LESSONS FROM A SHARK
Shark Tank’s nicest entrepreneur shares life inspiration and business secrets.
L
ori Greiner may swim with the great whites on ABC’s popular Shark Tank, but the aptly named Queen of QVC is a passionate champion for anyone with a smart concept or product, what she calls a “hero,” not a “zero.”
In fact, she has a reputation for being the warm-blooded shark on the three-time Emmy-winning reality TV show that next month kicks off its ninth season on a new night, Sunday, Oct. 1, at 9 p.m. ET.
“I think it’s because I’m kind when I say no,” Greiner says. “I know that when an entrepreneur stands before us pitching a concept, it is the biggest moment in his or her business life. It means everything and it’s an enormous risk. I get it because I was once in their shoes.”
As head of her own company, For Your Ease Only, Greiner has invented more than 600 products and procured over 120 patents. Known as a very hands-on shark, her
Shark Tank deals Scrub Daddy (a line of sponges), the Simply Fit Board (an exercise tool) and the Sleep Styler hair rollers are three of the biggest Shark Tank hits to date. They’ve racked up more than $300 million in retail sales.
An Inventor Is Born
Greiner says she never set out to be a serial inventor, but her first product, a plastic earring organizer she created in 1996, came out of a conversation she had with a friend about earrings and the fact that jewelry boxes are a nightmare. She recalls, “It was a thunderbolt moment. It just—bam!—hit me.” It turned out to be most definitely a “hero.”
With a $300,000 loan, she fearlessly set out to find a manufacturer that could make the product. Once she had a prototype in hand, she asked women on the street for their opinions about it to ensure it was a hero. Soon, she secured an order from JCPenney, started her own company and began appearing on the Home Shopping Network. Before long, she had paid back the loan and, in 2000, with an arsenal of new products, she landed her own show on QVC called Clever and Unique Creations.
“In the beginning, I was just thinking as fast as I could to come up with more and more. I’d look for problems that people experience in everyday life. Then I would think about how an item could come to life,” says Greiner. In 2014, she published her first book, Invent It, Sell It, Bank It!, a pay-it-forward, step-bystep guide.
Greiner spent the early days of her career learning all the steps it would take to produce her inventions.
“I had to figure things out on my own,” she says. “I feel that when you’re driving a business, you should know every facet of it since no one will love your business like you do.”
Along the way, Greiner laid the foundation for her personal (and professional) philosophy: She would never create a product that she didn’t genuinely like or believe in.
“When your name is on the product, you have a responsibility to make sure it’s as good as it can be,” she says. “Being genuine to my customers about my products is really important to me.”
Unicorn Power
Her deep experience launching products was one of the main reasons Shark Tank producers reached out to Greiner in 2008 when the show was being developed.
“The casting director called and said, ‘You’re a unicorn,’ meaning there isn’t anyone out there like me who creates a product, makes it, packages it—everything from soup to nuts,” she says. “‘America could learn a lot from you.’ When she said that, I was immediately on board.” To this day, when she makes a deal with a
Shark Tank entrepreneur, she’s all in. “I’m really hands-on with my entrepreneurs,” she says. “I often talk to them at all hours of the night and on weekends. Some are more needy and I help them from the start in getting product out there, and some are further down the road. I truly love them and I do what I do to make them successful.
“I never set out to be a millionaire,” she says. “My driving force comes out of a creative need. I love creating products and sharing them with others.”
Giving Back
When she’s off-camera, Greiner devotes much of her time to helping others.
“I believe that if you’re lucky enough to be successful, you have a responsibility to give back. We’re all intertwined. We’re responsible to make the world a better place for each other,” she says. “I always try to ask myself, ‘Am I coming from a good place? Am I doing what’s right?’”
This year, for example, she will fund a college scholarship for a young woman and is working closely with Junior Achievement. “I like to do things that help kids,” she says. “I’ve worked with anti-bullying and child abuse–prevention organizations, CharityBuzz and the police and firemen’s funds. I think our everyday heroes need help, and kids can’t help themselves. I have a soft spot for that.”
Pitching the American Dream
Ask Greiner and she’ll tell you that Shark Tank remains so popular because it “personifies the American dream” and shows viewers that they can create the life they want.
“It’s a show all ages like and can watch together,” she says. “It excites people to watch so many aspiring entrepreneurs who are full of hopes and dreams get a chance.”
The show also offers a healthy amount of drama, which keeps viewers coming back week after week. “Shark Tank is as hopeful and inspiring as it is suspenseful,” she says. “It keeps you on the edge of
your seat as you wonder, Will they get a deal—or won’t they?”
Preaching Confidence and Kindness
No matter what happens during a segment, Greiner remains confident and always believes in herself.
“I hear from women that sometimes they’re afraid to speak up in a room full of men,” Greiner says. “Don’t ever be intimidated. You are equal. And you don’t have to appear tough to appear strong.”
Watching how Greiner handles herself on Shark Tank ,a show where intra-shark warfare can quickly bubble to the surface, shows she practices what she preaches.
“I’m far from perfect, but I don’t feel I have to yell or be cutting to make my point,” she says. “I share my opinion and stick up for what I believe in.”