ABC/Patrick Ecclesine
Lori Greiner has been on ABC’s Shark Tank since 2012. As an inventor, entrepreneur, and television personality, Greiner has become a self-made millionaire. She developed her company For Your Ease Only, Inc., in 1996. The Chicago-based business does product development and marketing.
“I had to figure things out on my own. I feel that when you’re driving a business, you should know every facet of it since no one will love your business like you do,” Greiner told Parade in 2017.
Lori Greiner Net Worth: $50 Million
Lori Greiner’s net worth is $50 million, according to an estimate by Money Inc. She makes her money from the 700+ products that she has invented. She has also invested in hundreds of products on Shark Tank, some of which have made her millions.
Additionally, Greiner earns money from her long-running show on QVC, and sales of her book, which was released in 2014.
Here’s what you need to know:
1. She Has Invested More Than $9 Million on ‘Shark Tank’
According to Sharkalytics, a website that tracks the popular show, Greiner has invested more than $9.5 million on the show over the episodes the site analyzed. That sum is spread across 61 deals and 78 episodes.
Greiner’s average investment is just over $150,000. Her biggest deal came in Episode 6 of Season 5, when she sunk $600,000 in for a 9 percent stake of RuffleButts and RuggedButts, which sell girls and boys clothing and accessories, respectively. Her smallest deal landed her 7 percent of Scholly, a search engine that helps students navigate potential scholarships.
According to Sharkalytics, Greiner’s average stake in a company is 19 percent. Her largest stake is 65 percent of ReadeREST, a company that sells magnetic eyeglass holders, for which she invested $150,000.
Of Greiner’s 61 deals, 27 of them (44 percent) have been in conjunction with another shark. Her most frequent partner is Mark Cuban, with whom she’s gone in with 11 times.
2. She Makes Money on ‘Shark Tank’ & on QVC, Where She’s Had Her Own Show for Nearly 2 Decades
Greiner earns money for every appearance she makes on Shark Tank. But Shark Tank isn’t Greiner’s only taste of TV. After some early success on the Home Shopping Network, Lori moved on to her own show, Clever & Unique Creations, on QVC in 2000.
To celebrate her first decade on the channel, Greiner and QVC created a special affair.
“Last month, she launched 10 items as part of her 10th-anniversary celebration with QVC. And her appearances – usually several a month – often offer a mix of new products and best sellers,” the Philadelphia Inquirer reported in 2010.
Her success on QVC has even earned her a nickname.
“She is widely acclaimed as ‘The Queen of QVC’ due to her out-of-the-ballpark success in launching new products on QVC (and even helping to elevate and shape the brand of that program),” reads a Forbes report from 2012.
3. She Has Invented More Than 700 Products
According to her own website, Greiner has invented more than 700 products and holds 120 patents.
“Greiner says she never set out to be a serial inventor, but her first product, a plastic earring organizer she created in 1996, came out of a conversation she had with a friend about earrings and the fact that jewelry boxes are a nightmare,” Parade reported in September 2017.
Greiner took out a $300,000 loan and found a manufacturer that could produce her design. With a prototype in hand, she secured an order from retailer JC Penney and was able to pay back the initial loan within 18 months.
“In the beginning, I was just thinking as fast as I could to come up with more and more. I’d look for problems that people experience in everyday life. Then I would think about how an item could come to life,” Greiner told Parade.
4. She Made Millions With ‘Scrub Daddy,’ a Texture -Changing Household Sponge
One Shark Tank deal, in particular, has been a smash success for Greiner.
On Episode 7 of Shark Tank’s fourth season, Greiner invested in Scrub Daddy, a company that manufactures and sells a sponge that changes textures and is shaped like a smiley face. Founder Aaron Krause initially sought $100,000 for a 10 percent stake in Scrub Daddy. Greiner, perhaps seeing the value and marketability of the product, doubled that, taking a 20 percent stake for $200,000.
“The night the show aired, there was 30,000 hits to our website. Instantly you have a name brand and you have to be ready and prepared when they happen,” Krause told ABC News.
Additionally, Scrub Daddy appeared on QVC.
“In its first appearance on the network, Scrub Daddy sold 7,000 sets of six sponges in under seven minutes,” Bustle reported in December 2014.
Scrub Daddy has also diversified with Colors, Lemon Fresh and Heavy Duty lines, and can be purchased in retail stores.
5. She Released Her First Book, ‘Invent It, Sell It, Bank It! Make Your Million-Dollar Idea Into a Reality,’ in 2014
Greiner is known as the warm-blooded shark. Even when she’s not interested in a deal, she’s still willing to offer the people in front of her genuinely useful feedback to help them along in their journey.
“I know that when an entrepreneur stands before us pitching a concept, it is the biggest moment in his or her business life. It means everything and it’s an enormous risk. I get it because I was once in their shoes,” Greiner told Parade.
Perhaps with that in mind, Greiner published her first book, Invent It, Sell It, Bank It! Make Your Million-Dollar Idea into a Reality, in March 2014. A National Bestseller, the book is described as “a hands-on, nuts-and-bolts guide to getting a new product or company off the ground and making it a success.”
Her fellow shark, Mark Cuban, offered this review of her book.
“I am used to dealing with Mavericks and Lori fits the bill! Lori Greiner’s insightful and practical book, Invent It, Sell It, Bank It! should be on the required reading list for anyone who wants to take an idea and turn it into a real business,” reads Cuban’s review on Amazon.