Young Aussie who rejected a $300k Shark Tank offer makes the Forbes rich list just four years on

A young Aussie entrepreneur who rejected a $300,000 Shark Tank offer has been named on a Forbes rich list just four years later.

A young Aussie beauty entrepreneur who rejected a $300,000 offer on Shark Tank to invest in her business has made the Forbes Asia 30 under 30 list just four years on.

Iris Smit, 27, turned down Andrew Banks’ $300,000 investment offer for 25 per cent of her three-month-old business which includes The Quick Flick stamp, a beauty fridge that keeps skincare products cold and adhesive eyeliner for false lashes.

And the gamble paid off, with her beauty empire now raking in $15 million a year in revenue, and Smit being named on a coveted Forbes rich list.

“It is very encouraging for an industry and group of people who deserve as much recognition as possible for their hard work. I am so proud to be representing the Perth small business industry in Forbes,” she told Daily Mail Australia.

Iris Smit, from Perth, wowed the Shark Tank judges with a genius beauty product that solves one of our “most hated” problems — and it's very popular.

According to Smit, the idea for The Quick Flick came in 2017 when she was searching for an easier way to do her winged eyeliner everyday.

“I started working on a project to create a solution to winged eyeliner. It had been my signature look and no matter how much I practised, I could never get it right and then it evolved into a business,” she told news.com.au in October last year.

“I never started it thinking it was going to be a big brand, but there was a massive need when I first started on the product. Since then every product I create is about solving a problem or trying to create a quicker or easier solution to applying make up or a beauty product.”

While she didn’t take the investment offer on Shark Tank, her appearance on the show did cause the business to blow up.

“After it aired things went absolutely gangbusters – we did like two months of revenue in four hours. It was absolutely ridiculous. I’m surprised our site didn’t break to be honest,” she revealed.

“Looking back, it was a blessing but also a bit of a curse at the same time. Businesses don’t normally grow that quickly so it was quite difficult to put so many systems and procedures in place after such a short time.”

The eyeliner stamp has continued to be a best-selling “cult style product”.

But when Covid hit, a new product she had been working on happened to be the perfect timing for launch, particularly as mask wearing became the norm and eyes “were the only things you could show off”.

She had created a two in one eyeliner and lash adhesive.

“It blew up during Covid as lot of eyelash salons were shut,” she said. “So it attracted customer as they weren’t able to get lash extensions and false lashes and it allows you to apply false lashes in seconds.”

Iris Smit says business has boomed during the pandemic.

Ms Smit also believes the pandemic has influenced beauty routines with many people no longer interested in spending hours on their make up in the morning.

“People don’t want long complicated routines anymore. They want two or three products that they can apply and then are good to go,” she said.

“There’s a shift in the types of products people want too. They are wanting those quick solutions and those multi-use products rather than having five different things.”

Originally published as Young Aussie who rejected a $300k Shark Tank offer makes the Forbes rich list just four years on