Le-Glue Accepts $80,000 from Kevin O’Leary
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Tripp Phillips entered The Shark Tank with his dad and sister to pitch his patented product, Le-Glue. The twelve-year-old developed the product with his dad to solve a major frustration he had with his favorite toy. When building with interlocking bricks, Tripp found that it was very easy to accidentally drop and destroy your creation.
After being given a school project where he was able to invent something new, Tripp and his dad worked tirelessly to find the best water-soluble adhesive to solve this common toy mishap. Tripp, one of the youngest patent holders in American history, is marketing Le-Glue as an adhesive solution designed for kids, by kids.
With a profitable business model and excellent margins, Kevin O’Leary offered Le-Glue $80,000 for a 25% stake in the company. Kevin has plans to connect Tripp with big box toy manufacturers which could help Tripp achieve his goal of having Le-Glue placed into all brick kits. Due to the terms of their agreement, Tripp would be responsible for conducting the business proposal and presenting Le-Glue while Mr. O’Leary would supply the agreed upon financial backing. This offer is contingent upon a deal being made between Le-Glue and big box manufacturers.
Le-Glue was also offered a deal from Daymond John for $80,000 and 25% stake in the company. This offer is not contingent upon the success of the toy manufacturer meetings. Although counter offers are put on the table, Tripp Phillips and Le-Glue ultimately made the decision to take Kevin O’Leary’s deal.
Le-Glue’s success and innovation was celebrated on social media as the episode aired:
Congratulations to Tripp Phillips – a student at Dalton Middle School – on making a great deal for his startup Le-Glue with [ad_2] on @ABCSharkTank! Georgia is proud of all your success and the future is very bright for this young entrepreneur! pic.twitter.com/oBTCZ4eDNR
— Casey Cagle (@CaseyCagle) October 8, 2018
#SharkTankSchoolSweepstakes An important business lesson I learned from tonight’s episode is no matter how young u are u can still have amazing and successful ideas. Just like Le-glue. And when opportunities don’t work out, they can still be successful -Kayla 13
— Kayla (@Kayla59350935) October 9, 2018
Wish I had that much of confidence as this kid on @ABCSharkTank in that age
Age 12, Company : Le-Glue, Confidence : 100% #SharkTank— Sumanth Nadadur (@sumanth93) October 8, 2018
It is nice to see young people on #SharkTank – both their drive to build a company (or an idea) and the parent’s willingness to support the idea. #LeGlue
— Chris Koens (@chriskoens) October 8, 2018
It takes a lot to impress so many judges, but Le-Glue did the trick! So what did The Sharks have to say?
Very cool to see impressive young entrepreneurs like Trip who have literally grown up watching #SharkTank now getting to live out their dream! #DecadeofDreams #SharkTank @ABCSharkTank
— Lori Greiner (@LoriGreiner) October 8, 2018
I love Tripp’s ambition! Kid might just have what it takes to be Mr. Wonderful Jr. in a few years. I want in on this one! @leglue4you @ABCSharkTank
— Kevin O’Leary (@kevinolearytv) October 8, 2018
Some of the best entrepreneurs don’t start with a passion. They simply recognize a problem and create a good solution, just like Trip. #leglue #SharkTank @ABCSharkTank
— Barbara Corcoran (@BarbaraCorcoran) October 8, 2018
“Great kid. Bad judge of character.” – @TheSharkDaymond
#SharkTank pic.twitter.com/c19mzt3tjW— Shark Tank (@ABCSharkTank) October 8, 2018
This guy reminds me of one of my first business mentors!! Who stuck a 40 year old CEO in this kid’s body? I’m impressed! @leglue4you @ABCSharkTank #SharkTank pic.twitter.com/2P4VXHUahr
— Kevin O’Leary (@kevinolearytv) October 8, 2018
Impressive confidence & cute sense of humor! #SharkTank @ABCSharkTank
— Lori Greiner (@LoriGreiner) October 8, 2018
For more information about Le-Glue’s deal with Kevin O’leary or to review key business take-a-ways, from “The Shark Tank,” check out this summation of the Shark Tank episode featuring Le-Glue. Shark Tank airs on Sundays at 10pm EST on ABC.
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