Ski-Z Entrepreneurs Hesitate In Front Of The Sharks! | Shark Tank US | Shark Tank Global

Summary

In this pitch, Nick Poo and Kyle Allen present their innovative product, Venice Skey, a portable ski caddy that simplifies transporting skis. They seek $50,000 for 15% of their business, sharing their challenging journey since a successful $230,000 sales year in 2013, marked by personal setbacks including health issues and natural disasters. Despite their struggles, they project a comeback with anticipated sales of $575,000 in 2018. The Sharks, impressed by the product and the potential for growth, engage in negotiations, highlighting the need for financial support and a strategic distribution plan.

Takeaways

• 😀 Nick and Kyle are seeking $50,000 for 15% equity in their ski accessory business, Skeezy.
• 🎿 Skeezy is a portable caddy designed to make carrying skis easier, fitting into a pocket and utilizing wheels.
• 📉 The company had initial sales of $230,000 in 2013 but faced challenges leading to zero sales in subsequent years.
• 💔 Both founders experienced significant personal struggles, including cancer and a divorce, impacting their business.
• 🌊 In 2016, they suffered losses due to flooding in Louisiana, further hindering their business growth.
• 📈 By 2018, they projected sales of $575,000, indicating a recovery and renewed market interest.
• 🏬 The founders have $350,000 in inventory, purchased five years ago, showing their commitment to the product.
• 🏠 Nick mortgaged his house to fund inventory, demonstrating significant personal investment in the business.
• 🤝 Barbara offers $50,000 for 15% equity, urging them to take the deal without hesitation.
• 🤔 The sharks discuss the necessity of additional funding and support for inventory management and sales.

Q & A

What is the main product being pitched in the transcript?

The main product is called 'Skeezy,' which is a caddy for skis designed to make transporting them easier by allowing users to roll their skis straight to the slopes.

How much funding are the entrepreneurs asking for, and what equity are they offering?

The entrepreneurs are asking for $50,000 in exchange for 15% of their business.

What was the sales performance of Skeezy in its first year?

In its first year of sales in 2013, Skeezy generated $230,000 in revenue.

What challenges did the entrepreneurs face in the following years after their initial success?

The entrepreneurs faced significant personal challenges, including cancer and divorce, as well as external factors such as job loss and natural disasters, which led to zero sales in several consecutive years.

What is the projected sales figure for 2018 mentioned in the transcript?

For 2018, the entrepreneurs projected $575,000 in sales.

What is the cost of production for one unit of Skeezy, and what is its selling price?

The cost to produce one unit of Skeezy is $3.50, and it is sold for $119.95.

What did the entrepreneurs do to raise funds for their inventory?

The entrepreneurs mortgaged their homes to raise funds, resulting in $350,000 worth of inventory.

How did the sharks react to the entrepreneurs' offers and situation?

The sharks expressed concern over the entrepreneurs' past sales decline and personal challenges but were also intrigued by the product's potential and made offers for investment.

What unique selling point does Skeezy have compared to traditional ski transport methods?

Skeezy's unique selling point is its portability; it is designed to fit in a pocket and allows users to easily roll their skis instead of carrying them, making it more convenient.

What was the outcome of the investment pitch?

The entrepreneurs ultimately received an offer from one of the sharks, agreeing to the investment of $50,000 for 15% equity in their business.