What is Aaron Krause's Net Worth?
Aaron Krause is an entrepreneur and inventor who has a net worth of $100 million. Aaron Krause is best known for founding the cleaning product company Scrub Daddy. The company gained widespread recognition in 2012 after it was featured in an episode of the reality television show "Shark Tank," in which Lori Greiner made a 20% equity stake deal with Krause. Scrub Daddy went on to become a multimillion-dollar business with its products sold in retail stores across the country, consequently setting a record for the highest revenue of any product successfully pitched on "Shark Tank."
Early Life and Education
Aaron Krause was born on February 1, 1969 in Wynnewood, Pennsylvania to two doctor parents. For his higher education, he went to Syracuse University, from which he earned his Bachelor of Science degree in psychology in 1992.
Scrub Daddy Origins
Before Scrub Daddy, Krause ran an international buffing pad and car detailing company that he founded after graduating from Syracuse. All of his time repairing machinery left him with dirty hands, which proved to be a constant nuisance; the only way to clean them was by using the abrasive lotion GOJO. Taking advantage of his decade-plus experience of making urethane foam buffing pads, Krause set out on a mission to create a more comfortable method of cleaning his hands. In 2007, he invented and patented a highly engineered polymer foam hand scrubber that was grooved on one side and had two holes punched out of the center. Initially, the product was met with resistance from those who felt it was inessential and overly expensive. This prompted Krause to sideline the project indefinitely, relegating the scrubbers to his garage. In the meantime, his buffing pad company was acquired by the multinational conglomerate 3M.
In 2011, Krause picked up his old discarded foam scrubbers from his garage and used them to clean his lawn furniture and dishes. With everything ending up incredibly squeaky clean and unscratched, he realized he had a lucrative product on his hands. Krause eventually added a smiling mouth to the scrubbers, creating an opportunity for another patent. He went on to launch a grassroots marketing campaign for the product that resulted in a published article in the Philadelphia Inquirer. This, in turn, drew the attention of an independent broker who booked the product on QVC. In 2012, Scrub Daddy was officially established; it was subsequently featured on four more on-air QVC shows.
Shark Tank
Although it had sold some products, Scrub Daddy had trouble early on getting into major retail stores. Krause decided that the key was to go on the business reality television show "Shark Tank" and team up with one of the show's investors. He ultimately made it onto the show, and was featured in the seventh episode of season four in 2012. Krause's pitch was favored by inventor Lori Greiner, who made a 20% equity stake deal for $200,000. The deal went through, and by the very next day, the pair sold out 42,000 Scrub Daddy sponges in under seven minutes on QVC. Greiner went on to help the product get sold in various retail stores, including Wal-Mart, Home Depot, and Meijer.
By early 2017, Scrub Daddy's total revenue surpassed $100 million, the highest for any business pitched on "Shark Tank." Five years later, in an episode of the 14th season of the show, it was revealed that Scrub Daddy had sold over $670 million in retail sales since it launched.
Scrub Daddy Products
Since the creation of the original Scrub Daddy sponge – a high-tech polymer, yellow circular scrubber with a smiley face punched into it – the company has made a variety of other products, with more than 20 in total. Among the other products are scouring pads, erasers, cream cleansers, soap dispensers, sink organizers, and dual-sided sponges. There are also a range of Scrub Daddy sponge colors and shapes, including seasonal shapes such as snowflakes and pumpkins.
Personal Life
With his wife Stephanie, Krause has twin children named Bryce and Sophie.
