Mike Sewell, the co-founder of the StepNpull, appeared on Shark Tank Season 12 Episode 19 to present the hands-free door opener known as StepNPull.
StepNpull is a door opener that you can operate with your foot. StepNpull safeguards you from harmful bacteria while using doors in public places.
You may be interested in the StepNPull Shark Tank update, given that it generated over $1.7 million in sales during March 2020 alone and secured an agreement with Kevin O’Leary on the Shark Tank show.
The hands-free door opener went through the following steps after being featured on “Shark Tank.”
What Is StepNpull?
StepNpull is a door opener that is a patented gadget and allows doors to be opened without the user needing to touch the door handle.
You can screw it in any door, even the bathroom door, using the L-shaped aluminum StepNPull device.
StepNpull has developed a foot-operated patented device that complies with ADA standards.
StepNpull may be mounted on any commercial latch-less door made of wood or metal, allowing users to pull open the door with their foot rather than the door handle.
The StepNpull gadget was developed to reduce the transmission of bacteria and viruses caused by the repeated touching of doorknobs in areas with high foot traffic.
StepNpull is a foot-operated, hands-free door opener that allows people to easily enter houses, stores, companies, bathrooms, or schools without touching a door handle with their hands or any other exposed areas of their bodies.
This makes the StepNpull an ideal solution for people with limited mobility or who cannot use their hands.
When a person opens a door with their foot instead of their hands, there is less chance of germs spreading from one person to another, which is a very important issue in the modern environment.
Also, it is helpful for people who, in other situations, may not be able to use both hands, like those carrying shopping bags.
StepNPull is widely available in various colors to suit the decor and is used in large establishments, such as airports, large businesses, and pretty much everywhere there is a toilet door.
|Product / Business||Door extension to open and close doors|
|Investment Asking For||$300,000 for 3% equity in StepNpull.|
|Final Deal||$300,000 for 6% equity in StepNpull.|
|Episode||Season 12 Episode 19|
|Business Status||In Business|
Who Is The Founder Of StepNpull?
Mike Sewell, Kelly Coddington, and Ron Ely are the founders of StepNPull.
StepNPull has been in business since 2007 and has been operating as a company for nearly 14 years.
They met each other when the same company employed them in telecommunications. The business continues to operate, and all three previous leaders maintain their positions on the board.
The product is currently thriving despite the epidemic that is currently taking place. This stems from the fact that numerous companies worldwide use it.
Mike came up with the idea for the business after observing that his coworkers would use paper towels to open restroom doors to escape them.
He despised that unnecessary paper was wasted, but he also thought it could provide him, Ron, and Kelly with the opportunity and concept for launching their own company, which they had discussed frequently.
Ron, who had experience in the construction industry, then took on designing a model created by Kelly.
The products were initially sold locally out of the garage, but their sales of large corporate brands quickly gained traction.
Within a few years, they sold their product worldwide, working with distribution partners and suppliers in every important country.
They believed that to propel the product to greater heights, they needed an investor with more knowledge, relationships, and access to larger resources.
Even though the company had been functional for over 13 years, it needed an investor, earning over $1 million in sales some months after the pandemic began.
StepNpull Before Shark Tank
Stepnpull.com reports that the story began in the early 1990s when Mike Sewell and Ron Ely teamed up with Kelly Coddington to work at a single telecommunications company. They became friends during this period.
They constantly observed the actions of other employees at the organization throughout their work.
Workers who open doors with paper towels rather than touching the handles are examples of this behavior. There was no place for paper towels to go, and waste was also created.
Kelly excels at design. She came up with the idea for the StepNpull and built the first model. Ron was involved in the construction process because he knew how to install the new device on the door.
How Was The Shark Tank Pitch Of StepNpull?
Mike Sewell, the founder of StepNpull, appeared on Shark Tank to pitch his business idea to the Sharks in the hope of gaining $300,000 in exchange for a 3% stake in StepNPull.
Mike and the other company founders have developed a hand-free door opener that lets users step on the device and pull the door open with their feet instead of needing to use their hands.
This measure’s purpose is to stop the spread of disease and make it easier for people who have their hands full to open doors.
Mike revealed that the recent COVID-19 outbreak has resulted in a significant increase in the volume of business for his company, and he needs the assistance of the sharks to keep up with the demand.
Mike informed everyone in March 2020, when the COVID-19 epidemic was at its peak, that StepNPull had accomplished sales of $1.7 million.
In addition, at the time of the pitch, their sales for the year had nearly reached $7 million. However, the company only sold a total of $35,000 worth of products in its first five years of operation, so the business hasn’t always been so successful.
The hands-free door opener now has a wholesale price of $29.95 and a manufacturing cost of $8 to $9.
Mike also disclosed that the majority of their sales (75 percent) were made directly to customers, resulting in a bigger profit margin.
Kevin O’Leary, Daymond John, and Lori Greiner were all sufficiently piqued to show interest.
Daymond offered $300,000 in exchange for a 12 percent stake, whereas Kevin made an identical offer for a 10 percent stake.
On the other hand, Lori’s arrangement was a little bit more involved. She offered $300,000 in exchange for 5 percent of the company’s equity and a royalty of $0.50 per share until $500,000 was repaid, then $0.20 per share forever after that.
After a few rounds of discussion, Mike agreed with Kevin O’Leary to get $300,000 in exchange for 6 percent ownership of StepNPull.
As a result, StepNpull’s founder was able to exit the Shark Tank with an investment deal from Kevin O’Leary.
Final Deal: Kevin O’Leary agreed to invest $300,000 for 6% equity in StepNpull.
What Happened To StepNpull After Shark Tank?
StepNPull began in a garage and initially made and distributed its components. The company had to expand when big companies like Coca-Cola, Facebook, Google, and Walmart showed interest in the product.
Several large organizations also sought to buy the device, so Lowe’s and Amazon, among other stores, approached Mike, Ron, and Kelly with the idea of stocking the device.
StepNPull expanded its wings by partnering with distributors in several countries, such as the United Kingdom, Australia, Hong Kong, Slovenia, and South Africa.
StepNPull’s sales didn’t begin to increase significantly until after the epidemic had reached full force.
The company racked up more sales in March of 2020 than it had ever achieved in its entire history.
The combination of that with coverage in the media caused the business to explode.
StepNPull was then forced to reevaluate its capacity, resulting in new distribution partnerships and hiring more staff at its headquarters in Springfield, Missouri.
To our great good fortune, the revenue growth rate has not slowed. It is only $29.95 to purchase a touch-free, foot-controlled door opener in various colors.
StepNPull also provides its customers with a No Touch Copper Key and a Cabinet Door Solution.
It is also important to highlight that in January 2021, Snapchat announced that the company had begun using hands-free versions of its goods in its offices.
StepNPull is ingenious, straightforward, and hygienic, and it almost has no drawbacks. StepNPull is used by organizations including NASA Langley Research Center, FedEx, Pacific Science Center, Smithsonian, and Harvard University.
StepNpull Shark Tank Update
The episode of StepNpull was aired in March of 2021. Furthermore, StepNpull founders shared that they were able to secure popular businesses such as Nike, Whole Foods, NASA, Pizza Hut, and many more after their appearance on Shark Tank.
Is StepNpull Still In Business?
StepNpull has been featured in every media, encouraging potential customers worldwide to connect with the company. Every one of the devices was crafted there before being packed up and sent on their way.
The three business owners eventually took their company global, at which point they saw a respectable increase in their supplementary income.
Then came the epidemic caused by the Covid-19 virus, described by Sewell as a “nuclear bomb” for their company.
StepNpull surpassed its all-time sales record in March 2020; during one month alone, the company sold more products than it had in the previous 13 years.
Yes, StepNpull is still in business as of 2022, with annual revenue of $1 million.
What Is the Net Worth of StepNpull?
The valuation of StepNpull, while it appeared on Shark Tank, was $10 million. However, with the increase in sales after the pandemic, the net worth of StepNpull appears to be between $15 and 20 million.