Most young people today carry a cell phone with them wherever they go, and face the problem of what to do with that phone when they need their hands free. Most of the available clothing for teens has pockets that are too small to hold a cell phone safely, or even worse have no pockets at all.
In 2017, Sofia Overton saw her older cousin stuff a cell phone into her boot because there were no pockets in her clothing. Even though she was only 11 at the time, growing up in Bentonville, Arkansas, Sofia had been inspired by the life of Sam Walton. She was excited about the challenge of becoming an entrepreneur, and today jokes that her teachers call her CEOverton!
Back in 2017 she designed a sock for herself with a pocket large enough to hold her cell phone. It worked so well that she decided to do the same for a pair of leggings. Sofia had the support of her parents without question, but was also fortunate to have several Arkansas organizations available to help her grow her business, which she had aptly named “Wise Pocket.” She took advantage of the mentorship and support available and won an IdeaFame Pitch Competition. On January 19, 2018, Wise Pocket began a 30-day Indiegogo campaign, and reached their goal of $10,000 with the support of 129 backers. They created an online presence for sales and applied for a patent, which was granted on December 31, 2019.
Wise Pocket socks and leggings are manufactured in North Carolina in neutral colors and designs such as cream or black, as well as denim and vibrant splatter designs. The pockets are large enough to hold larger size cell phones, and are useful for EpiPens, diabetes devices and inhalers. Wise Pocket Products also sells accessories such as hats and shirts with the company logo.
In February of 2019 Dustin Jayrow of “Arkansas Money & Politics Magazine” described Sofia as having jumped into the “deep end of the entrepreneurial pool.” He added that while he is always impressed by young people with the passion to create a business, he was additionally moved by the fact that Wise Pocket donates socks to children’s shelters around the country. For each pair of socks sold, Wise Pocket donates a pair to a child in need. Sofia calls this “changing the world one pair of socks at a time.”
Wise Pocket Products in the Shark Tank
Sofia Overton presented Wise Pocket Products on Shark Tank in Season 11, Episode 11, seeking an investment of $30,000 for 15% equity in her pocketed socks business. The initial valuation was $200,000. After negotiations, Lori Greiner and Daymond John jointly offered $30,000 for a 33.3% equity stake, but Overton countered with a request for more money. The final deal was made at $35,000 for 25% equity, bringing the final valuation to $140,000.
| Initial Ask | $30,000 for 15% Equity |
| Pitch Valuation | $200,000 |
| Investing Sharks | Lori Greiner & Daymond John |
| Initial Joint Offer | $30,000 for 33.3% Equity |
| Counter Offer | $35,000 for 25% Equity |
| Final Valuation | $140,000 |
| Investment Accepted | Yes |
Wise Pocket Products After Shark Tank
The deal with Lori Greiner and Daymond John was finalized in the two months following the initial air date, and Wise Pocket Products featured on Lori’s website for a period. The Shark Tank episode publicity significantly boosted sales, with the last reported sales figure around $300,000. This surge in sales indicated a strong market interest initially
Sofia Overton, the founder, planned to expand her product line beyond socks. This included an announcement about launching Wise Pocket Leggings. Additionally, new versions of socks, like Tweed and Hawaiian styles, were launched. These developments suggested an effort to diversify the product offerings and cater to a wider customer base.
Sofia Overton, the founder, planned to expand her product line beyond socks. This included an announcement about launching Wise Pocket Leggings. Additionally, new versions of socks, like Tweed and Hawaiian styles, were launched. These developments suggested an effort to diversify the product offerings and cater to a wider customer base.
Despite the initial success, Wise Pocket Products is no longer in business. As of 2023, the company’s website is not active, redirecting to other pages, and their social media accounts have not been updated since 2020. The products are also reportedly not available for sale on any platforms, including Amazon, where they were previously listed.
