DrumPants Shark Tank Update – DrumPants net worth

The Shark Tank Season 6 Episode 3 saw the entry of a wearable brand that aims to change how people interact with devices. Focused on musicians and young artists, DrumPants produces bands with sensors to help create music anywhere. It was meant to go a step ahead of the smartwatches and wristbands.

DrumPants, a corporate concern owned by Tyler Freeman and Lei Yu, was in the pre-revenue phase. They needed funds to fulfill the orders on their website. Did they get a deal on Shark Tank or return empty-handed? All such questions will be answered on our DrumPants Shark Tank Update.

DrumPants net worth

Tyler and Yu demanded $150,000 for 5% of equity share in DrumPants. The ask meant that the owners valued their company at $3 million. However, the sharks had issues with the valuation. John valued the company at $1.25 million, but he had the licensing condition. Once the product was licensed, the company’s stocks would be higher. So this brings us to Robert’s most accurate estimate of net worth, $0.75 million. 

Did DrumPants get a deal on Shark Tank?

Tyler Freeman and Lei Yu demanded $150,000 for a 5% equity stake in DrumPants. The pitch went well when considering the technological aspect. However, sharks had issues with the market volume and valuation. Lori Greiner and Kevin O’Leary opted out immediately due to the market factor. 

Rober Herjavec had belief in the DrumPants’ future, so he offered them $150,000 for 20% of the equity stake. John offered them $250,000 for the same equity, providing the founders with secure product licenses.

Despite Rob and John’s eagerness to join hands with the company, Tyler and Yu were indecisive. John and Robert opted out individually, and DrumPants got no deal on Shark Tank Season 6, Episode 3. 

Shark(s) OfferDemandCounterofferAccepted?
Robert Herjavec$150,00020% equity stake in the company15% equity stake in the companyNo
Daymond John$250,00020% equity stake in the company only if it secures a product licenseN/ANo
Mark CubanN/AN/AN/AN/A
Kevin O’LearyN/AN/AN/AN/A
Lori GreinerN/AN/AN/AN/A

DrumPants Shark Tank Update

what happened to drumpants after shark tank

DrumPants and its products

DrumPants is a company founded and led by the duo of Tyler Freeman and Lei Yu. The company specializes in manufacturing consumer wearables that fit inside the clothing. It aims to simplify the way people interact with their devices. However, the company entered Shark Tank when it was in the pre-revenue phase.

The DrumPants products include wearable bands with sensors. These bands connect with mobile phones and laptops to ensure users are not restricted to the screen. The products are primarily designed to serve musicians and artists. Now, artists can make music anywhere they like. More details regarding the product are mentioned later in our update.

Pitch and initial presentation 

Tyler Freeman and Lei Yu entered the Shark Tank with three other men to present their new wearable tech. All three men and Tyler started beating their chests and vibing on the shark tank theme. Tyler said that their product, DrumPants, was a unique, wearable, and controllable device that enables playing music anywhere. 

Tyler explained that DrumPants can be worn anywhere on the body, not just the pants. It offered much more, as a user could control mobile apps, games, and websites. Lei Yu added that DrumPants would change how people interact with devices and wearables.

Discussion on the pitch 

Mark Cuban asked if the DrumPants were connected via Bluetooth. Tylers confirmed that the device had wearable sensors connected to devices using Bluetooth. Robert Herjavec wanted to know what the product looked like. Tyler added that the DrumPants did not come inbuilt with apparel. He presented them with bands stating that the basic kit had six sensors. Four of those sensors were made to use in articles of clothing, while the remaining two were paddles for feet. 

Daymond John asked the duo for the sales numbers. Yu said that DrumPants was in the pre-revenue phase, where they were taking orders. They had a demand of $75,000 on its official website. John inquired about the selling price. Yu confirmed that the DrumPants kits started from $99 and went up to $249.

Kevin  O’Leary wanted to know if the product had a proprietary existence. Tyler elaborated that the company had two provisional patents pending. The patent, once granted, would cover the rhythmic gestures and tapping to control devices. Robert asked how big the drum players’ and musicians’ market segment was. Tyler argued that the market opportunities were promising as electronic music was growing and the musicians were getting bored of sitting behind their laptops. 

Robert did not agree with the $3 million valuation. However, when he asked about the future, Kevin O’Leary called it crap and wanted to know how much money the product could make. Yu confirmed that they had sold 720 units, and the forecasts suggest they will sell another 4,000 units by the end of the year. She further explained that a net profit of 45% per unit would help the company earn $220,000 as profit.  

Negotiation and final deal

Lori made a quick decision to opt-out. She had reservations regarding the market demand and did not think the product could reach millions of users. However, she appreciated Tyler and Yu for the great idea. Tyler defended the product by saying that Lori should consider buying something and tapping her pants to confirm it. 

Mark called it a dumb argument. Kevin said that the market was too niche for his liking. Other wearable concepts were interesting, but DrumPants has competition in those segments. He also had an issue with the valuation because he did not believe the product could generate enough cash. He opted out, leaving the rest to the other sharks.

Robert gave this honest opinion and said he was uninterested in the DrumPants. However, he was expecting something good in the future. He offered $150,000 for 20% of the stake in the equity. Kevin looked astonished by the offer. However, the founders wanted to know what John and Mark had in their minds.

John asked if the company would license its products. Once Tyler agreed to it, John offered them $250,000 for 20% of shares in the company. Rob got triggered by the offer. He argued that the licensing deal only funds the company when the products are sold. 

John explained how the licensing worked. He insisted that the founders could go to other companies and make sure they integrate DrumPants into their products. This strategy could earn them guaranteed revenues.

For a while, Tyler and Yu left the tank to decide. Tyler liked John’s offer as he had plans to license the product. Yu wanted Robert because the licensing term seemed irrelevant to her. Tyler countered Robert’s offer and demanded $150,000 for 15% of equity. John was frustrated by the indecisiveness, so he opted out. Robert stuck to a 20% stake in the company. 

Tyler threw it away when he turned to Mark and asked if he had something to offer. Mark entered the brutally honest mode and blamed the founders for letting go of good for perfect. He said the product was good, but DrumPants lacked the force to get through. 

After Mark opted out, Robert complained that he was the first to offer them. The founders rightfully went to John but, at the last moment, asking Mark for an offer resulted in Robert opting out. Yu kept explaining their perspective. However, Kevin ended the discussion by calling them indecisive entrepreneurs.

DrumPants availability 

DrumsPants is a wearable brand that sells sensory devices to control mobile phones and other gadgets. The sensors can be worn on legs, arms, shoulders, chest, feet, or other suitable body parts. DrumPants are a set of bands sold in a kit of six.

The company primarily targets musicians who do not like sitting behind a laptop. However, the sensors are not limited to music production. Users can control mobile apps, play games, or check websites with the DrumPants bands.  These bands operate devices using Bluetooth connectivity. 

DrumPants is available on the official website. The price starts from $99 and ends at $229. It is affordable for amateur singers and internet artists. The products could be market-defining if they are sold and executed correctly. However, it is too early to say anything. DrumPants has a tough competition where smartwatches and wristbands can handle devices more conveniently. You can visit their website for more information. 

Conclusion

DrumPants is a simple wearable band with Bluetooth-connected touch sensors. The technology aspect was solid, but the sharks had problems with the market demand and valuation of the company. Moreover, DrumPants was in a pre-revenue phase. These factors were critical in shaping the negotiations. 

Despite these significant problems, John and Robert had confidence in the product. Tyler and Yu missed the opportunity to crack a deal by being indecisive. The product had a promising future, but the present did not impress the sharks. DrumPants return home with no deal in their pocket.

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