Fiber Fix Net Worth – FiberFix is a type of repair tape that is made up of a one-of-a-kind combination of resin and industrial fibre. According to the manufacturer, it has a strength that is one hundred times more than that of duct tape.
Simply soaking a strip in water will activate the adhesive, and then you may wrap it around a broken pipe, a broken shovel or rake, a cracked water hose, or even damaged furniture. This can be done in a matter of seconds.
It takes around five minutes for the substance to completely solidify. Customers also have the option to sand it down and paint it if they so desire. The ad claims that “now you can mend anything,” but there is a catch: you are not allowed to touch anything. Wear gloves if you want to avoid getting it on your hands because it’s sticky and difficult to remove.
The idea for a tape that “hardens like steel” came to FiberFix developer Spencer Quinn, a student at Brigham Young University, after a normal doctor’s appointment. The doctor told him how, instead of duct tape, he once used medical casting tape to temporarily fix his ATV. Quinn’s experience inspired him to create a tape that “hardens like steel.”
Who was the first person to create the FiberFix Tape?
FiberFix was initially established by Eric Child and Spencer Quinn. FiberFix was designed by Quinn and Childs to be an easy-to-use repair product that was just as strong as the hardest epoxy without the mess that comes along with it. FiberFix is comparable to the ease of use of duct tape.
Fiber Fix is safe, non-toxic, resistant to extreme temperatures, and water. It also has a fast drying time. It is a product that will fundamentally change the method in which individuals repair things.
“Once the FiberFix is applied, it sets fast and hard in seconds, making repairs fast and easy,” it says in the promotional materials.
The instructions on the box state that the cure will be complete in “about five minutes.” According to an estimate provided by Quinn, a single strip of tape is capable of covering an area that is at least two square metres in size.
You can construct very durable repairs with just one strip of this tape, even in places where, when using regular duct tape, you typically wouldn’t be able to reach. With this tape, you can fix just about anything.
The film “FiberFix Seen on TV” is now available to watch online at Amazon.com. This seems to be a product that has a good chance of becoming successful in the market, provided that it lives up to its claims.
Over the course of the past seven years, Lori Greiner and her team have established a business that is extremely profitable. Over 40 million rolls of their product, FiberFix Repair Wrap, have been sold in retail, and it can be purchased at Starbucks locations around the country. Additionally, it has been made available in over sixteen thousand different retail places. The product offered by this company is a replacement for duct tape that is one hundred percent more durable than the industry standard, which is duct tape. In spite of the fact that FiberFix is a straightforward repair wrap, the company’s founders have already been inundated with requests to sell the product on QVC as well as on Amazon.
During their appearance on “Shark Tank,” Eric and Mark Carter provided an explanation of how FiberFix operates and the reasons why it is an innovative solution. They have sold more than one hundred thousand pieces in just a few short months, which leads them to feel that it is worth more than Roberts’ assessment. The business offers a remarkable product that is versatile in that it may be utilised either indoors or outdoors and for a wide variety of maintenance and fixing tasks. If this were to be sold to a greater number of individuals, the value of the company would be greater than $300 million.
FiberFix, in contrast to duct tape, can be applied to virtually any surface and is water resistant. Everything from broken bicycles to leaking pipes may be fixed with this tool. Because it is so adaptable, it may be crafted at home with the assistance of elements that are found in most homes. Additionally, it is simple to employ. Since the show’s debut in 2015, the owners of the company, Spencer Quinn and Eric Child, have been using the platform of Shark Tank to present their idea to potential investors.
On the episode 509 of “Shark Tank,” which aired on October 25, 2013, Spencer Quinn and Eric Child pitched FiberFix. Both Quinn and Childs were looking for a Shark that could help them with wide distribution and even even the production of infomercials.
When Spencer and Eric presented their business idea on the show “Shark Tank,” they asked for $90,000 in exchange for a 10 percent ownership in their company, which was valued at $900,000.
They quickly demonstrated the efficacy of Fiber Fix by smashing a cinder block with a hammer made out of two by fours.
They went on to describe all of the different applications for FiberFix, claiming that the “super tape” enables people to repair things that were previously impossible to repair.
They provided the Sharks with samples and assured them that their sales in the prior several months were over one hundred thousand dollars.
This is a brand-new product that has been improved by the addition of fibre tape. Each roll costs $2, buying it wholesale costs $4, and buying it retail will set you back $7.99. In addition to that, they have recently become a seller with Home Depot. The Sharks are driven away by the wind.
Mr. Wonderful offers an offer that consists of $90,000 upfront along with a royalty payment of $0.70 per unit for as long as it takes to repay the $90,000 and $0.20 per unit thereafter.
Robert declines the offer and instead states that he is willing to take $90,000 in exchange for a ten percent equity in in a hardware distribution company that is run by his best friend.
After that, Spencer and Eric announce that they have secured a contract with QVC. Daymond had to go out since he has an agreement with HSN. After that, Lori makes an offer of $250,000 for an 18 percent stock share, arguing that QVC is more valuable with her involved.
In addition to that, she wants to produce an infomercial. Robert asserts that the majority of males shop at hardware stores, while Kevin asserts that any Shark can make an infomercial. This occurs when Lori and Kevin dispute with one another.
Kevin insists that FiberFix is neither imitation jewellery nor a sponge of any kind. Robert is concerned that something is lacking from his offer, so he modifies it to include a line of credit for the amount of $250,000.
After then, the men went forward and entered the hall. Mark uses their absence to warn the remaining Sharks that the company is being sold at an unfair price. Lori asserts that ladies would purchase it for their husbands on QVC even if they didn’t want it for themselves.
The boys make a new offer to Lori, which is $120,000 in exchange for a 12 percent stake and a line of credit for $2 million. Daymond gives Lori a knowing smirk while rolling his eyes. Mark chastises them for underpricing their company and informs them that they are squandering their time by doing so.
He believes that they made a mistake in their strategic planning, which is the reason why he is leaving the company. They tell Robert that they did not look into Kevin’s offer and that they would prefer a higher line of credit. They also indicate that they did not look into Kevin’s offer. Lori claims that she would be willing to invest $120,000 in exchange for a 12% equity stake, but she has no interest in a specific line of credit.
FiberFix requires the credit line in order to be able to finance their purchase orders. Robert ventures out because he is of the opinion that they ought to have worked in retail first before appearing on infomercials and QVC.