Aaron Krause’s net worth is $70 million, while Scrub Daddy as a business is worth over $250 million.
Aaron Krause is a 54-year-old American inventor and innovator who is known for inventing Scrub Daddy, a revolutionary smiley-faced cleaning sponge. Krause, who has also founded other business ventures, has amassed a huge net worth from his businesses.
Krause has always been a very curious and hard-working person who has had an entrepreneurial spirit since he was very young. Over the years, he has built businesses that have combined to make him a very wealthy man. Despite his immense wealth, he still says he is not close to retiring but will continue making inventions for a very long time.
How Much is Aaron Krause’s Net Worth Now?
Aaron Krause’s net worth is estimated to be around $70 million at the moment. And it is expected that this figure will keep rising as he keeps coming up with fresh innovations.
Krause’s $70 million net worth is largely due to the success of his company, Scrub Daddy Inc., which he founded in 2012. The company’s flagship product, the Scrub Daddy sponge, has become a household name and is widely regarded as one of the most innovative cleaning products on the market.
How Much is Scrub Daddy Worth?
Different reports have revealed that Scrub Daddy has raked in over $250 million so far since it was launched. The company has sold over 10 million items and has generated more than millions of dollars million in revenue since its pitch on Shark Tank in December 2012, making it Aaron Krause’s biggest money spinner. But, apart from Scrub Daddy, Krause has also founded other businesses that have added significantly to his wealth.
He is widely known to be a serial entrepreneur who keeps on challenging himself to do new things. Apparently, his boldness to invent new things and dabble in unfamiliar territory has fetched him an enormous fortune.
How Aaron Krause’s Net Worth Accrued
Apparently, Aaron Krause has made a lot of money over the years. As we have explained, he was able to rake in all this money from different businesses he has established over the years, the biggest of which is the revolutionary Scrub Daddy.
Now, let’s take a look at how Aaron Krause’s entrepreneurial journey began and how he was able to amass all the wealth he now boasts of.
He Started His Entrepreneurial Journey With A Car Wash/Car Detailing Business
Aaron Krause’s journey as an entrepreneur began when he decided to start his own car-washing business. Krause, who has always been a lover of entrepreneurial ventures since he was a child, started this car-washing business even while he was still in college. He used the money he got from his business to take care of himself in school. For the record, he attended Syracuse University, a private research university in Syracuse, New York, and graduated with a degree in psychology.
Apparently, Aaron Krause has never been one to depend on people for his needs. He once explained that he has never worked for anyone ever in his life because he has always had his own business and has always been his own man. After graduating from Syracuse University with a psychology degree, Aaron Krause revealed that his parents sat him down to talk about his future endeavors and what he would like to do with his life. He told them straight away that he wanted to expand his car-washing business and register it properly.
His parents, who were both reputable doctors, did not like this at all. For the record, Aaron Krause comes from a home of high achievers. He revealed that apart from both his parents being reputable doctors, one of his sisters grew up to bag a Ph.D., and the other became a United States federal judge. So, his parents expected him to follow through and do something other than own a car-wash business. They wanted to be a little more corporate, just like everyone else in the family.
However, despite his parents’ disappointment, Krause saw himself not as a mere carwasher but as the president and CEO of a company. He set up his car washing business properly in the early 1990s, and soon, he was making a lot of money as most people in the neighborhood preferred his shop. Krause revealed that before long, he had hired people to work for him at his car-washing business. It didn’t take too long for his parents to accept his career choice, seeing that it was paying off.
But washing cars was not all that Aaron Krause did. According to our findings, shortly after his car-washing venture took off, he expanded the business into a car detailing business called Dedication To Detail, Inc. This was the first properly registered company that he had as an entrepreneur. It officially made him a business owner.
With this new business, Aaron Krause and his staff, as professional car detailers, engaged in using a combination of artistry and expertise to thoroughly clean and refurbish a vehicle to its original, factory-like state. This business also boomed and he was soon known around not just his neighborhood but his entire town.
Aaron Krause’s First Invention Was The ‘Edge Buffing Pad’
During his time running his car detailing business, Dedication To Detail, Inc., Aaron Krause became frustrated with the buffing pads that were available on the market at the time, all of which he found to be ineffective. As a car detailer, he needed buffing pads, so he and his staff could effectively work on clients’ vehicles, but what they could find in the market was not what they wanted.
So, Krause decided to invent his own buffing pad. He began experimenting with a new material called urethane foam to polish cars, which led him to develop a new and innovative buffing pad which he called Edge buffing pad. This was the first time Krause had acted on his passion for inventing, despite having had the urge to do so ever since he was just a child.
Aaron Krause’s new buffing pad proved to be extraordinary, and he soon decided to make it available to the public by selling them. He immediately applied for his first patent and got registered as the inventor of the pads before putting them out on the market. According to him, within three months, the product, which was called the Edge buffing pad, was selling fast across the country, and only within about six months, it had grown so big that it was selling outside the USA.
This was just the beginning of Krause’s career as an inventor. He was very excited that something he created could be wanted all over the country. With time, he was overwhelmed with making his Edge buffing pads and running his car detailing business side by side. Eventually, Aaron Krause made a bold decision to sell his entire car detailing business so that he could focus solely on creating and manufacturing buffing pads. Starting in 1994, he dedicated himself to perfecting his buffing pad invention and grew his business into a successful international manufacturing company that generated millions of dollars in revenue.
Krause’s invention quickly gained popularity and became the industry standard for buffing pads. According to Krause, the Edge buffing pad is still the industry standard today. With his quick-connect/disconnect, double-sided, reversible, automatic-centering buffing pad, he revolutionized the market and changed the way professionals approached car detailing.
How Aaron Krause’s Biggest Invention, ‘Scrub Daddy’ Was Born
Aaron Krause’s entrepreneurial spirit and passion for invention didn’t stop with the success of his car detailing business and the invention of the Edge buffing pad. As a matter of fact, he went on to invent one of the most well-known sponges in the world called Scrub Daddy. His journey to invent this sponge began after he sold off his car detailing business to focus on manufacturing his innovative buffing pads.
At this time, Krause found himself always covered in oil and grease from the machinery he developed to produce the buffing pads. He found out that the grease was hard to clean off his body, especially his hands, no matter how hard he tried to wash it off. So, he began searching for a solution in the market, trying to get his hands on the right tissues but couldn’t find anything that worked as well as he wanted. Determined to find a solution, Krause requested foam samples from every supplier he could find.
After trying countless options, he finally discovered a foam made by a German company that was tailor-made for his needs. Krause began experimenting with the foam and cut it into a ridged circle with two holes in the middle to clean his fingers. Before he knew it, a smiley-faced sponge was staring back at him. According to Krause, the creation of the smiley-faced sponge was the true beginning of Scrub Daddy.
He spent countless hours perfecting the design, developing new materials and manufacturing techniques, and building a business around his innovative product. The Scrub Daddy would later become a sensation, with millions of units sold worldwide and a legion of devoted users.
Aaron Krause Initially Found It Difficult To Market ‘Scrub Daddy’ Before It Broke Out
Although Scrub Daddy is now a household name known all over the USA, the product actually faced its fair share of challenges in the early days and did not get accepted by people. It all started in 2008 when Aaron Krause made the decision to sell his buffing pad business and its patents, including the Scrub Daddy sponge model, to 3M, one of the world’s largest manufacturing companies. However, 3M had no interest in the original patented products, including the Scrub Daddy, so they removed it from the deal and bought the rest of the buffing pad business instead.
With 3M out of the picture, Krause found it difficult to sell the Scrub Daddy sponges or even market them. He actually started a new company called Innovative Accessory Products, with which he tried to sell the products. But it didn’t work out as he wanted. In fact, he was so unsuccessful at selling them that he eventually put them in a box labeled “scrap”, dumped them somewhere at his home, and forgot about them. It wasn’t until 2011 that his wife reminded him of the box and urged him to clean the lawn furniture with the sponges that he remembered them. That’s when everything changed.
For the record, Aaron Krause had originally created the Scrub Daddy so that mechanics could use them to wash their hands after working on engines. But this time, Krause decided to do something else with them. He went into the kitchen and decided to experiment with the sponges there again. After a week of using the sponges, he realized that he was missing the boat. He put his fingers in the eyeholes of a sponge and realized that if it had a smiley face, it could clean silverware effectively.
This simple revelation was the turning point in the creation of the Scrub Daddy. The smiley face on the sponge served as a scrubbing surface for cleaning dishes, while the eye holes made it easy to grip and use. Realizing he had created something remarkable, he came to work the next day and told his team that he had come up with the greatest kitchen scrubbing tool ever.
The team started working on the idea, refining it, and making prototypes until they finally came up with the perfect product. The Scrub Daddy soon blew up, just as Krause had envisioned it would. Its ability to change texture based on water temperature, odorless quality, scratch-free surface, and ability to rinse clean with every use made it a hit with consumers.
With a new invention on his hands, Aaron secured a patent and invested $75,000 to produce an initial batch of Scrub Daddy sponges with all-new packaging. In April 2012, he landed a front-page business feature in the Philadelphia Inquirer and appeared twice on QVC’s shopping channel. The response was overwhelming, with Scrub Daddy selling out within eight minutes of each appearance.
How Did Shark Tank Help Daddy Scrub’s Net Worth?
The Scrub Daddy success story is not complete without mentioning the pivotal role that Shark Tank played in the company’s growth. For the record, Shark Tank is a reality TV series that focuses on business in the United States. The show invites entrepreneurs from all corners of the globe to present their business models to a group of investors called sharks, with the goal of convincing them to invest funds in their ideas.
But how did the product get on Shark Tank in the first place? Well, Aaron Krause himself made the revelation. He revealed that one night, he and his wife were watching Shark Tank when he realized that he would end up missing a huge opportunity if he did not go on the show. With his wife urging him on, Aaron Krause knew that he had to pitch his product on the show. So, he applied by filling out some forms, and after two months of intense preparation, he was on set in Los Angeles, filming for the fourth season of Shark Tank in 2012.
He successfully pitched Scrub Daddy to the sharks and secured a deal. His pitch was so successful that the sharks engaged in a bidding war to win him over. Aaron Krause turned down an offer from Kevin O’Leary, Shark Tank‘s toughest judge, who made him an offer for 50% of the company. Instead, he accepted an offer from Lori Greiner, who put down US$200,000 for 20% equity in Scrub Daddy. The episode aired in October 2012, and the business exploded.
The product quickly became a sensation, and Scrub Daddy became the third-largest sponge company in the US, nipping at the heels of its competitors. Shark Tank, with its very wide reach, became the stepping stone that Scrub Daddy needed to become a household name. Today, Scrub Daddy is so big that it is available in more than 100 online and in-store retailers across the US.
Aaron Krause’s Scrub Daddy Is Now Shark Tank’s Biggest Success Story
In 2014, just two years after Aaron Krause appeared on Shark Tank to pitch his sponge business, Scrub Daddy was named the “Most Successful Product” in the show’s history. And Scrub Daddy continues to hold that prestigious title to this day. Every year, Krause and his team make millions in sales.
Scrub Daddy is considered to be the biggest success story of Shark Tank for several reasons, including the fact the company has generated nearly $300 million in revenue since its appearance on the show and the fact the product it sells has become a household name in the United States, and beyond.
Aaron Krause has found lots of recognition over the years for his work. He won Ernst & Young’s Entrepreneur of the Year Award for Greater Philadelphia in 2016. Also, Scrub Daddy Inc. won Philadelphia Business Journal’s Best Places to Work award.
How Much Has Lori Made From Scrub Daddy?
Lori Greiner’s investment in Scrub Daddy has paid off tremendously, as the cleaning sponge has generated over $250 million in retail sales within the last nine years. As per Investopedia, Greiner holds a 20% stake in the company after investing $200,000 in 2012.
Her expertise in selling products helped to sell 42,000 Scrub Daddy sponges in less than seven minutes on QVC, making it one of her ten most successful products pitched. While the exact amount Lori Greiner has made from Scrub Daddy is not disclosed, her 20% stake in the company likely represents a significant return on investment.
What are Aaron Krause’s Other Inventions?
Aaron Krause is not one to rest on his laurels at all. He is constantly on the move trying to make new things happen. He once explained, in an interview, that he had already made a lot of money and that if he wanted to retire, he could easily do that and never work again and would be very comfortable for life. However, he is not the type to do that because he always wants to create new things.
Ever since he created Scrub Daddy, he has remained very active and has kept on opening new businesses. Let’s take a look at some of these business ventures.
The Ion Belt
Aaron Krause’s other invention is what he calls The Ion Belt, a wearable tech smart belt that promises to keep electronic devices charged at all times. Krause teamed up with Piers Ridyard, the Founding CEO of Nifty in the UK, to develop this new product in 2015. The Ion Belt features a USB port at the end of the belt, which can be used to charge electronic devices like smartphones, tablets, and cameras. The buckle has a built-in recharging USB pin connector, which can be charged through a wall socket or a computer.
The belt itself has embedded batteries and battery indicator lights. Krause’s inspiration for creating The Ion Belt came from his hectic schedule of constant travel and meetings for Scrub Daddy, which left him relying heavily on his phone for everything from standard calls to GPS navigation. However, he found his smartphone battery dying on multiple occasions, leading him to create The Ion Belt with a 3,000 mAh battery to ensure it never happens again.
Mop Daddy
Another of Krause’s products is the Mop Daddy. According to him, the Mod Daddy was inspired by customer feedback regarding the need for an easier and more effective way to clean floors with Scrub Daddy. Previously, customers had to resort to labor-intensive methods such as scrubbing on their hands and knees or shuffling around with a cloth underfoot.
Krause aimed to provide a more comfortable and efficient solution to this problem while also diversifying his product lineup. The Mop Daddy has hit the market and is doing well also, a development that has helped to swell his net worth as well.
Eraser Daddy
Apart from the Mop Daddy, another notable product that Krause has introduced is the Eraser Daddy 10x with Scrubbing Gems. This project represents a modernized version of a classic cleaning tool. According to Krause, it is an innovative composite material made from upcycled foam that is embedded with gems of Scrub Daddy FlexTexture. This advanced material allows the eraser to scrub and erase simultaneously without wearing down quickly like traditional spot-cleaning erasers.
Also, apart from Scrub Daddy, The Ion Belt, Mop Daddy, and other products he has released, Aaron Krause has already started four new companies and serves as a manufacturing consultant, according to several reports. Krause says he will keep inventing things and opening new companies. This is mainly because his role model in business is Elon Musk, the American billionaire businessman who is also a serial innovator.
Krause’s inventions have gained widespread media coverage and have been featured in various high-profile TV shows such as Good Morning America, The View, CNBC Squawk Box, ABC News, New York Live, and ABC’s Shark Tank, as well as its spin-off Beyond the Tank. His products have been featured in The Philadelphia Inquirer as well.
A Breakdown of Aaron Krause’s Inventions And Businesses
Below is a breakdown of Aaron Krause’s inventions and businesses he has been involved with since he started out.
Dedication To Detail, Inc. – This was Krause’s first-ever registered business. It involved his car wash and car detailing ventures
- Edge buffing pad – This was Aaron Krause’s first-ever invention which he patented.
- Scrub Daddy – This is Krause’s biggest-ever innovation which has fetched him his biggest fortune
- Innovative Accessory Products – Aaron Krause launched this company to sell his Scrub Daddy products. It was short-lived.
- The Ion Belt – The Ion Belt has also made headlines, making it one of Krause’s well-known inventions.
- Mop Daddy – Just like Scrub Daddy, the Mop Daddy was invented for cleaning.
- Erase Daddy – The Eraser Daddy is another cleaning product by Aaron Krause
There are also other businesses run by Aaron Krause that are not as popular as the ones mentioned. It is also claimed that the businessman is constantly trying to open new businesses.
All of these businesses have combined to make him his $70 million net worth. As more businesses roll out and more sales are made, it is clear that this net worth will rise in the near future.
How Aaron Krause Spends His Money
Clearly, Aaron Krause has a lot of money. However, he is not a wasteful spender. He invests a lot of money in new business ventures and spends the rest on his family.
It is not clear what kind of car he drives as show-off is not something Karuse likes doing. It is reported that Krause adores his family very much and spends a lot of time and resources on making them happy.
For the record, Aaron Krause has a wife called Stephanie and a set of twins called Bryce and Sophie. His wife is said to be the one running his company’s communications. Krause loves his family very much. Some reports say he takes vacations with his family to wind down every year. Aaron reportedly enjoys spending quality time with his family and traveling with his devoted wife and twins. He knows the importance of maintaining a work-life balance and makes sure to prioritize the things that matter most to him.
But, despite this, Aaron Krause is also reported to have a very strict money rule in his house, especially when it came to his children. For instance, Aaron Krause announced in 2017 that he planned to have his 11-year-old twins, Bryce and Sophie, pay rent even though they lived in his house. The children earn their keep by performing various chores such as feeding the cat, cleaning the litter box, making their beds, and washing the cars.
According to Krause, this approach teaches them the value of hard work and instills the concept that nothing in life comes for free. As the twins get older, Krause intends to introduce an allowance program that is earned through hard work and consistent effort. He plans to begin this program when they reach the age of 12 or 13.
Also, despite his busy schedule, Aaron makes time for his passions outside of work. He coaches the Bantam A Team for the Jaguars Youth Ice Hockey organization at The Igloo in Mt Laurel, New Jersey, and also finds time to play. He is a mentor to budding entrepreneurs, providing guidance and support to those who aspire to follow in his footsteps.
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