A young Australian beauty entrepreneur who turned down a $300,000 offer on Shark Tank for her innovative eyeliner ‘stamps’ made the Forbes Asia 30 under 30 list four years later.
Iris Smit, 27, has built a $15 million beauty empire since leaving the show thanks to The Quick Flick stamp, a beauty fridge that keeps skincare products cold and an adhesive eyeliner for false eyelashes.
The young Perth wife told FEMAIL that she is honored to have made the list during a difficult time for businesses in the Asia-Pacific region – and that she has big plans for the years to come.
Iris Smit, 27, is on the Forbes Asia 30 under 30 list
Sharks were extremely interested in its $35 product, with Andrew Banks opting to invest $300,000 in the business (Shark Tank photo)
“I am honored to receive this prestigious recognition, especially as a young female entrepreneur who went into business from day one,” she said.
“The Quick Flick started for me in my living room, and to have seen it grow from a local business to now being represented at major international retailers is truly a dream come true.”
“It’s very encouraging for an industry and a group of people who deserve as much recognition for their hard work as possible. I’m so proud to represent Perth’s small business industry in Forbes,” she said.
The young woman shot to fame after her appearance on Shark Tank where she turned down an offer of $300,000 for 25% of her beauty business.
Iris Smith (pictured) turned the very simple makeup idea into an incredible $10 million profit in one year
Iris was one of 4,000 people who were invited to be on the coveted list this year. The youngest person to appear on the list is just 14 – while the average is 26.8.
Following her success with the Quick Flick and the Beauty Fringe, Iris created the Quick Screen line featuring a three-in-one moisturizer, primer and SPF50+ formula.
She’s spent two years designing products that provide full sun protection on top of makeup – and leave skin glowing without any white marks or “cakey” messes.
Not only does sunscreen protect your face from the sun, it also protects your skin from blue light damage from digital gadgets.
“Growing up in sunny Western Australia, SPF has always been the most important thing I’ve done for my skin. However, finding a multi-tasking sunscreen that I felt thrilled to put on my face turned out to be tricky,’ the beauty innovation queen said.
“I wanted to challenge myself to really innovate and improve existing products available to consumers,” said the entrepreneur.
She has created a new collection of SPF50+ products designed to be worn with your makeup
She spent two years finding a simple solution by creating products that provide full sun protection on top of makeup — and leave skin glowing without any white marks or “cakey” messes.
“I’m really proud to bring to market not one, but two products that seamlessly combine skincare and suncare and solve many of the issues consumers face when using sunscreen products.”
Iris first found herself in the beauty world after launching her brand The Quick Flick, which offers women an easier way to ‘dab’ a perfect winged tip onto your lids in just seconds.
The young entrepreneur – who invested $10,000 of her own money in the brand – appeared on Shark Tank in May 2018, just three months after starting her business.
The Sharks were hugely interested in his $35 product, with Andrew Banks offering to invest $300,000 – a deal for 25% of his business.
She also invented them for those who like to cool down their skincare
Iris built a stunning $15 million beauty empire after creating Quick Flick and Beauty Fridge
But by the time she had to sign the contract, five months had passed, Iris realized her business was worth more than the offer.
“When the Shark Tank show was filmed, I had only been in business for about three months. It was early days but I was already making over $100,000 a month at this point,’ she told Daily Mail Australia.
“My business was valued by the show’s sharks at $1 million, but by the time the show aired in May, its valuation had already tripled. I wasn’t in the position where I really needed the $300,000.
The Quick Flick made headlines in December 2017 after Iris, then a university interior design student, launched her brand in her two-bedroom apartment – and dropped off orders at the post office via a shopping cart
“I was cash flow positive and already had plenty of retail deals lined up. Signing the deal would also have prevented me from launching other brands such as Beauty Fridge.
“I had so many ideas for other products and brands that I didn’t want to limit my career and lock myself in.
“Despite the fact that so many friends and family members were urging me to sign the agreement, the idea made me anxious. I trusted my instincts, so I knew it was wrong.
Its products, including The Quick Brow, are now stocked across Australia
The winged eyeliner queen went out on her own – and in 12 months, she made $10 million.
“I never imagined The Quick Flick would explode like it did after the Shark Tank show. The publicity we received was invaluable,” she said.
“I sincerely believe that the company grew overnight, which other companies could have done in a few years. It was really difficult and I had to put procedures in place quite quickly to make sure we could meet the demand.
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