Imagine a teen entrepreneur walking into a room filled with renowned investors, pitching a product that could potentially revamp the personal care industry. That’s exactly what Benjamin Stern, the founder of Nohbo, did when he was just 16. Nohbo is an eco-friendly personal care brand that aims to fight plastic pollution by providing water-soluble, single-use alternatives to traditional plastic-bottled products.
Nohbo’s Shark Tank Pitch: Did It Secure a Deal?
In 2016, Stern made his way into the Shark Tank during its 7th season. With a clear vision and a revolutionary product, Stern presented his innovative Nohbo shampoo balls. The idea was simple yet powerful – these single-use, water-soluble shampoo balls could drastically reduce plastic bottle waste.
His pitch was well-received, and he sought an investment of $100,000 in exchange for a 20% stake in Nohbo. To his delight, one of the most prominent Sharks, Mark Cuban, saw potential in Stern’s idea. Cuban offered $100,000 but asked for a 25% stake in the company, a proposal Stern gladly accepted.
Securing a deal with Cuban was a significant milestone for Stern and his start-up. But as with any entrepreneurial journey, this was just the beginning. There were many challenges ahead, and no one foresaw the product pivot that was to come.
Is Nohbo Still in Business?
After the Shark Tank episode aired, Nohbo faced a significant hurdle. The original design of the shampoo balls didn’t perform well in real-world situations. Stern didn’t let this setback deter him. Instead, he spent two years refining the product, creating hundreds of prototypes, and ultimately pivoting to a gel-based shampoo ‘drop’.
This pivot proved to be a significant turning point for Nohbo. In 2020, the company successfully raised an additional $3 million in a Series Seed funding round. Material Impact led this round, with contributions also coming from Safer Made and Cuban’s Radical Investments. This influx of funding allowed Nohbo to ramp up its manufacturing capabilities, producing up to 15 million units per month.
Fast forward to 2021, Nohbo, along with its subsidiary brand Sunrise Session, is a thriving business with a net worth estimated around $20 million and annual revenues surpassing $8 million. It’s safe to say that Nohbo is not just still in business but making considerable strides in the personal care industry.
In recent years, Nohbo has secured over 76 million purchase orders through 2022 and licensed its technology to more than 60 companies. The company has also forged business-to-business partnerships with leading consumer product goods companies and is working on expansion plans into the European market with a significant hotel distributor.
Not only has Nohbo been successful in a commercial sense, but it has also been recognized for its sustainability efforts. In 2023, it joined the B Corp Beauty Coalition and won the grand prize at the Ocean Impact Organization Awards. The following year, Nohbo received a Sustainable Innovation Award at the Seal Business Sustainability Awards.
Furthermore, Nohbo is involved in a pilot project with Disney and continues to expand its direct-to-consumer and subscription-based services. These achievements are a testament to Stern’s vision and resilience and the transformative potential of Nohbo’s products.
What’s Happened Since Shark Tank?
Since the Shark Tank episode, there have been a series of events that have shaped the course of Nohbo. The initial hurdle came quickly after the show aired. The shampoo balls, as innovative as they were, didn’t perform optimally in realistic settings. Instead of seeing this as a failure, Stern viewed it as an opportunity for improvement.
He went back to the drawing board, spending two years creating hundreds of prototypes. His resilience and determination ultimately led to the development of the gel-based shampoo ‘drop’. This pivot was a game-changer, as it addressed the shortcomings of the initial design and paved the way for the company’s future success.
By 2020, Stern’s brainstorming and product development efforts started paying off in the form of a successful Series Seed funding round. Nohbo raised an impressive $3 million, led by Material Impact. Safer Made and Cuban’s Radical Investments also contributed to this round. The funds enabled Nohbo to increase its manufacturing capabilities, allowing the production of up to 15 million units per month.
Nohbo’s Net Worth and Growth
Fast-forward to 2021, and Nohbo’s net worth is estimated to be around $20 million. The company, along with its subsidiary brand Sunrise Session, is thriving with annual revenues surpassing $8 million. This is a clear indicator of the company’s significant growth and the market’s positive reception to its products.
Recent years have seen Nohbo securing over 76 million purchase orders through 2022. The company has also licensed its innovative technology to more than 60 companies, further expanding its reach in the personal care industry. A testament to its commercial success, Nohbo has established business-to-business partnerships with leading consumer product goods companies. It’s also planning to penetrate the European market in collaboration with a major hotel distributor.
How Shark Tank Helped Shape Nohbo’s Future
Shark Tank provided Stern with a platform to showcase his innovative idea to a broad audience. More than just publicity, the show brought him in contact with Mark Cuban, who saw potential in Stern’s vision. The $100,000 investment from Cuban played a crucial role in shaping Nohbo’s future. It provided the much-needed capital to refine the product and scale up operations.
Beyond the financial aid, securing a deal with Cuban was an affirmation of the viability and potential of Stern’s idea. It served as a morale booster, propelling the young entrepreneur to stay the course, even when faced with challenges. This determination has been a driving force behind Nohbo’s success.
Today, Nohbo is not just a successful business, but it’s also making considerable strides in sustainability. It joined the B Corp Beauty Coalition in 2023 and bagged the grand prize at the Ocean Impact Organization Awards the same year. The following year, it received a Sustainable Innovation Award at the Seal Business Sustainability Awards. These accolades reflect Nohbo’s commitment to creating eco-friendly personal care products and its contribution towards reducing plastic pollution.
Nohbo’s Product Line: What They Offer Now
Since the initial launch of Nohbo’s shampoo balls on Shark Tank, the company’s product line has undergone significant changes. Stern spent two years refining the product, eventually pivoting to gel-based shampoo ‘drops’. These drops have been a game-changer for the company, addressing the challenges faced by the initial product design.
The ‘drops’ are single-use, water-soluble personal care products that are easy to use. All you need to do is simply add water, and the drop dissolves into a rich lather. This format not only eliminates the need for plastic packaging, but it also offers a convenient, travel-friendly alternative to traditional personal care products.
But Nohbo didn’t stop there. After the successful pivot and with the additional funding secured, the company expanded its product line to include more options. Now, Nohbo offers water-soluble drops for shampoo, conditioner, body wash, and even shaving cream. Each of these products is designed with sustainability in mind, staying true to Nohbo’s mission to reduce plastic waste.
Furthermore, Nohbo’s products are free from parabens, sulfates, and other harmful chemicals, making them safe for all skin types. They’re also vegan and cruelty-free, aligning with the increasing consumer demand for ethically produced personal care products.
With the expansion of its product line, Nohbo is well-positioned to cater to a broader consumer base. Whether it’s for individuals looking for eco-friendly personal care solutions or businesses seeking to reduce their environmental footprint, Nohbo’s products offer a practical and sustainable alternative to traditional plastic-bottled products.
Conclusion
Nohbo’s journey since its Shark Tank appearance has been nothing short of remarkable. From the initial hurdles faced with the shampoo balls to the successful pivot to gel-based drops, Nohbo’s story is one of resilience, innovation, and a relentless commitment to sustainability.
The company’s growth and success are evident in its net worth, estimated to be around $20 million, and its annual revenues surpassing $8 million. But beyond financial success, Nohbo’s impact in the fight against plastic pollution is arguably its most significant achievement.
Through its product innovations and sustainability initiatives, Nohbo is transforming the personal care industry and setting a new standard for sustainability. And with its expanded product line, Nohbo is poised to make an even bigger impact in the years to come.
So whether you’re a consumer looking for eco-friendly personal care products or an entrepreneur seeking inspiration, Nohbo’s story offers valuable lessons on innovation, resilience, and the power of a clear vision driven by a purpose beyond profit.
Indeed, Nohbo’s journey is a reminder that with the right idea, relentless determination, and a commitment to making a positive impact, it’s possible to create a successful business that also contributes to a better and more sustainable world.
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