Let’s try this again.
That’s the approach Krista Woods is taking with GloveStix, the Ashburn company she started in 2015 with a device that destroys odor-causing bacteria in athletic gear. She opened 2020 intending to reach $2 million in revenue, take the business overseas and, potentially, sell it.
We can guess what happened next.
When sports stopped in the spring, GloveStix’s sales did too. That’s because athletes made up about 80% of its customer base. Then, Amazon changed its business model to focus on pandemic-era needs (think: hand sanitizer, masks, toilet paper), pushing the startup off of the Prime service and delaying its deliveries. It didn’t matter anymore that Woods had garnered fame and a following for her appearances on ABC’s “Shark Tank,” NBC’s “Today Show” and QVC.
“I was advertising and, for the first time ever, I was getting negative return,” she said. “I was just putting money out there for no reason.”
So, in the summer, she paused her advertising campaign, took a step back and decided, “I can’t just let everything that I have worked hard for, for the last five years, just go away before my eyes,” she said. “I still have storage fees, fulfillment fees, there are still bills I have to pay — I have to sell product.”
Woods enrolled in online courses to develop skills in marketing, email campaigns and graphics. She also took a closer look at her customer base. She combed through reviews and found that people were using GloveStix not just for sports equipment, but also for work boots, shoes with orthotics, trash cans, laundry baskets and kitchen drawers. She changed her marketing approach to cater to them and cast a wider net.
She also revisited partnerships she’d previously turned down, such as Good Morning America’s Deals & Steals program and PenaltyBox Hockey’s subscription service.
“I’d never done one before because the margins are really low and I just didn’t need to,” Woods said. “But in June I was like, ‘You know what? I need business, I need more customers.’”
What she realized during the pandemic is, “not only are my sticks for way much more than athletes, but I can do both and be profitable — I can do direct-to-consumer and these larger discount sales,” she added.
After adding her product to these channels and cutting costs during 2020, she said, Woods opens 2021 profitable and ready to reinvest back into the business “so that 2021 can start with a bang.”
That bang means a global presence for GloveStix, which has only sold within the U.S. until now. She’s teaming up with international partners to bring her deodorizing device to the European market, she said, declining to disclose specifics about what that looks like. But that move means she’ll likely have to hire a sales director, after running the business herself up to this point with help from contractors, she said.
It also means more revenue. Without the international partnership, Woods is projecting more than $1.25 million in 2021 revenue, after closing 2020 with $1 million. Selling overseas could lead to 100% year-over-year revenue increase this year, she said.
She continues to consider selling the business, but said she’s not ready to give it up just yet because “going international and potentially doubling my business in a matter of a few months would make a big difference on that.”
Woods is also preparing to unveil new products this year, including a Covid-related item that is “definitely related in the industry” but not GloveStix, Woods said, declining to share more at this time. “If it works, which we’re testing right now, it would absolutely grow my business huge.”
GloveStix may not have closed its deal after an appearance on “Shark Tank,” but the company has still experienced the effects of the exposure. It’s one of numerous D.C.-area businesses to appear on the ABC stage. Here’s a look at that network.
Greater Washington’s ‘Shark Tank’ alumni
The ABC reality show premiered in 2009 and continues to serve as a launching pad for the entrepreneurs that pitch its multimillionaire and billionaire investor panel.
ABC / Andrew Eccles
Duane “Myko” Cheers, Danita Claytor and Jumoke Jackson took their Hyattsville-based company, Everything Legendary, to the primetime reality show’s infamous stage in an episode that aired Feb. 26, 2021. Their pitch: A tasty premium patty created in 2019 to help reduce health conditions among the Black community that has since gained traction across the board. The trio clinched a deal with Mark Cuban for $300,000 for 22% of the business.
Christopher Willard
Nahum Jeannot pitched his on-the-go breakfast startup, GoOats, to the show's panel — seeking $150,000 for 10% equity. Barbara Corcoran made an offer, they went back and forth, and the Alexandria entrepreneur ultimately took a deal: $150,000 for a 20% equity stake.
Christopher Willard
Mollie Thorsen and her father, Bob, sought $250,000 for a 10% stake in their business: a wheelbarrow tray for gardeners. They got two offers, from Lori Greiner and Kevin O'Leary, because they couldn't take on the royalties they were offering. The episode aired a year after they filmed it, in May 2020: as coronavirus swept across the country, forcing the Alexandria startup to pivot from brick-and-mortar retail to e-commerce.
Eric McCandless
Samy Kobrosly pitched Snacklins, a vegan pork rind — sans the pork — to the shark panel on an episode in mid-October 2019. Most of the sharks stepped out of the running for a deal, citing his lofty $10 million valuation and concern about competition within the space. But Mark Cuban took it on, ultimately settling on an agreement that gave him 5% straight equity and another 5% of advisory shares for a $250,000 investment.
Eric McCandless
John Sorial presented his frozen food business, Tysons-based TaDah Foods, to the investor panel on the fall 2019 season premiere. He had to work to win over investors, and ultimately did, with a deal from guest shark Daniel Lubetzky — founder and chief of Kind LLC — for $500,000 for a quarter of the business. It was a great fit, Sorial said, because Lubetzky “has walked the arduous miles that I have yet to walk.”
Eric McCandless
D.C. chemist and entrepreneur Eric Roy pitched his water filter business, Hydroviv, to investors of ABC’s “Shark Tank” April 14, 2019. He walked away with a handshake from Mark Cuban: $400,000 for a 20% stake — the same dollar amount Roy had sought, for 10% more than he’d planned to give away.
Eric McCandless
Potomac daily deals startup CertifiKid, now 10 years old, scored an investment from Kevin O'Leary on an April 8, 2019, episode: $600,000 in exchange for 19% of the company.
ABC/Eric McCandless
Local mother-daughter duo Sara Polon, right, and mother, Marilyn, appeared on an Oct. 21, 2018, episode of “Shark Tank,” but failed to convince the show’s investors that their plant-based soup company, Soupergirl, was worth a $5 million valuation. After filming the show in June, they got a call from guest shark and RSE Ventures CEO Matt Higgins. Now he's serving as an advisor to the company.
Courtesy Soupergirl
Jake, Jordan and Jimmy DeCicco offered 4.5 percent of startup Sunniva in exchange for $500,000 on a Feb. 11, 2018, episode. They quickly impressed the sharks with their commitment to the company and its product, Super Coffee — organic Columbian coffee beans blended with lactose-free protein and healthy fats from coconut oil. But between their high valuation and a taste some of the sharks didn't like, they couldn't get a deal.
Michael Desmond
Glenn Archer and Kevin Williams, co-founders of RGK Innovations, pitched their Brush Hero product on a Jan. 21, 2018, episode. The product is a water-powered brush that connects to a garden hose to clean everything from car and motorcycle wheels to rain gutters to patio furniture to your dog. Daymond John and Lori Greiner each made the same offer: $500,000 for 25 percent. The business partners felt it was too high, so they left the tank to think it over, which proved to be a big mistake. John revoked his offer, and Greiner revised hers: $250,000 as a loan at 7 percent interest, and an additional $250,000 for 25 percent equity. They turned it down, and left without a deal.
Eddy Chen
Daniel Turissini of D.C.-based Recharj pitched the panel on a Jan. 7, 2018, episode. He sought an investmentof $75,000 in exchange for 15 percent equity, for his nap and meditation studio. He spent his segment fighting off a barrage of cruel criticisms and pointed questions from the sharks, who, one by one, became vicious before turning him down.
Here's more.Eddy Chen
Sharmi Albrechtsen, founder and CEO of Arlington-based tech toy company SmartGurlz, landed an investment from FUBU founder Daymond John on a Nov. 12, 2017, “Shark Tank” episode: $200,000 for 25 percent of the business. Her product — a line of dolls that ride robotic “Siggy” scooters, controlled by an app that teaches girls to code — was met with fascination, but just as much hesitation, from the sharks.
Here's more.Eric McCandless
Ashburn entrepreneur Krista Woods' GloveStix product — a smell killer for athletic gear — exploded after winning a “Today Show” competition and repeatedly selling on QVC. She asked the sharks for $150,000 in exchange for 10 percent of her business on an episode that aired Nov. 5, 2017. Panel members — regulars Kevin O’Leary, Barbara Corcoran, Mark Cuban and Lori Greiner, plus retired baseball superstar Alex Rodriguez — didn’t seem sold. But she won them over, and left with a deal: $150,000 for 17.5 percent of the company, split between Greiner and Rodriguez.
Here's more.Michael Desmond
D.C. resident Andrew Bentley pitched Father Figure, his paternity clothing company and lifestyle brand, to the reality show’s panel of potential partners on an episode that aired Oct. 29, 2017. He asked for $80,000 in exchange for 15 percent equity — and not one shark took the bait. Now Bentley is working on research, surveying dads around the country about what they want to see from the company. He’s looking to hire a designer and expand his products. But he isn’t proactively looking for other investors yet.
Here's more.Eric McCandless
Joe Parisi and Nick Nevarez, founders of D.C. safety startup Guard Llama, came onto the show with a $2 million valuation — eliciting some harsh feedback from the show's investors. But real estate mogul Barbara Corcoran saw a need for the product, a fob that connects people to emergency help faster than a 911 call. They secured a $100,000 loan from Corcoran in return for an 18 percent equity stake in the business and a $2 royalty on each sale until she makes her money back.
Here's more.
Surprise Ride gained attention for leaving "Shark Tank" without a deal, then luring shark Kevin O'Leary to invest $50,000 for 2.5 percent of the business. The now 4-year-old startup has continued to raise funding, with total funding to date coming to $3.1 million.
Here's more.Courtesy Surprise Ride
What happens when you can’t agree to terms with Mark Cuban? That was the million-dollar question when the co-founders of Rockville-based Nexercise Inc. and creators of its Sworkit fitness app walked away from a deal with the “Shark Tank” investor and billionaire owner of the NBA’s Dallas Mavericks. It meant the entrepreneurs would proceed without Cuban’s partnership and original offer: $1.5 million for 10 percent ownership of the business, plus $1.5 million worth of the app’s unsold ad inventory. Now the founders are executing a new plan to expand Sworkit — a mobile and web platform that offers customizable video workouts — to an entirely new customer base: patients going through rehab.
Here's more.Joanne S. Lawton
Craig Isakow, who was torn apart by the sharks on a January 2014 episode after an over-the-top pitch for webcam cover Eyebloc, put the D.C.-based business on the back-burner and joined San Francisco-based Shift as head of partnerships. He was ready to sell his company. But growing awareness of hacking threats and the need for privacy — and high-profile public figures like Mark Zuckerberg and Pope Francis using the same method to protect themselves — have led the entrepreneur to change his game plan: He has decided to expand and monetize the brand. “There’s still some value there that I would like to try to extract,” he told me in January 2017.
Here's more.Courtesy Eyebloc
“Shark Tank” changed everything for Jordan Lloyd Bookey and Felix Brandon Lloyd. Zoobean, a subscription service that recommended educational children’s books, was a week old when the former teachers received an email from producers requesting they apply. Bookey previously thought that auditioning “seemed a little bit nutty,” she says, but they “decided to call him right then and seize that opportunity.” The episode aired about nine months after its filming, when shark Mark Cuban decided to invest $250,000 for a 16 percent stake in the business. They closed that deal in December 2013.
Here's more.Joanne S. Lawton
In 2009 in D.C., former Capitol Hill staffers Brett Thompson, left, and Heath Hall, were building a barbecue business — the same year ABC was debuting the new reality show. The co-founders of Pork Barrel BBQ secured an investment from Barbara Corcoran on the show's first season: $50,000 for half of the business. She was their first investor.
Here's more.Courtesy Pork Barrel BBQ
"Shark Tank" was ValPark Mobile founder Wayne Johnson's first investor meeting. He didn't get a deal, but the show's impact was seen immediately. “We got slammed,” Johnson said in 2016. “It took me two or three weeks just to filter through all of the emails — from potential investors, people saying thanks, people trying to work with you or for you. We probably got about 200 resumes.”
Here's more.Joanne S. Lawton
