Hot Tot Net Worth: The most current innovation in specialty hair care is a set of markings called Hot Tot, created to account for the unique structure of children’s strands. Hot Tot encourages fashion by providing new generations with professional hair supplies.
Megan Gage, a social worker from Denver, Colorado, started in the field. She had made significant career advancements and held a master’s degree in clinical social work. She chose to be a stay-at-home parent after the birth of her second child, Christian since she didn’t want to miss out on his formative years.
To give Christian cool-looking curls, she started experimenting with lotions and eventually developed her blend of baby lotion and pomade. It didn’t take long before their parents asked her where she could buy the same styling cream wherever she went.
Who Is The Founder Of Hot Tot?
After growing concerned about the usage of potentially harmful chemicals and synthetic scents in the majority of children’s hair care products on the market, Megan Gage developed Hot Tot in 2010 and is based in Colorado. Also, check our trending articles, PittMoss Net Worth and James Earl Jones Net Worth.
Megan learned about the media coverage of children’s hair care products around the same time that many of them, including numerous well-known brand names, included dangerous ingredients. Because of labeling laws, substances like formaldehyde, which could be hazardous in the long term, were exempt from having to be stated on the labels of such products.
She started looking into the possibilities of developing her non-toxic product after being encouraged by her hubby. She contacted a Canadian private label producer in 2011 and asked them to create a small number of Hot Tots for a limited trial run.
She started her business with just $40,000 and operated from her home with little expenses; she even created her company logo in Photoshop. Within 12 hours of the initial release, Megan had an inquiry from the hugely popular Pregnancy and Newborn magazine, among other prompt and favorable responses.
She then swiftly began distributing press releases. A piece on Hot Tot and photographs of Christian appeared in the magazine in August 2011, while another story appeared in a parenting magazine in March 2012.
What Happened To Hot Tot At Shark Tank Pitch?
In episode 12 of Season 4, Hot Tot entrepreneur Megan Gage pitches the Shark Tank, her line of children’s hair care products, in hopes of finding a Shark to help with scaling and distribution. Megan joined the Shark Tank with a company that was just 15 months old and $20,000 in revenue.
She was asking for $50,000 in exchange for a $153,333 interest in her business. She promises the sharks that her product is better than every kid-friendly hair care item. Kevin is out because he thinks nobody cares about how kids’ hair is styled (and that he shouldn’t be doing it).
In addition to going outside, Lori dislikes the packing and thinks it is too early. Mark is in love with Megan and the idea, and he makes an offer of $75,000 in exchange for 40% of the company’s equity. He also advises that the first step be testing to allow the product to bear the label “hypoallergenic.”
Robert leaves as well because he is unable to match Mark’s offer. Daymond claims that his relationship with Paul Mitchell makes him a better partner, yet he still enjoys going out. Megan closes the deal with Mark and comes out of the pitch with an agreement, looking delighted.
After Shark Tank, What Happened To Hot Tot?
After Megan left the pitch with a deal in the episode, Mark and she finished the contract and allergy testing for the product. Hot Tot is now hypoallergenic-certified! Megan has received numerous requests to distribute her product but has chosen to stick to her original plan of steady growth and distribution through high-end, luxury hair salons.
She was the first to market with high-end, child-friendly hair care products. As of January 2022, the company is still selling in salons and online on her website and Amazon. The business brings about $5 million annually.
The Rivals Of Hot Tot
Even while Hot Tot targets a particular age group within the hair care industry, it faces competition from companies like Fairy Tales and SOCOZY, which also provide products for kids’ hair.
Hot Tot Net Worth
During the pitch, the company was valued at $333,333; following Mark Cuban’s investment, the valuation was $187,500. Since then, the business has generated $5 million in annual revenues as of January 2022. This demonstrates why the company’s net worth increased.
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