The Sharks Battle It Out For On The Go | Shark Tank Aus | Shark Tank Global

Summary

Mick 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.