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.
Mark Cuban is curious about how the company plans to cover the cost of the infomercials. According to him, they grossly undervalued the product, and they are well aware of this fact. Mark is eliminated from the competition because he believes that they made a tactical error.
Daymond John has informed them that they can do without him if they have already made a commitment to QVC.
Kevin O’Leary is offering $90,000 for $.70 per share until he receives the whole amount, after which the price will drop to $.20 per share forever.
Kevin claims that if you have a Shark, you can get into any infomercial. They let Kevin know that they did not take his deal into consideration.
The discount that Lori Greiner is offering is 18% of $250,000. She is of the opinion that the infomercial business is the proper market for them, and she is right; they do need the right market. She also claims that her presence at QVC makes the company more powerful.
Spencer Quinn And Eric Child comes back with a counter offer, this time requesting $120,000 for 12% and a line of credit for $2 million. Although Lori won’t extend them a line of credit, she will pay for the items they order from her.
On racing weekends, Robert Herjavec became his most important customer, and now he is giving $90,000 for a 10% stake in the business.
One of his closest pals is the CEO of a hardware company that is worth $16 billion. He is stating that they want a thousand different places.
Robert tells them that they need money for both the development of the company as well as the inventory of their products. He proposes to make available to them a credit line in the amount of $ 250,000.
Spencer Quinn And Eric Child responded to Robert by stating that they require a line of credit for two million dollars.
Robert inquires as to whether or not they are interested in doing infomercials, and they respond in the affirmative. Robert is leaving because he is of the opinion that they should expand into retail.
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 popularity and sales skyrocketed after its appearance on Shark Tank TV Show. The founders of FiberFix were overwhelmed with the response it got from customers and even the deal from Lori Greiner.
FiberFix 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.
Lori left FiberFix 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. You can purchase FiberFix in almost every supermarket and departmental store.
Is FiberFix Still In Business?
FiberFix is still in business and doing great as of 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.
What Is the Net Worth of FiberFix?
The valuation of FiberFix was $900,000 when it appeared on Shark Tank. The net worth of FiberFix is unknown as of 2022 since the company was acquired by J-B Weld in 2018.