WisePocket Products was started by Sofia Overton when she was just 12 years old. The pocket-holding socks and leggings aim to make life easier for active children. Overton asked the investors on Shark Tank to take a chance and invest in her company.
WisePocket products are Wise socks designed for active children and teenagers. The knee-high socks feature a pocket big enough for a phone, credit cards or snacks. They can hold anything around 6″ or smaller.
The socks can also be worn by adults, though they may feel tight around the calves. They will soon offer leggings in addition to socks.
Here’s what you need to know about WisePocket Products on ‘Shark Tank’:
1. The CEO is 14 Years Old
Sofia Overton came up with the idea for Wise socks when she was just 11 or 12 years old. She was outside with her older cousin and witnessed her putting her phone in her boot for safe-keeping. Thinking that was a good idea since she also had no pockets for her phone, Overton copied her and instantly realized how uncomfortable the situation was. The phone wasn’t secured in her boot, so it slipped down to her ankle.
The experience gave Overton the idea for Wise socks. She went home and created a prototype by adding a pocket on the inside of her sock near the top of the sock. She realized that the pocket could work for more than just a phone.
“There are lots of active kids like me that need a safe and stylish way to not only store their phones but other important items like epipens or inhalers,” Overton writes on the WisePocket website.
In an introductory YouTube video, Overton says that she knows how important it is for kids to keep their phones on them in case their parents need to get ahold of them, but most leggings or active clothing isn’t designed with that thought in mind. The video also features mentors talking about Overton’s energy and great ideas.
2. The First Products Were Crowdfunded
A campaign for WisePocket products was launched on IndieGoGo in January 2018. The overview of the campaign talks about how kids don’t have a safe and secure place to keep important items close to them, but that could change with the “stylish and functional” socks. It also highlights that the Wise socks are kid designed and kid-approved.
The campaign sold socks for $15 plus shipping but also offered a 2-pack for $27 and a 3-pack for $42. There was also a $20 t-shirt available for purchase with the Wise Pocket logo on it.
The campaign ran for the entire length of time allotted to get funding. With 9 hours left, the campaign was at 91 percent. Ultimately, the campaign met the $10,000 goal with 129 backers. The last person to order the socks got a free WisePocket sticker.
3. For Every Pair Sold, A Pair is Donated
The mission for WisePocket Products is to help children in need everywhere. The official stance of the company is “Warm Feet = Warm Heart.” To expand on this, Overton says that they believe if you make sure a child has warm feet, then they will have a warm heart, knowing that their community cares for them.
“There are 2.5 million kids in the U.S. that are classified homeless,” Overton states in the introductory YouTube video. “I created this company to help these children.”
For each pair of Wise socks purchased, one pair is donated to a child in need. Behind food, the most requested item from homeless shelters is socks. The Wise Movement, as defined on the WisePocket website, is generation Z kids and others who want their purchases to make a difference giving back to communities all over the world. They are working to change the world, “one pair of socks at a time.”
4. The Logo is Based on the Designer’s Name
The WisePocket owl logo has more than just one meaning behind it. In Greek, the name Sofia means wisdom. The animal representing wisdom is usually the owl, so that’s how Overton came up with the idea for her logo.
Of course, with the vision of the company being about being wise and the name being WisePocket, the owl makes sense as the logo. Overton references the logo in the company’s about page, saying to “be WISE like my logo says and buy our products!” The logo is also designed to be fashionable and stylish.
The company also uses the logo and idea behind it as part of promotions. The current sale, timed with Overton’s Shark Tank appearance, says “it would be WISE of you to take this deal!”
5. Overton Has Won Five IdeaFame Competitions
IdeaFame is a company that, much like Shark Tank, helps entrepreneurs find investors. The way users enter the competition is by creating a one-minute video or shorter, then pay a $10 entry fee. For each entry, $5 goes into the prize pool for the winner. Then, the entrepreneurs get people to vote on their videos. At the end of the competition, the winner collects the prize pool, which the website says can be $10,000 or more.
Overton has won 5 IdeaFame Live competitions, which has the same type of idea but takes place live, meaning Overton has plenty of experience pitching her idea to real people in person. The company has given away over $100,000 since 2011.
Prior to even launching her campaign on IndieGogo, Overton won Startup Junkie competitions, 4 of which took place throughout 2017. Each time, she was presented with $1,000.
Sofia Overton was able to make a deal with Daymond and Laurie on Shark Tank. The sharks offered $30,000 for 30 percent of the company, but when Overton countered with $35,000 for 25 percent of the company, they accepted the deal.