A young Australian beauty entrepreneur who turned down a $300,000 offer to Shark Tank for her innovative eyeliner “stamps” has made the Forbes Asia 30 under 30 list just four years later.
Iris Smit, 27, has built a $15 million beauty empire since turning down Andrew Banks’ offer for her product, The Quick Flick Stamp, a beauty fridge that keeps skincare products cold and an adhesive eyeliner for false lashes.
The idea for The Quick Flick came to her in 2016 when she was looking for an easier way to apply her winged eyeliner every day.
The Perth-based young woman told FEMAIL she was honored to have made the list at a difficult time for businesses in Asia Pacific – and has big plans for the years to come.
Iris Smit, 27, has been named to the Forbes Asia 30 under 30 list
The Sharks were very interested in their $35 product, and Andrew Banks decided to invest $300,000 in the deal (pictured on Shark Tank)
“I am honored to receive this prestigious recognition, especially as a young entrepreneur who has been in business since day one,” she said.
“The Quick Flick started for me in my living room and to see it grow from a local store to a presence 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 as possible for their hard work. I’m so proud to represent Perth’s small business industry in Forbes,” she said.
The young woman rose to fame after appearing on Shark Tank, where she turned down a $300,000 offer for 25 percent of her beauty business
Iris Smith (pictured) turned the very simple makeup idea into a whopping $10 million win in a year
Iris was one of 4,000 people who applied for a spot on the coveted list this year. The youngest person on the list is just 14 years old – while the average is 26.8 years.
Following her success with Quick Flick and Beauty Fringe, Iris created the Quick Screen range with a three-in-one moisturizer, primer and SPF50+ formula.
She spent two years developing the products that offer full sun protection over makeup — and leave skin glowing without white spots or a “cakey” mess.
What is The Quick Flick? The stamp that promises the perfect cat eye in seconds
For years, Iris spent 20 minutes a day hand-creating the perfect cat eye, painstakingly fixing mistakes and dealing with more than a few puffy eyes.
She figured there had to be a faster way to get the perfect cat eye, so she went from being a self-taught makeup enthusiast to a self-taught businesswoman.
The $35 product is pre-filled with ink and comes with two stamps — one for each eye — and a marker to complete the popular look.
The sunscreen not only protects your face from the sun, but also protects your skin from blue light damage caused by digital devices.
“Growing up in sunny Western Australia, SPF was always the most important thing I did for my skin. However, it proved difficult to find a multitasking sunscreen that I was keen to put on my face,” said the beauty innovation queen.
“I wanted to take on the challenge of really innovating and improving the existing products that are available to consumers,” said the entrepreneur.
She has created a new collection of SPF 50+ products to wear with your makeup
She spent two years finding a simple solution, creating products that offer full sun protection over makeup — and leave skin glowing without white spots or a “cakey” mess
“I’m really proud to launch not just one, but two products that perfectly combine skincare and suncare and solve many of the problems consumers face when using suncare products.”
Iris first found herself in the beauty world after launching her brand, The Quick Flick, which offers women an easier way to “stamp” a perfect winged tip onto your lids in 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 the business.
The “sharks” were interested in their $35 product, and Andrew Banks offered to invest $300,000 – a deal for 25 percent of their company – just three months after launching it in 2016.
She also invented these for those who like to cool their skincare
Iris has built a staggering $15 million beauty empire after developing Quick Flick and Beauty Fridge
But five months later, when it came time to sign the deal, Iris realized her deal was worth far more than the offer, with deals from giants like Priceline.
“I had only been in business for three months when the Shark Tank show was filmed. It was early days, but by then I was making $100,000 a month,” she told the Daily Mail Australia.
“My business was valued at $1 million by the sharks on the show, but by the time the show aired in May, it had already tripled in value. I wasn’t in the position where I really needed the $300,000.
The quick flick first made headlines in December 2017 after Iris, then an interior design student, launched her brand in her two-bedroom apartment – and placed orders via shopping carts at the post office
“I was cash flow positive and already had a lot of retail stores lined up. Signing the contract would also have prevented me from creating other brands like Beauty Fridge.
“I had so many ideas for other products and brands, I didn’t want to limit my career and lock myself up.
“Even though so many friends and family members pressured me to sign the deal, the thought of it scared me. I trusted my gut so I knew it wasn’t right.
Their products, including The Quick Brow, are now in stock across Australia
The winged eyeliner queen went into business for herself – and made $10 million in sales in 12 months.
“I never thought ‘The Quick Flick’ would explode like it did after the ‘Shark Tank’ show. The publicity we got was invaluable,” she said.
“I honestly believe the company has grown overnight the way other companies would grow in a few years. It was definitely tough and I had to put procedures in place pretty quickly to make sure we could keep up with demand.’