: Shark Tank Deal: Le-Glue Accepts $80,000 from Kevin O’Leary

Biz Tips: Shark Tank Deal: Le-Glue Accepts $80,000 from Kevin O’Leary

Biz Tip:

Shark Tank Deal: Le-Glue Accepts $80,000 from Kevin O’Leary

Bru-nO / Pixabay

Tripp Phillips entered The Shark Tank with his dad and sister to pitch his patented product, Le-Glue. The twelve-year-old developed the product with his dad to solve a major frustration he had with his favorite toy. When building with interlocking bricks, Tripp found that it was very easy to accidentally drop and destroy your creation.

After being given a school project where he was able to invent something new, Tripp and his dad worked tirelessly to find the best water-soluble adhesive to solve this common toy mishap. Tripp, one of the youngest patent holders in American history, is marketing Le-Glue as an adhesive solution designed for kids, by kids.

With a profitable business model and excellent margins, Kevin O’Leary offered Le-Glue $80,000 for a 25% stake in the company. Kevin has plans to connect Tripp with big box toy manufacturers which could help Tripp achieve his goal of having Le-Glue placed into all brick kits. Due to the terms of their agreement, Tripp would be responsible for conducting the business proposal and presenting Le-Glue while Mr. O’Leary would supply the agreed upon financial backing. This offer is contingent upon a deal being made between Le-Glue and big box manufacturers.

Le-Glue was also offered a deal from Daymond John for $80,000 and 25% stake in the company. This offer is not contingent upon the success of the toy manufacturer meetings. Although counter offers are put on the table, Tripp Phillips and Le-Glue ultimately made the decision to take Kevin O’Leary’s deal.

Le-Glue’s success and innovation was celebrated on social media as the episode aired:

It takes a lot to impress so many judges, but Le-Glue did the trick! So what did The Sharks have to say?

For more information about Le-Glue’s deal with Kevin O’leary or to review key business take-a-ways, from “The Shark Tank,” check out this summation of the Shark Tank episode featuring Le-Glue. Shark Tank airs on Sundays at 10pm EST on ABC.

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