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.

Outlines

00:00

🏌️‍♂️ Introducing Fling Golf: A New Sport for the Modern Age

Alex and John from Switch Massachusetts are seeking $300,000 for 10% of their company, Fling Golf. They address the decline of traditional golf courses and the sport's aging demographic by introducing a new, accessible, and exciting alternative. Fling Golf simplifies the game by using a single Fling stick instead of a set of clubs, allowing players to throw the golf ball and shape various shots. This innovation aims to attract a younger audience and can be integrated into existing golf courses without any changes. The founders claim that Fling Golf has been played on over a thousand courses, emphasizing its potential and the need for scaling up.

05:01

🤝 Negotiating the Shark Tank: Fling Golf's Valuation and Future

The entrepreneurs face skepticism from the Sharks about the precision and safety of Fling Golf, as well as its valuation. They explain that their product has been well-received, particularly at resorts, and that they have sold over 140,000 units, with a higher number sold to consumers than to golf courses. The cost to make one Fling stick ranges from $25 to $35, with retail prices between $119 and $179. Despite the challenges of scaling a new sport, one Shark offers a deal for 33% equity, which the entrepreneurs counter with a request for 25%. Eventually, a deal is struck for a 20% stake, reflecting the Sharks' belief in the hustle and potential of Fling Golf to revolutionize the sport.

Keywords

💡Fling Golf

Fling Golf is an innovative sport introduced in the script, which is a modern and athletic alternative to traditional golf. It involves using a single 'fling stick' to throw a golf ball instead of using a set of clubs to hit the ball. The concept is central to the video's theme, which is about creating a new, accessible, and exciting way to play golf that appeals to a younger audience and revitalizes the sport.

💡Golf Courses

Golf courses are the traditional venues where golf is played. In the script, they are highlighted as facing challenges such as closures and aging demographics. The introduction of Fling Golf is positioned as a solution to these problems, offering a new way to engage with golf courses and attract a younger demographic.

💡Investment

Investment in the script refers to the financial backing sought by the entrepreneurs for their company, which is $300,000 for 10% equity stake. The concept is integral to the video's narrative, as it showcases the entrepreneurs pitching their innovative product to potential investors, known as 'sharks' in this context.

💡Sharks

In the script, 'sharks' is a term used to refer to the potential investors who are being pitched the Fling Golf concept. The term is borrowed from the show 'Shark Tank,' where investors, or 'sharks,' decide whether to invest in the ideas presented to them.

💡Valuation

Valuation in the context of the script is the estimated worth of the company that the entrepreneurs are pitching. It is a critical concept as it determines how much equity the investors would receive for their money. The entrepreneurs are seeking a valuation of $3 million, which is a point of contention in the discussion with the 'sharks.'

💡Product Development

Product development is the process of creating a new product, such as the Fling Golf stick, which is the central product in the script. It involves design, prototyping, and testing to ensure the product is viable and meets consumer needs. The Fling Golf stick is presented as a result of extensive product development, including patents and intellectual property.

💡IP (Intellectual Property)

Intellectual property (IP) refers to the patents and rights that protect the unique aspects of the Fling Golf product. In the script, it is mentioned as part of the company's valuation, indicating that the legal protections and unique innovations are considered valuable assets.

💡Consumers

Consumers in the script are the end-users who would purchase and use the Fling Golf sticks. The entrepreneurs mention that they have been selling more to consumers than to golf courses, indicating a direct-to-consumer sales strategy and the importance of consumer adoption for the success of the product.

💡Sales

Sales in the script represent the revenue generated from selling the Fling Golf sticks. The entrepreneurs discuss their sales figures, which are used to gauge the success of the product and to justify their valuation request to the investors.

💡Hustle

Hustle in the script is used to describe the drive and effort required to grow a business and make it successful. It is a recurring theme as the investors look for signs that the entrepreneurs are committed and willing to work hard to scale their business.

💡Equity Stake

Equity stake refers to the percentage of ownership in a company that an investor acquires. In the script, the entrepreneurs are offering a 10% equity stake for their $300,000 investment request, which becomes a point of negotiation with the 'sharks.'

Highlights

Introduction of Fling Golf, a new sport aiming to revitalize the traditional golf industry.

Golf courses are facing challenges with closures and an aging demographic.

Fling Golf is described as an athletic alternative to traditional golf, aiming to attract younger players.

The game uses a single Fling Stick to throw a golf ball, simplifying the equipment needed.

Fling Golf can be played on existing golf courses without any modifications.

The founders seek $300,000 for 10% of their company to scale up their operations.

Fling Golf has been played on over a thousand golf courses, indicating initial acceptance.

The Fling Stick can be used for various types of shots, including long shots and putting.

The Sharks express initial skepticism about the concept of Fling Golf.

The founders explain that Fling Golf is already accepted at high-end golf clubs.

The business model includes selling directly to golf courses and consumers.

The founders have raised about $2 million in funding to develop the product and secure patents.

The valuation of the company is questioned by the Sharks due to the perceived lack of traction.

The founders discuss the potential for growth, comparing Fling Golf to the rise of snowboarding.

A Shark offers $300,000 for a 33% stake in the company, a significant increase from the initial ask.

The founders negotiate with the Sharks, highlighting their commitment and the need for investment.

The deal is closed with two Sharks investing $300,000 each for a 25% stake, valuing the company at $1.2 million.

The founders express excitement and commitment to growing Fling Golf into a major sport.

Transcripts

next up is a new iteration of a favorite

[Music]

sport whoa hello sharks I'm Alex vanin

Allen and I'm John prage we're from if

switch Massachusetts and we're here

seeking $300,000 for 10% of our company

fling off sharks golf courses have a big

problem over 1,800 of them have closed

in the last decade and the average golf

gets older every year you see young

people they just think that golf is too

expensive it's too hard to learn there's

too many clubs takes too long and many

just find it boring we've developed the

antidote for boring it's called fling

goof it's the cool athletic alternative

to regular golf you play fling golf with

a regular golf ball but instead of

lugging around a set of clubs and

hitting the ball you're using a single

fling stick to throw the golfball and

shap every kind of shot from te to hole

Yeah you take long shots flop shots

bump and runs and on the green The Color

of Money you can even use it to putt

most people can learn to play within 10

minutes some are even out there bomb at

250 yards so just like snowboarders

welcome on ski resorts fling golf can be

played right alongside traditional golf

best part is courses don't need to make

any changes at all they just let the

people play fling golf has already been

played on over a thousand golf courses

so we've developed an entirely new

product a new sport embraced by a

younger generation and accepted by golf

courses across the globe who wants to go

on the fling of their life time and help

us scale up the future of the Fairway

all right who wants to come on up I'll

try it out I don't know anything about

golf it's not golf wait hold

on you all should do what Mark's doing

aim that way Daniel you're throwing it

this way yeah you might want to really

go away let me show you what you do is

you hold it back here you put you drop

it way down your back then put your

other hand up and then there you go

there you go nice so guys you've

invented lacrosse on the golf course

right basically lacrosse and golf and

that was sort of my background gotcha

all right so you drop it way down your

back yeah nice nice yeah cool just a few

shots all right guys look I a member of

the golf club no chance in hell are they

going to let anybody run around with a

lacrosse R zero no they do it's been

played at the country club in Brooklyn

it's like snowboarding and skiing we're

getting into the golf courses But

ultimately it's going to be like there's

no reason not to but the golf Gods would

strike you dead with that thing don't

care

yeah I have a

question we don't care best answer ever

we're not golf let's say you you get

good you can go far and straight but

then when you get to the green what

happens oh you got turn into a golf club

you can do a flop shot you can do a bump

and run hang on this is your only Club

this is your putter this is your

chipping wedge everything with it this

is the one thing that might get me to a

golf course but I mean you could hurt

somebody if you hit them yeah

this is way more accurate than golf how

many courses have you sold this to a set

of clubs that's a good indication about

300 so what's the model how's it work we

sell to both golf courses and the

consumer we focused a lot in the last

few years on the golf courses we want

that acceptance we want people to know

that if they buy one of these things

from us they can go out on any golf

course and play longer term the focus is

really going to be the consumer how are

you going to get the golf course to like

educate anybody playing about the stick

the specific golf courses that are doing

well with it are like Resorts they're

able to advertise to people that aren't

just the people coming in to play golf

when people arrive they'll say hey bring

your family even if you're a golfer

bring your kids we'll give them a fling

stick and then go out with you and play

golf so guys I did an investment in a

company called bad birdie they're the

cool golf shirts Co hits I'm thinking

their business is going to die like it

it's just going to go nowhere golf is on

fire because of the distance of the few

things you can actually do outside

they're going to do 3 and5 million this

year so you're definitely on Trend what

I'm struggling with is how do you

capture a customer base the focus has

been on golf courses but we're selling

as much to Consumers actually in terms

of numbers we're selling more to

Consumers than we are to much what did

you sell last year last year we sold

142,000 140,000 what about this year

we're 142,000 through July so what's one

club cost you to make and what do you

sell it for they range from 119 to the

one you're holding there is$ 179 and for

cost to make this one's about $25 that

one's about $35 valuation seems really

out of whack like you're asking for more

than 10 times Revenue valuation can you

walk us through how you came up with

that delusional valuation and you're

saying you're really sitting next to

Kevin a lot Daniel we were on set for

about 400 this year and then Co hit that

slowed us down according to Robert Co

should be helping you

it slowed us down big time for you know

March and April look at the end of the

day if you're just taking this as a

commodity product and doing a multiple

off of Revenue yeah you're not going to

get there on that but what we've built

here and a lot of what goes into that

valuation is the foundation we built all

the product development the IP the

patents so then how much have you guys

raised or invested we we've raised about

about $2 million there you go that's why

the valuation so high you ra2 million

did I hear that and is actually from us

you put your own money in D wow look I

like the idea guys but it's very

difficult to scale a new sport as you

know yes right and inevitably it takes a

purse if your price range is from $1 to

$179 and you did

$140,000 last year you're looking at

about 1,400 clubs right and that's just

not enough traction for me to get

excited so for those Reasons I'm

out guys I love Innovation and and new

ideas but I keep thinking about the lack

of precision these balls like flying all

around and your valuation I do have to

say I I don't think is commensurate to

where you're at right now I wish you

good luck but I'm out thank you just cuz

you say it's worth 3 million that

doesn't mean anything it can't be worth

3 million bucks cuz you don't have any

cash flow to sustain that valuation if

you look at what snowboarding did and we

we Model A lot of for what happened in

the 1970s 80s with SNB it took a long

time before and then it went geometric I

get it but I don't think you're at that

trajectory right now and I didn't think

it was poopu on a stick until I heard

the sales now I really think it's poopu

on a stick so no absolutely not I'm

out Alex and John this is my thoughts

kind bars are sold in almost every

single course in America there's several

golfers that we colors because they love

it so much I can introduce you to a lot

of golfers I can introduce you to golf

courses this is going to be a huge

amount of work so I will do the deal at

33% uh for the $300,000 you are so

greedy all right guys look I love golf I

belong to a bunch of clubs here's what I

can do for you I can point you yeah just

like bad birdie it's not like I go there

and do their books every day but we talk

regularly he has a problem he says do I

go left do I go right that's what you

need what I need to know is are you

going to

hustle this is all about hustle and I

mean we're going to do I'm confident

we're doing with or without you a

million dollars in sales next year I've

drained my finances I need this I

absolutely need this I'm

in I'll give you the

300,000 but I want to be a one-third

partner I'll take the risk with you I

can help you with this thing same offer

Daniel same offer it only took him an

hour longer to make it okay so you got

to talk to them cuz you just EV valued

all the money that they've invested

significantly I did but again you know

it's either going to go big or it's not

you got to pick your shark what are you

going to do and you can

counter

one how about 300 for 20% either of

you I'll do 300 for25 5% and he goes

away in

5

4 3 2 take it 1

done all right guys what Robert said is

true you guys need to stay in the fight

and be hungry because someone who's

going to hustle more than us

congratulations guys congratulations I

can't believe

[Music]

it that was awesome that was awesome

Daniel's got nothing to worry about we

are committed and we are all in on this

we're going to see this to the end and

we know it's going to be a huge sport

very often you have to step down to get

the poop but not anymore