Contestant Eve Exits Shark Tank
In the world of inventions, some ideas shine brightly but fail to sustain their glow. The Eve Drop system, a revolutionary sliding fastener system designed to keep Christmas lights hanging year-round on houses with open eaves, is one such innovation.
Nathan Shaffer, the brainchild behind the Eve Drop system, invented it in 2013. The system was designed with a focus on those who use ladders to decorate their homes during the festive season, aiming to eliminate the need for such precarious tasks. The Eve Drop system, with its potential for success, promised to revolutionise the way people decorated their homes for Christmas.
However, the road to success was not without its hurdles. Nathan could have potentially attracted more potential customers by keeping the cost low. Yet, high costs were one of the factors that hindered the system's success.
The Eve Drop system experienced a 'Shark Tank effect' after being aired on TV. Sales for the system increased, and it became available in retail outlets like Do it Center, True Value, and Ace Hardware. But, unfortunately, the sales did not sustain over time.
Nathan sought $75K with 20 percent equity in his business on the Shark Tank, but none of the sharks were interested in his idea. Despite this setback, Nathan showed resilience and tried again in January 2014, raising $4,431 on Kickstarter to start the first production line of the Eve Drop system.
Smart marketing via social media and the website could have boosted sales for the Eve Drop system. However, Nathan was not active in promoting the product all year, focusing only on peak seasons. Furthermore, he failed to answer customer queries on social media and did not promote the product effectively.
Generating hype and spreading the word is crucial for generating sales. Nathan's lack of consistent marketing efforts may have contributed to the Eve Drop system's eventual downfall.
The Eve Drop system was designed to change lights swiftly from storage to display mode, saving time during the Christmas decoration process. Yet, despite its innovative features, the system did not sell as intended, and the company is now out of business.
Interestingly, there are no alternatives to the Eve Drop system in the market, indicating a potential niche that could be exploited by future inventors. The story of the Eve Drop system serves as a reminder of the importance of effective marketing, cost management, and consistent effort in bringing innovative ideas to the masses.
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