Athletes use athletic tape to relieve pain and prevent further injury. Seneca Hampton created an advanced version of this tape that is both durable and easy to remove. Seneca pitched his company, Hampton Adams, on Shark Tank, but no deal was struck. As of 2024, Hampton Adams has a market cap of $5 million.
Seneca Hampton’s Background
Seneca Hampton was born into a poor family in Los Angeles, California. His living conditions improved somewhat as his mother worked as a nurse and his father worked as a football coach. Nevertheless, he was determined to achieve greater success.
As he got older, he realized that entrepreneurship was the way to get rich. Robert Kiyosaki’s book Rich Dad, Poor Dad completely changed his view on money. He started out working in customer service at Apple for more than four years.
During his tenure, a colleague introduced him to someone selling light bulbs on Amazon. Seneca joined the company and learned how to run an e-commerce store.
Hampton Adams
He struck out on his own, looking for a profitable product to sell, and since he had played soccer with his father since he was a kid, he came up with the idea to improve athletic tape.
The Los Angeles native spent a lot of time developing a tape that would be more durable than traditional athletic tape. He also designed the tape so that it would not leave any glue residue and had a strong adhesive for maximum comfort.
He founded the company in 2016 with a $700 investment and it sold out in just one week. Hampton Adams’ tapes are selling like hot cakes on the Amazon platform. By 2022, the startup had accumulated sales of $12.2 million.
Hampton Adams on Shark Tank
Seneca Hampton appeared on Season 13 of Shark Tank and asked for $500,000 for a 10% stake. The pitch went well, and Seneca demonstrated the power of the tape by lifting a 45-pound weight. The Shark Tank liked the product but decided it wasn’t worth investing in because of its business model.
Although the product was generating $5 million in annual sales, profit margins were low and volumes were high. As a result, the founders had to continually reinvest profits in advertising to keep the business afloat. Cuban and Herjavec suggested selling the entire company. Kevin O’Leary made a greedy royalty offer, but the founders refused. A royalty deal could have destroyed the company.
After Shark Tank
The publicity from his appearance on the show gave Seneca a boost in brand awareness and gave him the motivation to stay in business. Athletic tape is still selling well, and he has launched a new line of products, including finger tape, ice packs, and elastic bandages. These products can be purchased on Amazon and HamptonAdams.com.
On Amazon, the tape has a 4.6 rating from over 7,575 customer reviews. Hampton Adams is thriving and is currently valued at $5 million. While recent sales figures have not been released, the company should still be generating $5 million in annual sales. In 2023, the company has accumulated sales of over $15 million and serves over 600,000 customers.
As the Sharks suggested, Seneca may sell the business and start a new e-commerce business that is more profitable. According to Medium.com, he spends only 30 minutes a month running the startup and has employees. Some Shark Tank viewers may be surprised to learn that he is a serial entrepreneur and claims to have multiple 7-8 figure businesses.
Categories: Shark Tank
Source: dut.edu.vn
