An inventor and innovator by heart, Aaron Krause has never let go of his entrepreneurial spirit. From becoming the 'Daddy' to Scrub Daddy in 2012 to co-founding the Nifty Charging Belt in 2018, he has a long list of successful business ventures to his name - the major contributors to his fortune.
But what is Aaron Krause's exact net worth? Read on as we give you the latest update.
What Is Aaron Krause's Net Worth?
There's no official information about Aaron Krause's net worth, as he doesn't publicize his earnings. Still, it's believed to be around $170 million. Just to reiterate, this is only an educative estimate.
Whatever his official net worth, you might wonder how he built it. Right? The answer lies in his bond with science & technology, despite hailing from a family of physicians. Opting for a completely different career trajectory from what his parents dreamt of, Aaron Krause consistently defied all odds and proved every naysayer WRONG!
His entrepreneurial journey started with Scrub Daddy - the home of his most famous and one-of-a-kind texture-changing sponges that hardens in cold water while softening in warm water. This single smiley-face cleaning product revolutionized the entire cleaning industry and helped Aaron Krause build his enormous fortune.
But this wouldn't have been possible without his appearance in Shark Tank Season 4, Episode 7, where the company bagged a whopping $200,000 investment from one of the show's Sharks, Lori Greiner, for a 20% stake. The CEO, although, had come up with an offer of $100,000 for a 10% stake initially.
And guess what?
Scrub Daddy sold more than 42,000 sponges in under seven minutes on QVC the very next day of the episode's airing.
How Much Does Aaron Krause Earn Per Month?
For the same reason we mentioned above, figuring out Aaron Karuse's exact monthly earnings is quite tricky. But since Scrub Daddy is his main enterprise and the most successful of all, we'll use its annual retail sales for our calculations.
Going by CA Knowledge's report, Scrub Daddy generates annual retail sales worth $82 million. Dividing this by twelve for the monthly estimate gives approximately $6.83 million. Not to forget Aaron Krause's income from his other innovations and portfolio of more than 20 patents.
Note: $310 million is the Scrub Daddy net worth.
Another thing worth mentioning here is that Scrub Daddy's CEO's income isn't constant. It fluctuates with seasonal sales, new products, licensing deals, market trends, and more.
Early Life Of Aaron Krause
Aaron Krause's early life, like any entrepreneur, was a rollercoaster ride.
He was born and raised in Philadelphia, a city in Pennsylvania. Science and technology were his two major obsessions, unlike the other youths. Due to this, one could find him taking apart and rebuilding electronic devices in his spare time to make practical, user-friendly products out of them.
After completing high school, he studied chemical engineering at the reputed Pennsylvania State University. Although Krause joined a company called Rohm and Haas as a chemical engineer, he didn't stay there for long. Instead, he constantly looked out for ideas to kickstart his entrepreneurial journey.
First, Krause tried his luck at a car washing and detailing business in 2006. This wasn't very successful, as he once damaged a vehicle's exterior when cleaning it with scrubbing pads. But he didn't stop there and started his buffing and polishing pads manufacturing firm, which 3M later acquired in 2008. The company, however, didn't show interest in the line of sponges Aaron Krause had invented.
As a result, he decided to use them for cleaning dishes and lawn furniture at home. This is how the idea of the Scrub Daddy sponge was born, and it became a reality four years later, in 2012. But luck was still playing hide & seek with the Scrub Daddy CEO, who struggled to take his proprietary smiley-face sponges to every American household during its formative years.
At that time, ABC's Shark Tank was a hit among entrepreneurs and self-starters, and Aaron Krause decided to seize this opportunity to showcase his innovative product on a national stage.
Among the five Sharks, Lori Greiner was the one who saw great potential in the business and went ahead to turn into a patron investor for Scrub Daddy Inc. The very next day of that Shark Tank episode, the company witnessed a windfall! 42,000+ sponges were sold within seven minutes, paving the way for more success!
And the rest is history.
How Did Aaron Krause Become So Successful?
Aaron Krause's innovative product, a bit of good fortune, and commitment to an exceptional customer experience were the three ingredients of his success. Let's break these down and try to understand them in detail.
From starting with not-so-successful buffing and polishing pads to turning the tide in his favor with texture-changing sponges, Aaron Krause's knack for innovation deserves tons of appreciation. These sponges not only set the stage for Scrub Daddy, but revolutionized the entire cleaning and facility management industry, too.
Next, Krause's appearance on Shark Tank did a lot of favor to him. Lori Greiner, one of the Sharks on the show, was so deeply impressed with his pitch and business idea that she didn't take much time to accept the offer. The result? Lori's experience and mentorship helped Aaron Krause make Scrub Daddy a household name.
Lastly, for any business to survive, customer satisfaction is of utmost importance. Aaron Krause knew this, and that helped him build a solid customer base that single-handedly drove Scrub Daddy sponge sales without much marketing.
Here you go.
From his early life struggles to becoming one of biggest monetary successes in Shark Tank history, Aaron Krause's entrepreneurial journey is truly inspiring. He turned a simple idea of dishwashing sponges into a million-dollar company, and that has hugely contributed to his net worth of over $170 million, as of date.
As Aaron says, he's far from retiring. So, let's see what the American entrepreneur is up to next.