Legos permit children to construct cool issues and develop their creativity. However, these tiny bricks can turn into fragile whereas constructing a big masterpiece. 12-yr-outdated Tripp Phillips made an answer for this by creating Le-Glue, a water-soluble glue that may strengthen lego creations. Tripp and his dad pitched the product on Shark Tank and bought a cope with Kevin O’Leary. As of 2024, Le-Glue is value an estimated $1.6 million.
About the Founder
Tripp Phillips and his household reside in Dalton, Georgia. Like many younger entrepreneurs which have gone on Shark Tank, his startup story began when he was tasked with making an invention at school.
In the third grade, Tripp’s trainer made him select between writing a paper or making it. He picked the latter, and his dad suggested that he should first determine an issue, then make an answer for it.
When the younger man went house, he performed along with his lego airplane, and its wings stored falling down. At that second, Tripp had the concept to make a particular glue for legos. After listening to about it, Lee Phillips believed his son’s concept was sensible.
Founding the Company
The father-and-son duo bought assist from a pal who labored for 3M. Because Lee is a lab director, that they had the instruments to make an adhesive that’s robust however non permanent. It may dissolve in water in the event that they need to rearrange their lego units.
With this, Le-Glue was created in 2015. At age ten, Tripp grew to become one of many youngest patent holders in America. His invention additionally gained first place within the International Torrance Legacy contest.
Lee invested $1,000 to kickstart the enterprise and raised over $3,300 by means of a Kickstarter marketing campaign. The startup ended up making $125,000 in three years with the vast majority of gross sales coming from its web site.
Shark Tank Appearance
Because he’s a fan of Shark Tank, Tripp Phillips at all times wished to characteristic on the present. In 2018, he lastly bought his probability to pitch Le-Glue along with his father. They appeared on season ten of the present, looking for $80,000 for a 15% fairness stake.
They introduced alongside Tripp’s sister, Allie, to assist with the demonstration. Tripp handed out selfmade samples of Sharks they created. The Sharks admired the child’s entrepreneurial drive and have been impressed with the revenue margins. Tripp’s principal aim was to associate with a big brick producer.
Kevin O’Leary was the primary to make a proposal nevertheless it was contingent on securing a licensing deal. He supplied $80,000 for 50% of the licensing income till he recovers his cash then the fairness will drop to twenty%. Based on Kevin’s historical past, this can be a honest proposal!
Guest Shark, Jamie Siminoff felt like he couldn’t match the supply and dropped out. Daymond John additionally made a proposal with none clauses however the Phillips went with Mr. Wonderful regardless of no assurances.
After Shark Tank
Tripp and Lee instantly began engaged on the licensing cope with Kevin after Shark Tank. A yr after the Le-Glue episode aired, the corporate made greater than $500,000 in income. In an interview with starterstory.com, Tripp revealed the enterprise was making round $18,000 per 30 days. He additionally shared, they’ve distribution within the UK, South Africa and China.
The non permanent glue is now obtainable on Amazon, Walmart, Learning Express, and varied impartial toy shops. The firm started manufacturing hand sanitizers in 2020 to assist regional communities in preventing the pandemic.
On Amazon, Le-Glue has a mean evaluate score of three.9 from over 1,100 opinions. In the long run, they’re planning to increase into new areas resembling Australia and Canada. Currently, the enterprise is valued at an estimated $1.6 million.
