What Happened to Mad Optimist Soap After the Shark Tank Pitch?
What is Mad Optimist Soap?
The Mad Optimist is a vegan soap company based in Bloomington, Indiana, home to Indiana University.
They make eco-friendly soaps and body care products such as soap, lip balm, shaving cream, perfumes, and bath soaks.
Their USP (unique selling point) is that you can customize the size, shape, and scent of the products—aptly dubbed build your body care, which features a sliding scale of costs and inclusions.
Customers may do so on their website by following simple step-by-step instructions and spending between $7 and $14 for each product.
Additionally, they use all-natural, plant-based, and vegan-friendly ingredients.
Who are the Founders of Mad Optimist Soap?
The business was started in 2012 by Mohammed A. Mahdi, Mohammed M. Mahdi, and close friend Anthony Duncan.
All three graduated with degrees in political science (Mohammed A), psychology (Mohammed M), and linguistics (Mohammed M) from Indiana University (Anthony).
Additionally, all three worked in their hometown of Bloomington, Indiana. The three men remain listed as co-founders and executives on the firm’s website, and the company continues to operate from the same location.
The firm notion arose when all three founders were flatmates and realized that traditional soaps require animal fats to be manufactured.
This was in direct contrast with their fundamental principles as Muslims and vegans.
As a result, they began making soap at home with oils as the primary ingredient and eventually partnered with LPK, a rebranding agency.
Thus, the Mad Optimist was born, a moniker derived from a dedication to putting people and the environment ahead of profit.
They earned more than $800,000 in sales over a seven-year period by selling exclusively online and at farmers’ markets.
After quitting their jobs and subsisting on family contributions to avoid taking a salary, they recognized the need to expand to ensure the business’s long-term viability.
What Happened to Mad Optimist Soap After It Was Pitched on Shark Tank?
Mohammed, Mohammed, and Anthony appeared on Shark Tank Season 11 Episode 24 in search of $60,000 in exchange for a 10 percent stake in their firm. This indicates a worth of $600,000 for the business.
They discuss their origins and how they custom price and manufacture each bar of soap.
Kevin and Robert are unsatisfied with their situation. The business model, Kevin refers to as the “third hell.”
Additionally, sales are not especially solid. They sold $97,000 worth of merchandise last year, including $21,000 in unique pieces.
The entrepreneurs radiate a plethora of charming, vibrant energy, but they still have a long way to go,” guest Shark and Kind snacks CEO Daniel Lubetzky noted. “They are far too focused on their purpose, and as a result, the product’s visibility is obstructed.”
“I like your vitality, yet I am unable to despise your business. The free market does not incentivize good intentions; it incentivizes results,” Shark explains. Lori Greiner echoed Robert Herjavec’s sentiments.
The business model, Kevin refers to as the “third hell.”
The Sharks, with the exception of Mark, are unimpressed. Mark values the candour and believes it will result in repeat business. He offers the guys $60,000 in return for 20%, which they immediately accept.
What Happened to Mad Optimist Soap After the Shark Tank Pitch?
Mark’s deal was never finalized. On the day they originally aired, it was the Shia Muslim holiday of Ashura.
They donated the entire proceeds from the sale, which took place between 8 p.m. and 3 a.m. Eastern time, to “deserving organizations that combat social discrimination by assisting populations such as the homeless, refugees, and LGBT children.”
They are still in business as of November 2021, generating $1 million in annual revenue.
What is the Net Worth of Mad Optimist Soap?
The founders sought $60,000 for a 10% stake, valuing the company at $600,000, but accepted a $60,000 offer from Mark Cuban for a 20% stake, valuing the company at $300,000.
Who are the Competitors of Mad Optimist Soap?
The Mad Optimist Soap is in direct competition with Bare Anatomy, Function of Beauty, and Adorn Cosmetics.
Mad Optimist Soap FAQS
What is the purpose of Mad Optimist Soap?
Mad Optimist Soap is a vegan and cruelty-free soap that is infused with essential oils to create the most effective and aromatic soap available.
Who is the founder of Mad Optimist Soap?
Mohammed A. Mahdi, Mohammed M. Mahdi, and Anthony Duncan discovered the Mad Optimist Soap.
How much were they asking in the Shark Tank?
They were seeking $60,000 in exchange for 10% equity.
Did they get the deal?
They did secure a deal with Mark Cuban for $60,000 in exchange for 20% equity, but it never closed.
Is Mad Optimist Soap still in business?
As of November 2021, they generate $1 million in yearly income.
What happened to Mad Optimist after Shark Tank?
Following their very unforgettable experience, the entire scenario blew up on social media.
The Mad Optimist’s developers claimed a staggering $80,192.39 in sales in the one night after the Shark Tank episode’s premiere.
All funds will be donated to a deserving charity.
What are the strengths of Mad Optimist Soap?
Their strength lies in their vegan and cruelty-free products.
What are the weaknesses of Mad Optimist Soap?
Their downside may be a lack of sales, necessitating a significant increase in social media marketing investment.
Why is Mad Optimist Soap on Shark Tank?
The Mad Optimist founders sought $60,000 for 10% stock but took a $60,000 offer from Mark Cuban for 20% stake.
How are Mad Optimist Soap different from Bar Soap?
Their goods are cruelty-free, vegan, and made using essential oils.
How much does Mad Optimist Soap costs?
Customers might pay anything from $6 and $16.
How much is Mad Optimist worth?
The entrepreneurs contacted Shark Tank with a business valuation of $600,000 for their venture. When the founders accepted Mark Cuban’s final offer of 20% for $60,000, Mad Optimist’s valuation was essentially cut to $300,000.
Are they selling on Amazon?
The Mad Optimist is available for purchase on Amazon.
Where is Mad Optimist Soap located?
Three closest friends own and run The Mad Optimist, which is situated in Bloomington, Indiana.
Is the mad optimist profitable?
As a result, the Mad Optimist was formed, a title drawn from his commitment to placing people and the environment above profit.
They earned over $800,000 in sales over a seven-year period by selling entirely online and at farmers’ markets.
When was Mad Optimist Soap started?
Mohammed A. Mahdi, Mohammed M. Mahdi, and Anthony Duncan founded Mad Optimist soap.com in August 2012.
What other products are Mad Optimist Soap producing?
They manufacture soaps, lip balms, shaving creams, aromatherapy products, and bath soaks.