The Sharks Battle It Out For On The Go | Shark Tank Aus | Shark Tank Global
Summary
TLDRMick Spencer, the 25-year-old founder of On The Go Sports, pitches his custom sportswear company to the Sharks on *Shark Tank*. With a vision to revolutionize the $200 billion industry, Mick explains how his business solves a major problem: fast, customizable sportswear. Despite impressive growth and contracts with big brands like Ironman and GoPro, Mick faces tough negotiations with the Sharks. After multiple offers and counteroffers, he secures $600,000 for 30% equity. Mick’s story highlights determination, innovation, and the power of strategic partnerships in scaling a business to global success.
Takeaways
- 😀 Mick Spencer, at 25 years old, is the founder of On The Go Sports, a company that specializes in custom sportswear with a fast turnaround time.
- 😀 Mick started his business in 2011 after dropping out of university with only $150 to his name, initially operating from his parents' garage.
- 😀 The company was created to solve a major issue for a sports event that needed custom jerseys in less than three weeks, highlighting the demand for fast, made-to-order sportswear.
- 😀 On The Go Sports offers a unique online platform that allows customers to design their own sportswear, making it easy to customize jerseys, logos, and colors.
- 😀 The business has grown significantly, with clients like Iron Man, Anytime Fitness, GoPro, and Olympic teams using On The Go Sports products.
- 😀 Mick is forecasting $1.6 million in revenue for the current year, and he aims to grow the business to $100 million by 2025.
- 😀 Mick is asking for $300,000 in exchange for 10% equity in the business, valuing it at $3 million, but the Sharks raise concerns over valuation and competition.
- 😀 Mick's company has a competitive edge due to its fast delivery times, avoiding long supply chains that slow down larger players in the industry.
- 😀 Despite being a young entrepreneur, Mick has demonstrated strong leadership and vision, impressing the Sharks with his business acumen and determination.
- 😀 Mick receives three offers from the Sharks: $300,000 for 20% equity, but after countering with $300,000 for 15%, the Sharks agree to a final deal of $600,000 for 30% equity.
Q & A
What is the main product of On The Go Sports?
-On The Go Sports specializes in custom-made sportswear, allowing customers globally to design their own products online.
How did Mick Spencer start his business?
-Mick Spencer founded On The Go Sports in 2011 with just $150, dropping out of university to pursue his business after encountering a demand for quick, custom sportswear.
What major challenge did Mick Spencer face early in his business?
-Mick faced the challenge of a sports event that needed 400 cycling jerseys in less than three weeks, a demand that no manufacturer could meet, which led him to find a solution and start his business.
What is Mick’s vision for the future of On The Go Sports?
-Mick's vision is to grow On The Go Sports into a billion-dollar company, with projections aiming for $100 million in revenue by 2025.
What are some of the clients that use On The Go Sports products?
-Clients include Iron Man, Anytime Fitness, GoPro, Olympic teams, and over 3,500 organizations globally.
What is Mick’s financial projection for On The Go Sports?
-Mick forecasts $1.6 million in turnover for the current financial year, with a gross margin of 58% and aims for profitability this year after prior losses due to system development.
What was Mick’s main competitive advantage that attracted the Sharks?
-Mick's main competitive advantage is the speed of delivery, as On The Go Sports offers factory-direct sales to customers, bypassing lengthy supply chains.
What offer did Mick Spencer receive from the Sharks?
-Mick received three offers of $300,000 for a 20% equity stake in his business, but he negotiated for a lower equity share.
How did Mick respond to the Sharks’ offers and negotiations?
-Mick countered with a proposal to give up 15% equity for $300,000 and ultimately secured a deal for $600,000 in exchange for 30% equity.
What concerns did the Sharks have about investing in On The Go Sports?
-The Sharks were concerned about the competitive environment, the company's current valuation, and the fact that the business had not yet demonstrated significant profitability despite strong growth potential.
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