Size doesn’t matter when it comes to successful products. Rick Hopper invented the small but handy ReadeREST Magnetic Glasses Clip which is one of the smallest items featured on Shark Tank. On the show, the founder made a deal with Lori Greiner. In 2022, ReadeREST is worth $4 million.
About the Founder
Rick Hopper grew up in Anaheim, California before moving to Fullerton. Growing up, he had no formal education, but he enjoyed tinkering with different things around his house. His first invention was a wind sail to slow his skateboard downhill.
He landed his first job at Home Depot as a department supervisor and professional sales trainer. Rich also did part-time carpentry work to support his family.
In 2001, he left Home Depot to start his first business, TrimQuick, a vinyl trim supplier for window manufacturers. The business was a success and the budding entrepreneur sold it at a profit.
Founder of ReadeREST
While still working on TrimQuick, Hopper was already planning to start another business for his eyewear problem. At 40, he needed glasses to read. But when he wasn’t using them, he put them in his collar, which always caused them to fall out.
The California native bent a paper clip into a certain shape and attached it to a magnet. It worked, so he took it everywhere he went. People who have seen it have often asked what it is and how they can get it.
Rick noticed that there was a demand for this kind of product. So, with the money he earned from his first startup, he tweaked his magnetic eyeglass holder, and ReadeREST was launched in 2011. The product earned $65,000 after a test launch.
Shark Tank Appearance
In 2012, ReadeREST was getting so many orders that Rick Hopper couldn’t keep up. He appeared on Season 3 asking for $150,000 for 15% equity.
The entrepreneur gave an entertaining introduction, stumbling on the floor and explaining the difficulties of constantly losing his glasses. However, most of the Sharks didn’t see the potential in his invention.
The Sharks balked when Rick said he acquired the patent for $5,000 from the original owner. Nonetheless, Lori Greiner wasn’t afraid to make an offer. She offered $150,000 for 65%, and Hopper agreed after taking her time to think it over.
After Shark Tank
After Shark Tank, Lori promoted ReadeREST on QVC, and it sold out in five minutes. Rick also outsourced manufacturing to help scale the business. Previously, he stuck all the magnets in his garage!
The product later became available at Ace Hardware, Walmart, and Bed Bath & Beyond. Now it can also be purchased from ReadeREST.com and Amazon, where it has a 4.6 star rating. Currently all products are sold out on their website.
A year after closing the deal with Lori, ReadeREST achieved $1.4 million in revenue. The business is still thriving, but the hype around the product has faded slightly. ReadeREST generates around $5 million in annual revenue according to Sharktankblog.com. Since the show aired, they now sell glasses and four varieties of glasses holders.
In 2022, the company was worth around $5 million. Although he gave a huge share of capital, Rick Hopper became a millionaire and ReadeREST is considered one of Shark Tank’s most successful products.