A young entrepreneur received an $80,000 investment on TV’s Shark Tank, in his non-permanent glue that is designed to help hold LEGO models together.
Shark Tank, the US television series that is similar to the UK series Dragons’ Den, saw a 12 year old child walk away with an $80,000 investment in his business. Tripp Philips invented Le-Glue, a non-permanent glue that can temporarily hold LEGO bricks together. The product is used to glue the bricks together, then dissolves in warm water within 30 seconds, allowing the bricks to separate.
According to CNBC, he impressed judges with getting a patent at the age of 10 years old. “My patent attorney told me that I was one of the youngest patent holders in U.S. history,” Tripp said in the episode.
The young builder hoped to get an $80,000 investment for 15 percent of the company. Kevin O’Leary offered $80,000 for 50% of licensing until that $80,000 was recouped. After that point, O’Leary would drop to a 20% stake. “I’ll go make those calls for you, but you’re going to have to come with me to pitch it to the CEO,” he said to the child. “You’re going to have to put on a black suit and tie just like me.”
Although there was competition from Daymond John, Tripp went with O’Leary’s offer.
After the episode aired on Sunday evening, Le-Glue had 2,000 orders through the company’s website by Monday morning.
LEGO sets are available to buy at shop.LEGO.com.