Aaron Krause is an American businessman who is the founder of the Scrub Daddy sponges. He rose to fame through the reality TV show Shark Tank, in which he proposed his idea of producing sponges that can be used to clean things. Since its presentation on the Shark Tank, the product became a huge success which so far has generated millions of dollar in revenue. Let us have a look at the career and net worth of Aaron Krause in 2020.
Early Life & Biography
Aaron Krause reportedly hails from Philadelphia, and while he was in his eleventh grade, he was asked by his father to select a college within the limits of Philadelphia. Aaron chose the Syracuse University majoring in psychology. During free hours he used to make extra income by cleaning cars which made him a millionaire in the future.
Aaron Krause is married to Stephanie Krause who takes care of his company’s communication department. The couple is blessed with a twin boy and girl named Bryce Krause and Sophie Krause. Aaron’s father asked him to buy his things on each of his birthdays, and he credits his dad for that. He says that he collects rent from his children for living in his house, which they pay by doing chores like cleaning and feeding pets. Aaron believes that this practice will make them hardworking and understand that living in this world is not for free.
Career, Awards & Nominations
After graduating from the Syracuse University, Aaron decided to start a company for polishing cars with buffing pads. He named the company Dedication to Detail, Inc. After some days he reshaped the buffing pads and got patent rights for them. He introduced them to the market naming them as The Edge.
His company later started manufacturing buffing pads for cars, boats, and marbles. After each day at work, he would return home dirty-handed, and none of the soaps or handwashes made him feel comfortable, and he wanted a scrub to keep him clean which eventually led him to use one of the sponges he had in his garage.
3M acquired his company in 2008, but they refused to acquire the sponges he had made. One day at home while washing dishes with the sponge he made with two holes for grip, he realized that it was doing great and immediately came up with the idea of Scrub Daddy.
Net Worth & Earnings
His company managed to generate revenue of $130 million. With more new product updates the revenue only experiences a hike which has made him enjoy a net worth of $70 million. He appeared in the Shark Tank show in 2012, and Lori Greiner made a deal for a 20% equity stake with $200,000. The very next day 42,000 sponges were sold on QVC which later turned into a multi-million dollar business.
Aaron Krause has inspired millions of young aspiring entrepreneurs through his simple ideas and effective marketing. With an aware mind and a creative brain, he is expected to reach more heights in the future.