Shark Tank US | Fling Golf Is 'The Future Of Golf'

Summary

In a bid to revitalize the declining golf industry, Alex and John from Massachusetts pitch their innovative game 'Fling Golf' to the Sharks, seeking $300,000 for 10% equity. Fling Golf simplifies the sport by using a single stick to throw golf balls, making it accessible and exciting for a younger audience. Despite initial skepticism, the Sharks recognize the potential, leading to a deal at a higher valuation than initially offered, with the investors seeing the hustle and commitment in the founders.

Takeaways

• 🎯 Alex and John are seeking $300,000 for 10% equity in their company, Fling Golf.
• 📉 Golf courses are facing challenges, with over 1,800 closures in the last decade and an aging demographic.
• 🏌️ Fling Golf is presented as an innovative alternative to traditional golf, using a single Fling stick instead of a set of clubs.
• 🚀 The Fling Golf concept aims to attract a younger audience and revitalize the sport by making it more accessible and fun.
• 📈 Fling Golf has been played on over a thousand courses, indicating some level of acceptance and potential for growth.
• 💡 The Fling stick can be used for various shots, including long shots, flop shots, and even putting, which can be learned within 10 minutes.
• 💰 Fling Golf sticks are priced between $119 and $179, with a cost to make ranging from $25 to $35, depending on the model.
• 📊 The company has sold 140,000 units through July of the current year, nearly matching the previous year's total sales.
• 🤔 Some investors express concerns about the valuation, suggesting it may be too high for the current sales volume and trajectory.
• 💼 The founders have invested about $2 million of their own money into the company, which contributes to the high valuation.
• 🤝 Two investors offer deals at 33% equity for $300,000, recognizing the potential but also the need for hustle and commitment.

Q & A

What is the name of the product being pitched in the script?

The product being pitched is called 'fling golf'.

What is the main issue that fling golf aims to solve in the golf industry?

Fling golf aims to address the issue of golf courses closing and the aging demographic of golf players by offering a more accessible and exciting alternative to traditional golf.

How does fling golf differ from traditional golf?

Fling golf uses a single fling stick instead of a set of clubs to throw the golf ball and shape various types of shots, making it a more athletic and less equipment-intensive game.

How long does it typically take for someone to learn how to play fling golf?

Most people can learn to play fling golf within 10 minutes.

What is the range that players can achieve with the fling stick?

Some players can achieve distances of up to 250 yards with the fling stick.

How many golf courses have already allowed fling golf to be played on their grounds?

Fling golf has been played on over a thousand golf courses.

What is the financial ask from the entrepreneurs to the sharks in the script?

The entrepreneurs are seeking $300,000 for 10% of their company.

What is the cost to make one fling stick, and how much is it sold for?

The cost to make one fling stick ranges from $25 to $35, and they are sold for prices ranging from $119 to $179.

What was the entrepreneurs' sales figure for the previous year, and what is their projection for the current year?

They sold approximately 140,000 fling sticks last year and had already reached 142,000 in sales by July of the current year.

What is the entrepreneurs' valuation for their company, and what issues did the sharks raise regarding this valuation?

The entrepreneurs' valuation for their company is $3 million. The sharks raised issues about the valuation being too high compared to their revenue and questioned the logic behind it.

What offer did one of the sharks make to the entrepreneurs, and what was their counteroffer?

One of the sharks offered $300,000 for a 33% stake in the company. The entrepreneurs countered with offers of 25% and 20% for the same amount of money.