Eric Child and Spencer Quinn pitched FiberFix on Shark Tank episode 509 on October 25, 2013. The FiberFix tape they invented is 100 times stronger than duct tape.
FiberFix can repair almost anything, from leaking pipes to broken bicycles. FiberFix, originally developed by Quinn and Childs, is a simple repair product that can be applied easily, like duct tape, and is as strong as epoxy – but without the mess.
Fiber Fix dries in minutes, is waterproof, resists cold and heat, is non-toxic, and is non-flammable. This product has the potential to change the way people repair things profoundly.
FiberFix has an “As Seen on TV” video that is now selling on Amazon. The product appears to be on the cusp of exploding in the market to deliver everything it promises.
Quinn and Childs are most likely seeking assistance from the Sharks with mass distribution and perhaps infomercial production.
What Is FiberFix?
FiberFix is a repair tape comprised of a proprietary resin blend and industrial fibers. It boasts a 100-fold strength advantage over duct tape.
You can use it to repair any type of pipe, broken shovel, broken hose, or even broken furniture.
To activate the resin, soak the strip in water for a few minutes. It will solidify in around five minutes.
Additionally, customers can sand and paint it if desired. “Now you can fix anything,” the tagline reads, but there is one caveat: you are not to touch it.
You must wear gloves because the substance is sticky and difficult to remove.
|Entrepreneur||Eric Child and Spencer Quinn|
|Product||Tapes made of heavy-duty fiber|
|Investment Asking For||$90,000 For 10% equity in FiberFix|
|Final Deal||$120,000 For 12% equity in FiberFix|
|Episode||Season 5 Episode 6|
|Business Status||In Business|
Who Is The Founder Of FiberFix?
Spencer Quinn And Eric Child are the founders and inventors of FiberFix.
FiberFix Before Shark Tank
You know that duct tape works like a miracle, right? Well, not exactly. Have you ever tried tying a water line, a steel bar supporting loads or a shovel handle with tape? The results will be less than impressive.
An overwhelming majority of adhesives available on the market are solely for cosmetic purposes or minor repairs. Such adhesives are not meant to withstand heavy forces.
You must use epoxy or another strong adhesive to fix something submerged in water or support the weight. These repairs are messy and need at least 24 hours to dry.
Fiber Fix is an innovative adhesive that combines the benefits of duct tape and industrial glue.
It combines the convenience of a tape roll with a highly durable adhesive that dries in just 10 minutes to form a bond as solid as steel.
A blend of industrial-strength fibers and resins are Fiber Fix’s secret ingredients. The resins activate when exposed to water, making them malleable when wet and extremely strong when dry.
Fiber Fix should be soaked in water, wrapped tightly around the repaired object, and allowed to dry for 10 to 15 minutes.
The bond is permanent once it has dried, and the previously shattered item can be used as normal.
Fiber Fix can also be sanded and painted. You may never know what caused it to break.
Fiber Fix is capable of handling both large and minor operations. Rolls are available in three sizes, from 1″ width by 40″ long to 4″ wide by 60″.
Fiber Fix produces UV-resistant patches ranging from 3″ to 8″, ideall for refinishing boat hulls and bathtubs.
The primary disadvantage of duct tape is that it is water-resistant. This makes it easy to remove duct tape with a little water.
FiberFix is an easy-to-make homemade solution for patching leaks and restoring broken items.
FiberFix is a product that is reportedly the next step toward an invention similar to duct tape, which we’re all familiar with, love, and use every day to fix things around the house.
How Was The Shark Tank Pitch Of FiberFix?
Spencer and Eric appeared on Shark Tank requesting an investment of $90,000 for a 10% stake in FiberFix.
The group instantly demonstrated FiberFix’s strength by shattering a cinder block with a hammer constructed from two by fours.
FibreFix was then described in detail, claiming that the “super tape” could repair things that couldn’t previously be repaired.
The Sharks received samples, and they were told that they had sold more than $100,000 in the previous months.
Fiber tape reinforces the brand-new resin. The company manufactures FiberFix for $2 a roll and sells it wholesale for $4 and retail for $7.99.
Furthermore, they just received approval to become a vendor for Home Depot. The Sharks are taken aback.
Mr. Wonderful offers to repay the $90,000 payment with 70 cents per unit until the money is repaid and 20 cents per unit after that.
Robert is scoffing at the offer and is willing to take $90,000 in exchange for 10% of a hardware distribution company owned by his best friend.
Spencer and Eric then reveal their contract with QVC. Daymond goes out due to a deal he has with HSN.
A few seconds later, Lori offers $250K for 18%, saying that QVC with her is more valuable. She also wants to develop an infomercial.
As Lori and Kevin argue, Robert asserts that most men shop in hardware stores, and Kevin asserts that any Shark can develop an infomercial.
Kevin says FiberFix is neither costume jewelry nor a sponge. Robert clarifies what is missing from his offer, adding a line of credit of $250K.
The men then enter the hall. While they are gone, Mark informs the other Sharks that the business is undervalued. Lori claims that ladies would purchase it for their husbands on QVC.
Lori is offered $120,000 for a 12-percent interest rate on the boys’ $2 million lines of credit. Lori shrugs, and Daymond frowns.
Mark tells them they’re blowing it and chastises them for undervaluing their business. He claims they made a strategic mistake, resulting in his departure.
They claim they were unaware of Kevin’s offer and inform Robert that they would prefer a greater line of credit.
Lori indicates that she would lend $120,000 at a rate of 12% but without specifying a line of credit.
Fiber Fix needs a credit line to finance purchasing orders. Robert believes they should first work in retail before moving on to infomercials and QVC, so he ventures out.
Lori agrees to pay $120,000 at a rate of 12% as long as she pays for all purchase orders. They complete the transaction with Lori.
What Happened To FiberFix After Shark Tank?
Spencer Quinn and Eric Child, the creators of FiberFix, pitched their business in 2013 on Shark Tank.
Robert Herjavec, Lori Greiner, and Kevin O’Leary approached them, and each offered.
There was some discussion in the Sharks about where and how it would be purchased – by women watching QVC or by men shopping in hardware stores.
A long and unpleasant negotiation ended with a request for a $2 million line of credit! – The founders struck an agreement with Greiner, who, by the way, refused to extend them a line of credit.
You can now purchase FiberFix at most Home Depot stores and on Amazon. The Fiber Fix product was presented to the QVC audience by Lori Greiner, and the product sold out immediately after its launch.
FiberFix Shark Tank Update
FiberFix has been extremely productive. The company set up a call center to obtain business from independent hardware stores, and it’s doing very well.
An updated interview with FiberFix founder Eric Child was conducted by Shark Tank, which will feature a section on FiberFix in episode 523.
Their warehouse and connection with Ace Hardware are highlighted in the update segment. Lori left this company in October 2018 when J-B Weld, the industry leader in DIY adhesives, acquired it for an undisclosed sum.
Almost every retailer will carry fiber Fix in upcoming years. More than 50,000 retailers are carrying them across the country, including Home Depot, True Value, Walmart, O’Reilly’s Auto Parts, Advance Auto Parts, Lowe’s, AutoZone, ACE, and Amazon.
Is FiberFix Still In Business?
FiberFix is still in business and doing great as of April 2022. FiberFix skyrocketed with $40 million in sales in the four years following its appearance on Shark Tank and Lori Greiner’s deal.
Currently, FiberFix is available worldwide at more than 10,000 outlets.