Mini Materials is a business that specializes in selling mini construction supplies, providing enthusiasts and hobbyists with small-scale materials for various construction projects. This innovative business idea caught the attention of viewers when it appeared on Shark Tank USA. Let’s delve into the details of Mini Materials, its journey, and its current status.
Who Founded Mini Materials and What Is Their Background?
Mini Materials was founded by Jared Waters in 2022. Jared Waters has a diverse background, having worked in various fields including climbing wall supervision, wildland firefighting, front desk operations, and customer service. Notably, he served as a customer service representative at Netflix for two years and worked in different job positions at Business Valuation Resources, LLC for one year. His varied experiences have contributed to his entrepreneurial journey, culminating in the acquisition and growth of Mini Materials.
What Products Does Mini Materials Offer?
Mini Materials offers a range of small-sized construction materials that cater to the needs of hobbyists and builders. Their product line includes materials for building, concrete, flooring, roofing, and outdoor structures. These materials allow customers to construct miniature versions of tables, houses, walls, and more. Additionally, Mini Materials provides free miniature blueprints to assist customers in creating their structures. They also sell sand prints of different designs, custom-printed wood pallets and crates, cinder blocks, and red blocks. This extensive product range has made Mini Materials a go-to destination for mini construction enthusiasts.
How Did Mini Materials Perform on Shark Tank?
Jared Waters appeared on Shark Tank USA in Season 15, Episode 6, aired on November 3, 2023. He sought $100,000 for 20% equity in Mini Materials, valuing the company at $500,000. During his pitch, Jared explained the concept of small-sized construction materials and highlighted the business’s success on the online forum Reddit, which generated significant sales. Despite his compelling pitch, none of the sharks chose to invest in the business. Robert Herjavec, Kevin O’Leary, Mark Cuban, Daymond John, and Lori Greiner all declined to make an offer, citing the product’s novelty and perceived lack of investability at that stage.
What Is the Current Status of Mini Materials?
Despite not securing a deal on Shark Tank, Mini Materials has continued to operate successfully. The company is headquartered in Portland, Oregon, USA, and has an estimated lifetime worth of $0.2 million in sales. Jared Waters acquired the business from Mat Hofma and Erik Polumbo in 2022 for $200,000. Under his leadership, Mini Materials achieved $200,000 in sales by 2022, with a profit of $55,000. The business remains in operation, catering to a niche market of mini construction enthusiasts.
What Is the Market Response to Mini Materials?
The market response to Mini Materials has been largely positive, with many users on social media expressing interest in the product. The business’s unique offering has intrigued customers, particularly those interested in miniature construction projects. While the sharks on Shark Tank were hesitant to invest, the public’s reception suggests that Mini Materials has potential for growth. The company’s innovative products are seen as a way to enhance creativity and problem-solving skills, especially among children.
How Does Mini Materials Contribute to Creative Thinking?
Mini Materials’ products are not just for hobbyists; they are also beneficial for children. The mini construction materials encourage kids to think creatively and work on new ideas. By using these small-sized materials to build various structures, children can develop their cognitive and problem-solving skills. This aspect of Mini Materials’ product line has been highlighted by many users who appreciate the educational value of these mini construction supplies.
What Is the Future of Mini Materials?
Looking ahead, Mini Materials aims to expand its product offerings and market reach. The business plans to leverage its unique niche in the mini construction market to attract more customers. By continuing to innovate and provide high-quality mini construction materials, Mini Materials has the potential to grow its customer base and increase sales. The company also intends to enhance its marketing strategies to better promote its products and reach a wider audience.
Conclusion
Mini Materials, founded by Jared Waters, has carved out a unique niche in the mini construction supplies market. Despite not securing a deal on Shark Tank, the business has shown resilience and continues to thrive. With a diverse range of products and a positive market response, Mini Materials is poised for future growth. The company’s focus on creativity and educational value further enhances its appeal, making it a notable player in the world of mini construction supplies.
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