How Aaron Krause Achieved a Net Worth of $250 Million
Aaron Krause is one of Shark Tank’s biggest success stories, and his product Scrub Daddy has sold millions of dollars in merchandise. There’s no doubt that Aaron Krause has made a name for himself as a businessman, but how much is his net worth, and what kinds of plans does he have for his future in business?
Who is Aaron Krause?
Aaron Krause is an inventor and businessman most known for his product and company, Scrub Daddy. He gained more public awareness after his time on the show Shark Tank, but his career as an inventor already had modest success before his time on the show, and he has had a keen business and financial mind since he was young.
Aaron Krause’s Early Life and Career
Aaron Krause was born on February 1, 1969, and he grew up in Wynwood, PA. Not much is known about his personal life because Krause keeps most of his personal life as private as possible. However, he has said publically that his parents are doctors. It is not known if he has siblings.
His early interests were in psychology, and he got a BS in Psychology from Syracuse University in 1992. However, he did not end up using his degree. While his knowledge of psychology may have been useful in his future business ventures, he decided he wanted to become a car detailer rather than a psychologist. This decision was initially disappointing to his parents, who didn’t understand his vision. Krause would prove to his parents that he wanted to do so much more than just detail cars.
In 1992, he started a company called Dedication to Detail, and he maintained this company for nearly two decades, but he sold it in 2008. As a car detailer, Krause was inspired to create a buffing pad that was more effective. He was inspired to keep creating products for car detailing, and made a deal with 3M, who took an interest in his buffing pad. He said of inventing his buffing pads, I’ve been inventing since I was a kid, but this was the first time I’d acted on it.”
Inventing Scrub Daddy
Krause’s early love of inventing would lead to him eventually creating his sponge, Scrub Daddy, which would earn him most of his money and give him public prominence. He initially offered the idea to 3M, but it worked out in his best interest that 3M didn’t want his product as part of Krause’s 2008 deal with them. It was hard for Krause to sell his sponge, but he persevered with his idea and was able to establish his own company. However, it wasn’t until he appeared on the reality show, Shark Tank, that Krause’s product earned the momentum that led to its huge success.
What is Aaron Krause’s Net Worth?
According to Market Realist, Aaron Krause is worth $60 million, and his company is estimated to be worth more than $250 million. Krause’s success with Scrub Daddy has made his company the biggest earner among all Shark Tank companies that have gotten a chance at success through the show.
How Did Aaron Krause Make His Money?
Aaron Krause has been able to make money by having a keen business mind. However, he did not expect that his big claim to fame would come in the form of a kitchen sponge. He said to CEO Magazine, “I’ve always had an affinity for seeing problems with products, but, if you told me 25 years ago that my greatest invention would be a kitchen sponge, I wouldn’t have believed you.”
Yes, you’ve heard that right, Aaron Krause has made his money from a revolutionary new kitchen sponge. While the idea may seem simple, a sponge is a product that many people use every day, and having one that works well can make a world of difference in the lives of ordinary people.
Scrub Daddy is a sponge with a smiling face. This sponge isn’t like mist sponges because it is made of a polymer that allows it to take on different textures depending on the temperature of the water that is used. For example, if you use cold water, the sponge is firm, but if you use warm water, it becomes soft. These differences in texture allow the sponge to be used for more purposes. Kraus invented this sponge in 2012, and it gained traction after appearing on Shark Tank in October 2012.
Aaron Krause on Shark Tank
Krause had some initial success with his new sponge technology, and he was able to form the Scrub Daddy company. In April 2012, his product appeared on QVC, and it took less than 10 minutes for the product to sell out; however, these sales were only a start to the future success that Krause would have. In October, Krause was given the chance to present his product in front of the sharks on Shark Tank. After his pitch to the panel of business people, he was offered an investment of $200,000 by Lori Greiner in exchange for a 25% equity in the company.
What is Aaron Krause Doing Now?
Aaron Krause continues to sell his product and work for the Scrub Daddy company. He has experienced some big successes, such as a 2023 partnership with Unilever. The odds are good that he will continue to invent products and expand his success because he has a natural love of inventing new things and discovering new products. As the CEO of Scrub Daddy, Krause has a lot to manage, but he has proved that he’s not afraid of investing tons of hard work into everything he does.
Aaron Krause’s Personal Life
While not much is known about his personal life, Krause was married in 2010 to his wife, Stephanie. She is a big part of his business and has encouraged him to pursue his business ventures. She has long been a trusted partner of Krause, which is why he has put her in charge of the Communications Department of Scrub Daddy. With Stephanie, Krause has twin children, a daughter and son. He has taught his children the value of working hard, and he likes to instill this work ethic through giving his children chores and teaching them financial responsibility, just as Krause’s own father did for him.
Does Aaron Krause Have a Bright Financial Future?
Aaron Krause does have a bright financial future based on his current financial decision and the success of his company. He doesn’t seem like the type of person who will give up, and it’s likely that his net worth will only continue to rise.
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Written by Allen Lee
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