Nerdwax entered the Shark Tank in Season 7 with its beeswax designed to keep glasses from slipping off. Husband-and-wife team Don and Lydia Hejney pitched their product, which is housed in a tube and applied to the nosepad of eyewear. Back then, we interviewed Don, who was running the business out of his home and successfully completed a Kickstarter campaign before jumping into the Tank.
Sharks Kevin O’Leary and guest Troy Carter both offered the Nashville-based entrepreneurs a deal, but they declined both. We caught up with Don again to see how the company is faring since the Tank. In hindsight, he has no regrets about not taking the Sharks up on their offers. “I don’t regret it at all! Just being able to be a part of the Shark Tank platform has been an incredible opportunity and I’m so thankful for the opportunity.”
We learned that their lack of a deal on the reality show did not hamper the business’ progress. In fact, they have grown from $160,000 to close to $1 million in sales since their October airdate. When asked why he didn’t accept their deals, he said:
The offers we received in the tank were venture debt offers. The thing about debt is that it’s like a rope, it can help you get over a wall or it can tie you up behind it. The structure of the offers we received were the latter. They would have constrained our growth, not accelerated it.
So what is his advice to future Tank contestants? “Do your homework. There’s so many great resources that will help you navigate the Shark Tank experience. Take advantage of those and know your numbers and business. Ask people in your life that are successful to grill you on your business.”
Interested in Nerdwax? Buy one here.
