Shakespeare's famous line "What's in a name?" may seem like fodder for classic literature enthusiasts, but when taken out of context and applied to the world of business, the question remains just as relevant.

In fact, a company's name is one of the factors that can determine whether it succeeds or fails.

On the latest episode of CNBC's "Make Me a Millionaire Inventor," Korean-born entrepreneur June Knoh presents his toy-cleaning product, Brickhole. He believes the name he's picked is perfect.

It's a "device that actually sucks up all the brick toys, so it's like a black hole, sucking up everything," says Knoh, who invented the product in Queens, New York, inspired by his two young children.

His invention, designed to make clean-up time faster and more fun, earns rave reviews from a test group of parents and children. But its name is nearly universally panned.

"It sounds too close to a curse word," one mother notes. "Kids get creative when it comes to this kind of [word] stuff."

After some encouragement from engineer and co-host Deanne Bell to change the name to something more kid-friendly, Knoh rebrands the product ToyVac.

"I love it," says Bell. "I wanted it to be short and catchy and fun but also really transparent about what it is, especially for a brand new product on the market. You want people to see it and know exactly what it is."

ToyVac ultimately wins a $60,000 investment from angel investor Stephen Stokols – an achievement that might have remained out of reach had Knoh not consented to a name makeover.

Though the word Brickhole may seem like an obvious no-no for a kid's toy cleaner, Knoh is hardly the first to struggle with finding the right name. A number of billion-dollar companies, many of whom make up the S&P 100, also rebranded themselves shortly after they started.