Door handles are touched every day, but can easily harbor germs. StepNpull is a smart alternative that helps avoid harmful microorganisms. The device is a door handle that is operated with your foot instead of your hand. Mike Sewell pitched the product on Shark Tank and struck a deal with Kevin O’Leary. StepNpull is valued at $8 million by 2024.
Founder
Mike Sewell is from Kansas City, Mo. He holds an Associate’s Degree in Electronic Equipment Installation from Touro University and a Bachelor’s Degree in Business Administration from Baker University.
Before earning a bachelor’s degree in business administration, the Missouri resident worked as a network assurance manager at Verizon for more than two decades. Only Mike appears on TV, but the company has two other founders, Kelly Coddington and Ron Ely. All three are former colleagues.
Founding StepNpull
Mike, Ron and Kelly often talked about starting a business together in the 1990s. When Mike noticed that other co-workers used paper towels to avoid touching door handles directly, the three of them realized their dream.
He shared the problem with his partners and they soon began developing a foot-operated door handle. The final product was launched in 2007. StepNpull was a nice side project for them when they were first starting out.
In the first five years, their sales were only $35,000, but after the outbreak, things started to improve. In March 2020 alone, their sales reached $1.7 million and helped the product’s patent gain global recognition.
Shark Tank Appearance
The founders of StepNpull applied to compete on Shark Tank Season 12 in 2021. During this time, they were so busy fulfilling orders that they almost canceled their TV appearances. Mike Sewell went out on his own, hoping to raise $300,000 in exchange for 3% of the business.
Sales had been flat until the pandemic hit and the company suddenly boomed. At the time of the pitch, they were approaching $7 million in sales! The Sharks were shocked and a bidding war broke out.
Kevin took the lead and offered $300,000 for a 10% stake, while Daymond John offered 12%. Lori was also interested and offered $300,000 for a 5% stake, but asked for a 0.50c royalty. Sewell was eager to work with O’Leary, and the two reached an agreement to get a 6% stake for $300,000.
After Shark Tank
According to sbj.net, the deal with Kevin O’Leary was not done after the show. Kevin may change his mind about the valuation after the cameras stop rolling. Still, the publicity is good for sales.
NASA, Google, Best Buy, IKEA and Walmart are among its customers. The product is also available for non-commercial use through Amazon, Home Depot, Lowe’s and StepNpull.com. The hands-free door opener has an average rating of 4.6 stars out of 189 reviews on Amazon.
StepNpull’s sales growth has slowed significantly, with annual revenues of around $1 million. Revenues will likely fall below the million-dollar mark by 2024. The company is currently valued at an estimated $8 million.
Categories: Shark Tank
Source: dut.edu.vn
