What Happened to Hot Tot After Shark Tank?
What is Hot Tot?
Hot Tot is the most current creation in specialist hair care. It is a collection of hairdressing marks. Created to handle the unique structure of children’s strands. Hot Tot encourages fashion by introducing a new generation to professional hair products.
Megan Gage began her professional career as a Social Worker in Denver, Colorado.
She had a master’s degree in clinical social work and had achieved much in her job, but with the birth of her second child, Christian, she didn’t want to miss out on his early years of development and chose to be a stay-at-home parent.
She started experimenting with lotions and ultimately developed her own combination of baby lotion and pomade to give Christian cool-looking curls. It didn’t take long for other parents to start asking her where she could get the same style lotion she did.
Who is the founder of Hot Tot?
Megan Gage founded Hot Tot in Colorado in 2010 after becoming concerned about the use of harmful chemicals and artificial scents in the majority of children’s hair care products on the market.
Similarly, Megan became aware of media coverage of children’s hair care products, which revealed that many of them, including numerous well-known brand names, included harmful ingredients.
Because to labeling restrictions, substances such as formaldehyde, which may be hazardous in the long term, were not required to be stated on the labels of such things.
Encouraged by her husband, she began to look into the potential of developing her own non-toxic product.
In 2011, she approached a private label manufacturer in Canada and requested that a small trial run of her newly designed product, Hot Tot, be built.
She started her company with only $40,000 and operated it from home with little expenses, even developing her own company logo in Photoshop.
Megan began sending out press releases immediately and had some instant and positive responses, including an inquiry from the hugely prominent Pregnancy and Newborn magazine within 12 hours of the first release.
Hot Tot was published in the magazine in August 2011, along with photographs of Christian; another article appeared in a parenting magazine in March 2012.
What Happened to Hot Tot’s Shark Tank pitch?
Megan Gage, a Hot Tot entrepreneur, brings her children’s hair care products to the Shark Tank in Season 4 Episode 12, looking for a Shark to help her with scaling and distribution.
Megan entered the Shark Tank with a new (15-month-old) company and $20,000 in sales. She was seeking for $50,000 in exchange for a 15% ownership in her firm, which was worth $333,333.
She promises the Sharks that her product is better than any other children’s hair care product on the market.
Kevin feels that no one cares about children’s hair care (and that he should not be giving hair care advice), thus he went out.
Lori dislikes packing and thinks it’s too early; she also goes out. Mark admires Megan and her invention; he offers $75,000 for 40% equity in the company and suggests that the first step be testing to ensure that the product is labeled hypoallergenic.
Robert also exits because he was unable to match Mark’s offer. Daymond claims that his closeness to Paul Mitchell makes him a better partner, yet he also goes out.
Megan seals the deal with Mark and seems ecstatic, leaving the pitch with a deal.
What Happened to Hot Tot After Shark Tank?
Megan and Mark closed the deal and conducted allergy testing for the product after Megan left the pitch with a deal during the episode.
Hot Tot has received hypoallergenic certification! Many people have approached Megan about marketing her product, but she has opted to stick to her original strategy of gradual development and distribution through top-tier, premium hair salons. She created a completely new category: high-end, kid-friendly hair care products.
As of January 2022, the firm is still selling in salons and online on her website and Amazon. The company’s annual revenue is $5 million.
Hot Tot’s Competitors
Despite the fact that Hot Tot caters to a specific age group in the hair care industry, it competes with companies like Fairy Tales and SOCOZY, who also provide products for children’s hair.
Hot Tot’s Net Worth
During the pitch, the firm was valued at $333,333; following Mark Cuban’s investment, the company was valued at $187,500. Since then, the firm has had yearly sales of $5 million as of January 2022.
Hot Tot FAQs
What type of products do they offer?
Hot Tot, a children’s hair care line, currently offers four different products: 1) Curly Hair Shampoo, 2) Kids Moisturizing Conditioner, 3) Kids Styling Cream and 4) Kids Body Wash.
How much does Hot Tot cost?
Each bottle of the shampoo, conditioner or cream is priced at $12.99 for 8 ounces in the US; this price may vary according to factors such as location and quantity.
What makes these products better than the competition?
Hot Tot’s products are hypoallergenic since they do not contain any silicone, chlorine or parabens. The shampoo and conditioner contain natural oils that can be absorbed by the hair and work to nourish it; the styler moisturizes hair without weighing it down.
The body wash is oil-free, which means that it can be used on children with greater ease.
Where can it be purchased?
It is available on Hot Tot’s website, as well as on Amazon.com. The company has also partnered with some prestigious retailers such as Whole Foods, GNC, and other independent retail outlets in 2012.
What is Hot Tot made of?
Hot Tot products are made of various ingredients, some of which include: olive oil, coconut oil, and Shea butter for the curly hair shampoo; jojoba oil for the moisturizing conditioner; and vegetable glycerin, Babassu Oil and Shea Butter for the styling cream.
What is Hot Tot’s best product?
The Curly Hair Shampoo is probably the best product in its collection because it is formulated specifically to address issues that children having curly hair may have with their scalp.
What is the biggest competition Hot Tot faces?
Hot Tot’s biggest competition is SOCOZY, a competitor in the same market with similar products and packaging.
What is Hot Tot’s marketing strategy?
The firm has developed a four-step marketing plan that aims to ensure that children are introduced to its products at an early age and continue using them as they grow older: 1) Branding – The firm ensures that what appeals to children on a personal level will appeal to their parents as well.
Is Hot Tot safe to use by kids?
The products are moderately safe, since they do not contain any harmful chemicals such as parabens or sodium laurel sulfate.
What is Hot Tot return policy?
Customers are allowed to return or exchange their purchases if they are not satisfied with the quality of their purchase. If they want to make a return, they must do it within 30 days of their receipt and in original condition.
What is the shipping period of Hot Tot?
The products are shipped worldwide, but the shipping period of each item varies from two days to three weeks. The shipping period is also dependent on the location of the customer.
How do I make payment to Hot Tot?
They accept payment through personal checks or online banking as well as PayPal. Do not forget to make their payment within 3-5 working days of receipt to ensure that their order gets processed on time.