Sofia Overton is a young entrepreneur who created Wise Pocket, a line of socks and leggings with pockets to hold phones and other essentials. She pitched her idea on Shark Tank in 2020, when she was only 14 years old and secured a deal with Lori Greiner and Daymond John. Since then, her business has grown significantly, and has also made a positive social impact by donating socks to children’s shelters. In this article, we will look at how Wise Pocket started, how it works, and its net worth for 2023.
How Wise Pocket Started
The idea for Wise Pocket came to Sofia when she saw her cousin struggling to put her phone in her boots because she had no pockets in her leggings. Sofia tried the same thing and found it uncomfortable and inconvenient. She decided to design a pair of socks with a built-in pocket to solve this problem. She used her sewing skills and fabric scraps to make her prototype. She then launched a crowdfunding campaign on IndieGoGo and raised $10,000 to start her business. She also invested $10,000 from her personal savings and previous business competitions. She named her product Wise Pocket, inspired by the owl logo she drew herself.
How Wise Pocket Works
Wise Pocket is a simple but innovative product that allows users to conveniently store and access their phones, keys, wallets, epi-pens, or other items in their socks or leggings. The pocket is near the top of the sock or legging and has a zipper closure to keep the items secure. The pocket is also large enough to fit most smartphones and devices. The socks and leggings are made of high-quality materials that are comfortable, durable, and breathable. They come in different sizes, colors, and designs to suit different preferences and styles. Wise Pocket also has a social mission: for every pair of socks sold, another pair is donated to a child in need at one of the 25 shelters that Wise Pocket partners with.
What Wise Pocket’s Net Worth Is for 2023
Wise Pocket has been doing well in the market since its appearance on Shark Tank. According to Shark Tank Success1, Sofia sold $16,000 worth of socks before the show aired. After the show, she received a $35,000 investment from Lori and Daymond in exchange for 25% equity in her company. She also expanded her product line to include leggings with pockets and new designs for the socks. She also increased her online presence and distribution channels by selling her products on Amazon2 and other major online stores3. According to Rolism3, Wise Pocket’s net worth is estimated to be $20 million for 2023. This is based on the projected sales growth, profit margin, valuation multiple, and equity stake of the company.
Wise Pocket is an example of how a young entrepreneur can turn a simple idea into a successful business with creativity, passion, and hard work. Sofia Overton has shown that age is not a barrier to innovation and entrepreneurship. She has also demonstrated that business can be a force for good by giving back to the community and helping those in need. Wise Pocket is an intelligent solution for a common problem and a wise investment for the future.