Tim Talley walked into Shark Tank last Friday to pitch his product and company, U-Lace. This product allows people to change the complete style of sneakers with lace colors to change patterns and styles. U-Lace began with a single product, U-Lace Sneaker Customizing Laces, but the brand is on course to become so much more. Tim was asking the Sharks for $200,000 and a 25% stake in his company.
Tim gave a pair to each of the Sharks. They sell a pack for $3.49 and it costs 35 cents for each pack. They have a global distribution network and they make 50 percent on it alone. They made $193,000 dollars in sales in 4 years.
Kevin right away accused the product of being a brief trend that won’t last forever. Lori is not a fan and goes out. Robert loves the pitch and story about focusing on the important things in life, but he goes out. Daymond owns another company that he just acquired which would be competition for his.
In the end, Kevin offers $250,000 dollars for 50% equity which was double the initial offer equity. Mark Cuban steps in to offer $200,000 for 35% equity which Tim accepts on the spot. If you or anyone you know has an invention idea and needs help, please contact us at New Product Consulting.