Product Overview

Hugo’s Amazing Tape, as demonstrated on Shark Tank, is a reusable, adhesive-free tape that uses the unique properties of the material to stick only to itself. It leaves no sticky residue behind, maintains its strength even when crumpled, and peels off surfaces cleanly.

The tape was invented by Hugo Maisnik, who worked in the printing industry with his father. Hugo conceived the idea for a residue-free tape while handling large printed billboards and dealing with the mess left behind by standard tapes.

Hugo passed away in 2016, but his daughters Katherine Saltzberg and Lauri Fraser brought his invention onto Shark Tank to carry on his entrepreneurial legacy. For the sisters, Hugo’s Amazing Tape represents their late father’s passion as an inventor.

Shark Tank Pitch

Katherine and Lauri pitched Hugo’s Amazing Tape to the Sharks in Season 9, asking for $50,000 in exchange for 50% equity stake in the business. They demonstrated an array of fun, creative ways to use the tape, from fashion to crafting to solving everyday problems.

The sisters disclosed impressive sales over the past year totaling $27,500, with a significant profit margin per roll. However, they revealed that the patent on the proprietary tape formula had expired. Several Sharks raised concerns about the lack of intellectual property protection.

A Bidding War Ensues

Despite the expired patent, multiple Sharks saw potential in Hugo’s Amazing Tape. Barbara Corcoran made the first offer – $50,000 for 40%. Kevin O’Leary said he didn’t see a real business, while Robert Herjavec was turned off by the lack of a patent.

Ultimately though, Mark Cuban and Lori Greiner teamed up to offer $100,000 for 100% ownership of the small business. With two celebrity Sharks vying for the unique product, Katherine and Lauri made a deal on the spot.

Post-Shark Tank Developments

Updates on Hugo’s Amazing Tape since striking a deal on Shark Tank have been positive. Mark Cuban and Lori Greiner have continued to feature and promote the product through their respective companies.

Lori Greiner offers Hugo’s Amazing Tape on her website along with other Shark Tank products. She also included it in a 2017 compilation of Clever & Unique Gift Ideas.

Mark Cuban integrates some Shark Tank companies into the operations of his other businesses. Hugo’s Amazing Tape is available for purchase through the online retailer of Cuban’s Landmark Theatres cinema chain.

In the years since appearing on Shark Tank, Hugo’s Amazing Tape has also expanded its retail presence. In addition to being available online, it can now be found on store shelves across the United States and Canada.

The increased distribution has translated to solid sales growth. Katherine and Lauri project over $1 million in lifetime revenue by 2024. For them, the opportunity to grow their father’s invention is the ultimate tribute to his entrepreneurial spirit.

Reviews from Customers

Customer reviews of Hugo’s Amazing Tape since Shark Tank have been overwhelmingly positive. Users praise the quality and effectiveness of the tape, as well as its creative versatility.

On Lori Greiner’s website, Hugo’s Amazing Tape earns a perfect 5-star rating. Customers say it “works extremely well” and call it “one of the handiest products to have”. Users love leaving no sticky residue behind, with one saying it “cleans up beautifully after using.”

Creative reviewers share stories of using Hugo’s tape for scrapbooking, wrapping gifts, securing cables, and even creating a tuxedo for their pet lizard! Kids and adults alike enjoy playing with the product.

Many customers also comment on Hugo’s amazing story and legacy. They express hope the tape becomes a huge success in his memory. Based on reviews, Hugo’s daughters have achieved their goal of honoring their father’s invention.

The Future Looks Bright

Thanks to a successful pitch on Shark Tank, Hugo’s Amazing Tape continues to find growing consumer interest and retailer demand. Mark Cuban and Lori Greiner’s ongoing support provides a promising future for expansion.

While the expired patent could have been a death knell for many products, the universal appeal and word-of-mouth potential of Hugo’s tape makes its IP protection less critical. As the business aims to hit $1 million in sales, the proprietary tape formula remains a secret weapon.

For Katherine, Lauri, and the spirit of their inventor father Hugo, the expanding success story of Hugo’s Amazing Tape must feel amazingly rewarding. Hugo’s unique vision lives on through thriving sales, glowing reviews, and endless creative uses that will tape new chapters of success for years to come. I sincerely hope you find this “Shark Tank Success? Latest Update on Hugo’s Amazing Tape Since the Show” article helpful.

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