Aaron Krause Net Worth 2023
Scrub Daddy, the company founded by Aaron Krause, is estimated to have a net worth of $300 million USD, with an impressive annual sales revenue of $80 million. The product’s success on Shark Tank ranks it as the second most successful after Ring (Doorbot). Notably, Scrub Daddy stands as Lori Greiner’s most lucrative investment.
SIMILAR: George Farmer Net Worth 2023
Alongside the company’s success, Aaron Krause, the founder, has amassed a personal net worth of $75 million. Please note that these figures might have changed since my last update in September 2021, and for the most current information, it is advised to consult recent financial sources.
Table of Contents
Who is Aaron Krause?
Profile Summary
| Name: | Aaron Krause |
| Date of Birth: | February 1, 1969 |
| Age: | 54 Years |
| Height: | 6 ft (1.83m) |
| Weight: | 63 kg (138 lbs) |
| Eye Color: | Black |
| Gender: | Male |
| Father: | Robert Krause |
| Mother: | Not Available |
| Siblings: | Not Available |
| Wife: | Stephanie Krause |
| Children: | Not Available |
| Place of Birth: | Wynnewood, Pennsylvania, U.S. |
| Education: | Syracuse University |
| Profession: | Entrepreneur, Businessperson |
| Nationality: | United States of America |
| Zodiac Sign: | Gemini |
| Religion: | Christian |
| Net Worth: | $170 Million |
Early Life
Aaron Krause, the CEO of Scrub Daddy, was born on February 1, 1969, and grew up in Wynnewood, Pennsylvania.
From a young age, Krause displayed a natural curiosity, always seeking to explore and invest in various ventures.
Born to a pediatrician mother and a cardiac surgeon father, Krause was exposed to a wealth of knowledge in the field of human science.
Driven by a desire to understand more than just the superficial aspects of the human body, he pursued a degree in psychology at Syracuse University.
During his time at the university, he gained valuable insights into how psychology intersects with business success, a knowledge base that he credits for his substantial achievements.
career
After completing his college education, Krause gained experience across various roles, including working as a chemical engineer at Rohm and Haas, a specialist in specialty chemicals. Despite his professional endeavors, his entrepreneurial drive remained fervent, consistently propelling him to explore opportunities for starting his own ventures. In 2006, he embarked on his inaugural entrepreneurial journey by establishing the Scrub Daddy Company, an enterprise that would eventually house his most renowned creation.
With a run spanning fourteen seasons, Shark Tank has established itself as a longstanding television show. Since its debut in 2009, the program has welcomed numerous inventors who have achieved remarkable success. While Bombas might hold the record for the highest net profit in the show’s history with $225 million in cumulative sales, it’s worth noting that Scrub Daddy and its inventor Aaron Krause are not far behind in terms of their impressive achievements.
Scrub Daddy Origins
Before founding Scrub Daddy, Aaron Krause ran an international buffing pad and car detailing company, which he started after graduating from Syracuse University. His hands were constantly covered in grime from repairing machinery, leading him to use the abrasive lotion GOJO for cleaning. With over a decade of experience in making urethane foam buffing pads, Krause saw an opportunity to create a more convenient way to clean his hands.
In 2007, he invented and patented a grooved polymer foam hand scrubber with two holes punched out of the center. Initially, the product faced resistance, as some perceived it as unnecessary and costly, leading Krause to put the project on hold and store the scrubbers in his garage. Later, his buffing pad company was acquired by the multinational conglomerate 3M.
In 2011, Krause rediscovered the foam scrubbers in his garage and decided to use them to clean his lawn furniture and dishes. Impressed by how effectively and gently they cleaned without causing scratches, he realized the potential of the product. To make it more marketable, Krause added a smiling mouth to the scrubbers, creating an opportunity for another patent.
He launched a grassroots marketing campaign that gained attention when an article about his product was published in the Philadelphia Inquirer. This exposure caught the eye of an independent broker, who facilitated getting the product on QVC. In 2012, Scrub Daddy was officially established and went on to be featured on several QVC shows, solidifying its success.
Scrub Daddy Was Born
Lori Greiner, one of the investors on the Shark Tank panel, was captivated by Krause’s groundbreaking invention. She recognized the potential for success in the innovative sponge that transformed from a hard texture in cold water to a soft one in hot water.
Instead of accepting the initial offer of a 10% stake in the company for a $100 thousand investment, Lori made an even more enticing proposition by offering double the amount, providing Aaron with $200 thousand in funding. With this financial boost, Aaron was able to manufacture a substantial number of his sponges, making them available in retail shops and selling them online.
In an impressive span of just four years, Scrub Daddy’s sponges generated an astounding $110 million in retail sales, solidifying the company’s immense success in the market.
Success and growth of Scrub Daddy
After its debut on the television show “Shark Tank,” Scrub Daddy has achieved widespread recognition, selling more than 20 million sponges. The company’s range of offerings has grown to encompass various cleaning products, including the Scrub Mommy and the Scrub Daddy Heavy Duty. By 2019, the company had generated an impressive revenue of $209 million, solidifying its position as one of the most prosperous ventures ever featured on “Shark Tank.”
A significant takeaway from Aaron Krause’s achievement underscores the value of persistence. Following his initial setback at the trade show, Krause persevered, refining his product until he successfully obtained funding and gained visibility on “Shark Tank.” Another valuable lesson is the significance of heeding feedback and consistently enhancing one’s product. Krause’s business expansion has been fueled by his attentiveness to customer input and his commitment to refining his offerings in response to their suggestions.
Net Worth 2023
Aaron Krause, a successful entrepreneur, and inventor, has achieved a remarkable net worth of $100 million. He is best recognized as the visionary behind Scrub Daddy, a prominent cleaning product company. The company gained immense popularity in 2012 when it was showcased on the reality television show “Shark Tank.” During that episode, Lori Greiner invested in the company, securing a 20% equity stake in the business. Since then, Scrub Daddy has flourished into a multimillion-dollar enterprise, with its products widely available in retail stores throughout the country. Notably, the company holds a record for achieving the highest revenue of any product ever pitched on “Shark Tank.”
Frequently Asked Questions (FAQs)
What Are Products That Scrub Daddy Offers?
The company offers a myriad of cleaning products, including the original sponge with multiple colors. It also has scouring, erasers, special editions, accessories, and organization products for your sponges.
What Is the Net Worth of Scrub Daddy’s Company?
The company itself has a much higher net worth than Aaron, reaching $250 million.
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