The Richest Sharks Fight To Get A Deal With Locker Board | Shark Tank US | Shark Tank Global
Summary
TLDREleven-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.
Outlines
🛹 Young Entrepreneur Introduces His Skateboard Inventions
Carson, an 11-year-old inventor, skater, and surfer from San Clemente, California, introduces his inventions, the Street Tubes and Locker Boards. Street Tubes allow for surfing on any surface, replicating the feeling of being on a wave. Locker Boards are a unique, compact skateboard designed to fit in backpacks and lockers, made from recycled materials. Carson seeks $60,000 for 15% of his company and has already made $10,000 in revenue. He explains his manufacturing process, which involves a partnership with Madrid Skateboards, and his sales strategy, which includes online and social media marketing.
💼 Shark Tank Negotiations and Investment Decisions
The second paragraph delves into the negotiations between Carson and the investors on the show 'Shark Tank'. Carson discusses his future aspirations for his brand, aiming to be present everywhere. The investors express their opinions on his business, with some choosing not to invest due to the early stage of his company and the potential for growth without giving up equity. Sir Richard Branson offers $65,000 for 20% equity and proposes to help with marketing and social media presence. Another investor offers a loan instead of equity investment. The paragraph concludes with Carson's decision to partner with Sir Richard Branson, reflecting his ambition and the sharks' admiration for his entrepreneurial spirit.
Mindmap
Keywords
💡Invention
💡Surfing
💡Recycling
💡Skateboarding
💡Entrepreneurship
💡Investment
💡Shark Tank
💡Sustainability
💡Patent-Pending
💡Manufacturing
💡Brand Loyalty
Highlights
11-year-old inventor Carson Cropful introduces his first invention, Street Tubes, which allows for surfing anywhere anytime.
Carson's second invention is a 'Locker Board', a compact skateboard designed to fit in school lockers and backpacks.
Locker Boards are handmade from recycled skateboard decks, promoting environmental sustainability.
Carson demonstrates the Locker Board's functionality and its ability to perform tricks due to its square shape.
He sources old boards through a monthly recycling program at two skate parks, emphasizing a circular economy.
Carson has been selling Locker Boards online and through social media, generating $10,000 in revenue.
The cost to make one Locker Board is $3 for the deck, now reduced to $13 with a partnership with Madrid Skateboards.
Carson is selling the Locker Boards at a wholesale price of $52, aiming for a retail price of $99.
Production has been set up in a backyard shop by Carson's father, allowing for home-based manufacturing.
An investor shares his own story of dropping out of school at 16 to focus on his business, later returning to education.
Carson has a patent-pending status for his Locker Board, protecting his innovation from imitation.
Investors express admiration for Carson's work but advise him to stay in school and learn to delegate.
One investor offers $60,000 for a 20% stake in the business, aiming to help with manufacturing and social media growth.
Another investor, Sir Richard Branson, offers $65,000 for 20%, recognizing Carson's potential and offering mentorship.
Carson is advised against selling equity at this early stage, with the suggestion to consider a loan instead.
Sir Richard Branson shares his own experience of wanting to do everything himself and the importance of delegation.
Carson ultimately accepts Sir Richard Branson's offer, valuing the mentorship and investment in his company's growth.
The show concludes with encouragement for viewers to subscribe to the Shark Tank YouTube channel for updates.
Transcripts
[Music]
foreign
[Music]
ER who solved the problem he had with
his favorite hobby
[Music]
sharks my name is Carson cropful I'm 11
year old inventor skater and Surfer this
is my friend Sierra hi sharks hi Sarah
hi Sarah I'm his mom Carrie and we're
from San Clemente California I'm seeking
sixty thousand dollars for 15 of my
company you just saw my first invention
it's called Street tubes it lets Rya
surf anywhere anytime because it looks
and feels like you're totally gangtubed
my second invention was when I first
started middle school and it was the
first time I ever had a locker my locker
was decked out and awesome but none of
my skateboards would fit in it so I
decided what the heck why not just make
one my own this is a locker board Locker
boards are handmade and reshaped from
recycled skateboard decks at only 16
inches long they fit easily inside of
backpacks and lockers and they're good
for the planet thanks Mom let's pass out
some samples
Robert get on the board trying to get on
the board thank you
great thank you thank you oh Carson love
the hair thank you very cool thank you
sharks bye bye good job Sierra bye CeCe
great job oh that's cool
sharks the benefit of you investing in
my company is that you'll be a part of
something that has been inspiring people
all over the world I've been surfing
with sharks since I was five years old
so go ahead hit me with some questions
so many Escape boards this big is it or
uh yes is this the first time anyone's
ever cut it down to size it's the only
skateboard that fits inside a backpack
but I've seen small ones before what's
unique about it uh they're good for the
planet easy to take anywhere and they're
super fun to ride and also the square
shape lets you still do tricks because
of the corners and your feet can stay on
it and it won't be too wobbly where are
you getting the old boards from uh van
skateboards has a monthly recycling
program for me at two of their skate
parks and I get about 50 boards a month
from them and they give them to you or
right now you you're buying them give
them to me are you selling any today for
nine months I have been selling all over
the country how are you selling it
across the country online social media
really he's made ten thousand dollars in
Revenue since uh he started so Sierra
your girlfriend
[Music]
[Applause]
do with the money if somebody puts it up
manufacturing upgrading my website
buying uh tricks and wheels hardware and
bulk how many skateboards have you sold
I have sold 231 what does it cost you to
make one so the deck cost me three
dollars but now Vance put me in touch
with their manufacturer Madrid
skateboards so that cost thirteen
dollars and I'm now selling them for
fifty two dollars wholesale wow
wholesale wholesale retail what's the
price
um 99 where do you make it now my
husband set up a shop for him and he's
been making them in the backyard I mean
I remember when I started in business my
Headmaster called me into the study and
said look you either leave school and
you run your business or you stay at
school and you don't run your business I
was 15 I said okay I'm both I dropped
out high school when I was 16. so I
waited an extra year did you really drop
out of school yeah yeah I was a high
school dropout did you go to college
yeah I was 16 dropped out of high school
started taking graduate level classes
and got my MBA by the time I was 19
transferred those back to high school so
I could graduate from high school I'm
here Richard what was your first
sort of was the start of magazine to
campaign against the Vietnamese War that
was going on so it became a national
magazine for young people and that was
my education but look this is great but
you're going to stay at school so you're
going to have to learn to delegate
because too many people think they can
do it all themselves so Carson you said
that you had gotten some help to make
these because you can't make them
anymore What's your deal with them
Madrid skateboards and they are
manufacturing my boards doing everything
and then I just put the trucks and
wheels on how do I know there's in a
Carson in New Jersey doing the same
thing the main reason skaters by product
is from Brand loyalty when they so when
they go to buy a locker board they're
going to want a locker board not some
fake two they're really hard to make you
have to have all the right equipment all
the right Hardware in three I'm in
patent-pending status you kill it
[Applause]
listen you're amazing but
I'm not going to invest in the company
I'm out
thank you Carson where do you want to be
a year from now two years from now five
years from now I want to be
everywhere
that's a lot of places
um so it sounds like one of us what's
what's been amazing online's great
because he has much higher profit
margins but he'd also like to be in
retailers because it does give him a lot
of credibility right now he's in a
Southern California retailer Jack
surfboards he's in two of their stores
you know here's what I think you know I
would not invest in your company now
because I think that you have so much
growth in giving up 15 or 20 of your
company right now
absolutely absurd you have a lot of room
to grow and I think you'll do it without
us so I'm out
Carson I love what you're doing
I want to make you an offer
okay I'll give you the sixty thousand
dollars but I want twenty percent and my
plan is not just to help you manufacture
because you have Madrid to do that that
part's all taken care of but to really
help you build up your YouTube help you
build up your Instagram so if you want
to be my partner I'm happy to make the
investment wow what do you say
before he answers I I was going to
suggest that I was going to suggest that
I was going to suggest that you and I
work together on it nope no no all right
so what do you think you and I work
together
foreign
I'll offer you sixty five thousand
dollars for twenty percent
for twenty percent so Carson I'm Robert
I love things that are cool and fun I
really don't think you should sell any
of your business at this point because
it's just too soon I don't want any of
the equity what I'll do is I'll give you
the sixty thousand dollars as a loan
what interest rate Robert whatever eight
percent give or take right I'm offering
sixty thousand dollars for twenty
percent and Sir Richard Branson is
offering sixty five thousand dollars for
twenty percent what would you like to do
uh Richard if you're gonna invest uh how
would you help my company
oh you're going to interview
[Applause]
you've got guts guys wow when you said
you wanted to do everything I remember I
had this magazine and somebody wanted to
buy it went to lunch to sell the could
sell the company so I said I'm going to
start student Airlines I'm going to
start
um you know student record Shot student
this they got completely panicked and so
when you said you wanted to do
everything I remembered that moment when
I wanted to do everything
let me be honest I see a young Richard
Branson in you you've got a wonderful
story to tell you're very articulate the
product itself is great we'd love you to
give it a shot with us
[Music]
it's a deal
all right
great thank you thank you so much great
thank you good job good job Carson good
job thank you so much
you know wanting to do everything that
really hits home I think with all of us
it's contradictory to of course what
everyone's taught I mean think about
when we started the show nine years ago
that's the biggest changes that go
around the country yeah half the people
that come up to me are killed the kids
yeah
Richard Branson
fur and I felt like make a little bit
more
before you go don't forget to subscribe
to the Shark Tank Youtube channel and
click on that notification Bell to keep
up with everything that's bubbling in
the tank
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