Ever found yourself dropping screws just as you were finishing a home project or work on your car? Well, this has happened to AndrÃ¨ Woolery, 35, too many times to the point of frustration–and genius.
These handyman mishaps led Woolery, founder and CEO of MagnoGrip Inc., to create his first product, the Magnetic Wristband, in early 2005. From there he developed a line of magnetic work gear under the MagnoGrip brand, including the Magnetic Nail Pouch, Magnetic Work Suspenders, and Quick Snap Magnetic Tape Measure Holder.
MagnoGrip Inc. was officially launched in December 2005 with only $1,000. The company is on pace to generate $4.5 million in revenues this year compared to the $1 million it made in 2010. In June, MagnoGrip inked a deal with Walmart that will put the Quick Snap Magnetic Tape Measure Holder in 1,100 stores nationwide this fall, Woolery says. The company already has five products at more than 1,700 Lowe’s stores and 10 products at 135 stores in five regional Home Depot markets.
Woolery, who enjoys the process of taking an idea from concept to reality, says MagnoGrip plans to expand its business by continuing to develop and launch innovative products and by reaching into global markets.
(Continued on next page)