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Robert Herjavec may have drawn his money from cybersecurity, but the unusual investments he made in "Shark Tank" have also paid off.
Herjavec said the ugly sweater brand, Tipsy Elves, had been its biggest hit among all the companies and products in which it had invested since the beginning of the show.
"They were selling $ 600,000 worth of ugly Christmas sweaters online, I could not believe it," he told CNBC Make It about the company's initial talk on "Shark Tank" in December 2013. " Everyone came out, I went in. "
Tipsy Elves was founded by friends, Evan Mendelsohn and Nick Morton, in 2011. The ex-lawyer and dentist created the company after realizing that they were not wearing enough clothes holiday party they attended. Herjavec was impressed by his business acumen and pbadion for his product. He has invested $ 100,000 and holds 10% of the company's capital.
"I did not bet on the product, but on the guys," said Herjavec. "They have left these safe and comfortable jobs to sell ugly and ugly Christmas sweaters online – anyone crazy enough to do it must really believe in this idea."
Herjavec says that the key to any profitable business is not the strength of the product, but the strength of the entrepreneur.
"Give me a good entrepreneur and he can take a mediocre product and make it a great deal," said Herjavec. "A bad contractor can take a great product and run it in the ground."
Today, Tipsy Elves has made more than $ 100 million in retail sales, making it the most profitable investment in the market. It's an impressive course, but its co-stars have also been successful in their investments.
Investor Kevin O 'Leary, investor of "Shark Tank" in the meal delivery service, Plated, has generated the biggest returns from any company in the history of the series.
"Plated, one of my offers has been sold to Albertsons, the grocery chain, for $ 300 million.This is the biggest release in the history of" Shark Tank "," said O & # 39; Leary at CNBC Make It in October 2018.
O 'Leary called Nick Taranto and Josh Hix, founders of Plated, "a clbadic story of' Shark Tank '- excellent in terms of performance and marketing logistics. "
Like Herjavec, Daymond John has also been successful in investing in clothing, although selling socks. John has invested in the Bombas sports socks company. Their model – to give a pair for every pair sold – is part of what attracted John.
"First, the socks are amazing, they do not have seams on the front so you do not get stuck in your toe," he says. "The number two is that they give a pair to the homeless shelter, because one of their biggest challenges is caring for their feet."
Disclosure: CNBC holds the exclusive rights to off-grid cable of "Shark Tank".
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