The Richest Sharks Fight To Get A Deal With Locker Board | Shark Tank US | Shark Tank Global

Summary

Eleven-year-old inventor Carson Cropful from San Clemente, California, presents his eco-friendly 'Locker Boards' on Shark Tank. These compact, 16-inch skateboards are made from recycled materials and fit in backpacks and lockers. Carson has sold 231 boards, generating $10,000 in revenue. He seeks $60,000 for 15% equity to expand production and enhance his online presence. Despite offers, he chooses to partner with Sir Richard Branson for $65,000 in exchange for 20% equity, valuing his business at $325,000.

Takeaways

• 🏄‍♂️ Carson Cropful is an 11-year-old inventor, skater, and surfer from San Clemente, California.
• 💡 His first invention, Street Tubes, allows users to surf anywhere, anytime, mimicking the feeling of being on a surfboard.
• 🔄 His second invention, Locker Boards, are made from recycled skateboard decks, are only 16 inches long, and are designed to fit in backpacks and lockers.
• 🌍 Locker Boards are environmentally friendly, contributing to a sustainable product line.
• 💼 Carson is seeking $60,000 for 15% of his company and has already made $10,000 in revenue through online sales and social media.
• 🛍️ The manufacturing of Locker Boards has transitioned from a backyard setup to a partnership with Madrid Skateboards.
• 📈 Carson has sold 231 skateboards, with the cost to make one being $13 and selling them for $99 retail.
• 🎓 A parallel is drawn between Carson and a young Richard Branson, emphasizing the value of doing things independently.
• 🤝 Two offers are made to Carson: one for $60,000 for 20% equity and another for $65,000 for 20% equity, with additional support for social media growth.
• 📱 Sir Richard Branson also offers a $60,000 loan at an 8% interest rate, acknowledging the potential of Carson's business without immediate equity demands.

Q & A

What is Carson's first invention called and what does it do?

Carson's first invention is called Street Tubes. It allows one to surf anywhere and anytime because it looks and feels like you're surfing on an actual wave.

What was the problem Carson faced in middle school that led to his second invention?

Carson faced the problem of not being able to fit his skateboards in his school locker, which led him to create a smaller skateboard that could fit inside a locker.

What are Locker Boards and what material are they made from?

Locker Boards are handmade and reshaped from recycled skateboard decks. They are only 16 inches long, making them easy to fit inside backpacks and lockers.

How does Carson's Locker Board help the environment?

Locker Boards are made from recycled skateboard decks, which contributes to sustainability and reduces waste.

What is unique about the design of Locker Boards that allows for tricks to be performed?

The square shape of Locker Boards, with its corners, allows users to perform tricks as their feet can stay on it without it being too wobbly.

Where does Carson source the old skateboards for his Locker Boards?

Carson sources old skateboards from Van Skateboards through their monthly recycling program at two of their skate parks.

How much revenue has Carson made since he started selling Locker Boards?

Carson has made ten thousand dollars in revenue since he started selling Locker Boards.

What is the cost breakdown for making one Locker Board, and how much does Carson sell them for?

The cost to make one Locker Board is thirteen dollars, and Carson sells them for ninety-nine dollars.

How does Carson manufacture his Locker Boards, and who is his manufacturing partner?

Carson's Locker Boards are manufactured by Madrid Skateboards. They handle the manufacturing process, and Carson adds the trucks and wheels.

What is the main reason skaters are loyal to certain skateboard brands, and how does this affect Carson's business?

Skaters are loyal to brands due to brand loyalty. This affects Carson's business as he needs to establish his brand and product as authentic and desirable in the skateboarding community.

What offer does Sir Richard Branson make to Carson, and what is Carson's response?

Sir Richard Branson offers Carson sixty-five thousand dollars for twenty percent of his company. Carson accepts the offer, seeing the value in the partnership and the potential for growth with Sir Richard's support.