'Shark Tank' Season 11 sees parents Gabe and Jessica Miller secure funding for Squid Socks that won't fall off kids' feet
The final product featured on this week's episode of 'Shark Tank' was Squid Socks — the patent-pending product from Gabe and Jessica Miller — featuring a pair of socks that will not fall off kids' feet easily.
The socks feature "squiddy dots" on the inside — silicone dots that act like a squid's suction cups gently holding the socks on and making it near-impossible for children to pull them off.
The toddler-sized socks also have silicone grips on the bottom of the socks to prevent slips and falls. The socks are 87% polyester, which is moisture-wicking, doesn't shrink or wrinkle and absorbs shock, 10% nylon, giving the socks strength, durability, flexibility and stain resistance, and 3% spandex, giving them resilience and the ability to maintain the size and shape.
Bringing their kids, Casen and Claire, to model the products, the Millers gave a demonstration to the sharks, even calling on Lori Greiner to tug on each sock on Casen's feet — one with the product and the other with a normal sock.
Lori attested the Squid Socks' ability to stay on even when pulled with force and appreciated the grips on the bottom. The Millers asked for a $125k investment for a 20% stake in their business. They also revealed that they only have $40k in sales but the low value was due to production issues and not lack of customer interest.
Robert Herjavec offered the $125k investment, but for a 40% stake in the business. When Daymond John offered $125k for a 33% stake, stating he wanted the Millers to be the owners of the product, Herjavec countered his initial offer with two separate offers: $250k investment for 40% stake or $125k investment for 30%.
However, Daymond had many ideas for the product, as he tweeted during the episode, "This is how I see it: with a product as classic as a sock and such big players already dominating the game, why compete? In many cases, you can take your product much farther and faster when you license it out rather than trying to catch up without it. #SquidSocks #SharkTank."
Ultimately, the Millers went with Daymond, who has previously invested in a sock startup on Shark Tank, Bombas in 2013, with the company now bringing in $100 million a year.
Jessica Miller said of the couple's choice, "We took Daymond because he is the ideal fit. It seemed like a no-brainer." Viewers agree, with one tweeting, "33% is seen as an equal partner deal. That and @thesharkdaymond's apparel experience helped #SquidSocks make their decision. Good choice. #SharkTank".
New episodes of 'Shark Tank' season 11 air at 9 pm ET only on ABC.