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How Did Lori Greiner Get Rich?

 

Known as The Warm Blooded Shark, Lori Greiner has made her mark as one of the savvy investors on ABC’s Shark Tank. The Chicago native that originally planned on being a playwright, has amassed a net worth of over $100 million as an inventor, entrepreneur, and investor. 

Shark Tank is a reality television series that premiered on ABC in 2009. The show’s premise shows entrepreneurs making business presentations to a panel of five investors or “sharks,” who decide whether to invest in their company.

The show has become widely popular not only because of the concept but due to the winning combination of personalities such as the money-loving venture capitalist Kevin O’Leary and the outspoken billionaire owner of the Dallas Mavericks, Mark Cuban. The show regularly attracts more than 3 million viewers per episode and has won 4 Emmy Awards.

Lori Greiner is one of two regular female panelists and has gained a reputation as the “nice shark”. But her pleasant personality never conflicts with her ability to make shrewd business decisions. She is multi-talented, creative, and possesses a high business IQ. She has a 90% success rate on new items launched. But have you ever wondered how, exactly, Lori Greiner made her money? 

How Lori Greiner Made Her Money

During the mid-’90s, after a short time as a writer for the Chicago Tribune, Lori was able to get a $300,000 loan to help her first product succeed. Lori’s first product was a plastic organizer that could organize at least 100 earrings. 

The earrings organizer became a huge hit and made Greiner her first million. Greiner sold the product at JCPenney, Home Shopping Network, and other channels. Within three years, the business was making more than $10 million.

She has since gone on to develop over 1,000 products for men and women and is a holder of 120 patents both in the US and abroad for her accessory, organization, and kitchen products.

Lori’s Gold & Silver Safekeeper Jewelry Cabinet

One of her products is the Gold & Silver Safekeeper Jewelry Cabinet. This genius invention is a wall mount dressing mirror conveniently opened to reveal a jewelry organizer, full of storage options that can hold up to 350 pieces. She also has her own line of Shark Tank sunglasses as well as several other fashion accessories that are sold on QVC, in stores and online.

Grenier took her knowledge of turning inventions into million-dollar businesses and wrote a book called Invent It, Sell It, Bank It!. The book is a National Best Seller, was named one of the top 10 business books by Amazon.com, and made Wall Street Journal’s top business books of 2014.

 

Lori Greiner’s Biggest Shark Tank Successes

Greiner continues her streak of finding great ideas and turning them into million-dollar businesses as a panelist on ABC’s Shark Tank. On top of the $50,000 per episode that she reportedly earns. She makes good use of her time on the show to invest in businesses that have the potential to be great.

Of all of the products that have been invested in on Shark Tank, Greiner can boast about her ability to spot a winning idea.  Of the top 20 most successful companies on Shark Tank, Lori Greiner has invested in 10 of them. Here are some of the biggest successes Greiner has had on the show.

 

Scrub Daddy

During Season 4, Lori Greiner invested in a reusable sponge in the shape of a smiling face that gets firm in cold water and soft in warm water. Inventor Aaron Krause seemed to be having difficulty gaining traction with Scrub Daddy despite its potential. As of his Shark Tank appearance, he was only able to gross no more than $100,000.

The product, however, seemed to be a perfect match for the Queen of QVC as Greiner offered a 20% stake in the company for $200,000. The rest is history. Lori was also able to get the product into retailers like Bed Bath and Beyond as well as many other retailers.  

Scrub Daddy is now available in over 30,000 retail stores, is sold in 17 countries, and has grossed over $400 million. It is regarded as the most successful deal ever made on Shark Tank. 

 

Readerest

In Season 3, Lori invested in the company that solved the problem of missing and scratched glasses. After habitually losing and damaging his glasses, Rick Hopper began using paperclips and magnets to keep his glasses protected. He later developed a prototype product, bought a patent, and started displaying his invention at tradeshows.

Essentially giving Lori the entire company, Hopper agreed to accept $150,000 for 65% of his company. However, it seems to be paying off as the company has grossed more than $8 million in sales. Readerest is a popular item on QVC and is often sold out.

 

Squatty Potty

Bobby Edwards was successfully able to pitch his company Squatty Potty to the sharks and land $350,000 in investment capital from Griener and fellow shark Kevin O’Leary. Squatty Potty is a bathroom aide that helps people go while in a squat position. Edwards gave up 10% of his company for a deal with the 2 sharks and it looks like it was worth it.

Within 3 months of the episode airing, the product went on to make $12 million in sales. The company has also made an agreement with Bed Bath and Beyond and can now be found in 11,000 stores. The company has reportedly made over $30 million in revenue.

 

Conclusion

Lori Grenier is driven, accomplished, creative, and has a real talent for turning entrepreneurs into millionaires. She continues to find and invest in people and products she believes in and is an inspiration to anyone who has an idea and the will to succeed.

Thomas Martin
Tom is a member of the Editorial Team at StartUp Mindset. He has over 6 years of experience with writing on business, entrepreneurship, and other topics. He mainly focuses on online businesses, digital publishing, marketing and eCommerce startups.

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Tom is a member of the Editorial Team at StartUp Mindset. He has over 6 years of experience with writing on business, entrepreneurship, and other topics. He mainly focuses on online businesses, digital publishing, marketing and eCommerce startups.

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