K3 Shooting Band Shark Tank Update – Net Worth, Pitch & Deal

In this super exciting episode of Shark Tank, Nicky Young, a former basketball player, joined the show and introduced her innovative product called the K3 shooting band. It’s designed to help players improve their jump shots in basketball games. The band focuses on strengthening the middle two fingers, which are crucial for a perfect shot.

Let’s see if the product can impress the sharks. The sharks involved were Lori Greiner, Mark Cuban, Kevin O’Leary, Barbara Corcoran, and Michael Rubin. Did the company secure any deal on the show? If you want to know more about the outcomes, just read this article to enjoy the whole scenario. Gear up!

K3 Shooting Band Net Worth

The K3 Shooting Band has been around since 2009 and is still going strong. With lifetime sales of around $350,000 and a recent deal closed with the sharks, K3 Shooting Band net worth is estimated at around $550,000. This partnership is going to take the company to the next level.

What Happened to K3 Shooting Band After Shark Tank?

After appearing on Shark Tank, the K3 Shooting Band got some extraordinary exposure. It’s no wonder that many players are eager to get their hands on it. The business is going strong, and the headquarters are based in New York, USA. Having an active presence on Amazon and a fully functional website is a smart move to make the product easily accessible to customers.

Did K3 Shooting Band Get A Deal on Shark Tank?

Yes, the company was successful in getting a deal with two of the sharks. The K3 Shooting Band not only secured a deal but also managed to negotiate a great agreement. Lori and guest shark Rubin partnered up and made an offer of $100,000 for a 50% stake. However, the entrepreneur countered with a 40% offer, which the sharks accepted.

Shark(s) nameOfferDemandCounterofferAccepted?
Lori Greiner and Michael Rubin$100,00050% equity$100,000 for a 40% equityYes ($100,000 for a 40% equity)
Kevin O’LearyOutN/AN/AN/A
Barbara CorcoranOutN/AN/AN/A
Mark CubanOutN/AN/AN/A

K3 Shooting Band Shark Tank Update

k3 shooting band net worth

Founder And Backstory

Nicky Young, the founder and CEO of this company, has quite an impressive background. She is not only a former pro basketball player, but her father was also a basketball player for the New York Knicks in the NBA. The entrepreneur’s father inspired her to pursue basketball, both in school and college. Nicky invented this product back in 2009 to help players add force to their middle fingers for a perfect shot. Her passion for the game and dedication to helping other players excel and that’s how she came up with creating K3 Shooting Band. She’s truly making a positive impact in the basketball world.

Initial Pitch

The founder of K3 Shooting Band, Nicky was so pumped to finally get the chance to present her business model in front of the investors. It was amazing that she applied for 15 seasons and finally made it onto the show.

During her presentation, Nicky explained how the shooting band works and why it’s so innovative. And to make it even more interesting, she gave each of the sharks a sample so they could try it out for themselves. Mark Cuban, one of the sharks, got right into it and tried on the shooting band. The founder was seeking$100,000 for 20% equity and a $1 million valuation.

Queries About The Product

did k3 shooting band get a deal on shark tank

During the discussion, the cost of the K3 Shooting Band was brought up. The entrepreneur mentioned that the landed cost of the product, including packaging, is $0.91. And the retail cost is $99. The products are currently available in eight Dick’s Sporting Goods stores and on Walmart Marketplace, which is pretty impressive. But here’s the surprising part: they’re not receiving re-orders. That must be a bit puzzling for them. When Lori asked about the design, Nicky explained that it’s patented. That means it’s unique and protected, which is great for their business.

Then Barbara chimed in and asked about the sales. Last year, in 2022, they made $43,000 in sales. That’s a solid number. However, this year, so far, they’ve only made $10,000 in sales. It seems like there’s some room for growth and improvement. It was fascinating for investors to hear about the journey of the K3 Shooting Band and the challenges it faced. With such a unique product and a strong presence in stores and online, the founder is hopeful to find ways to boost their sales and attract more customers.

Sharks’ Responses And Final Deal

what happened to k3 shooting band after shark tank

When it was time for the sharks to make their offers, three of them had their reasons for passing on the opportunity. Kevin O’Leary and Mark Cuban felt that the product wasn’t the right fit for them at the moment. Barbara Corcoran, on the other hand, admitted that she didn’t have expertise in that particular space, so she decided to bow out.

The guest shark, Michael Rubin, stepped up and made an offer of $100,000 for a 50% stake in the company. His offer came with the promise of bringing on board a bunch of basketball players, coaches, and trainers. However, Lori Greiner wasn’t about to let Michael have all the fun. She expressed her interest in joining the deal and offered $100,000 for a 50% equity stake, but with a twist. Lori proposed that they split the equity, with each of them taking 25%.

Nicky, being the negotiator, decided to counter Lori’s offer. She suggested a compromise of 40% equity which was accepted by the sharks. That’s how the K3 Shooting Band remained successful in securing a deal on the show.

Product Availability

The K3 Shooting Band is an amazing tool for basketball players to improve their jump shots. It’s specifically designed for exercising the middle two fingers and is not meant to be worn during actual basketball games. That way, players can focus on building strength and accuracy without any distractions.

As for the product availability, it’s available for both adults and children. It’s never too early to start honing those shooting skills. With a retail price of $19.99 at Walmart and the option to purchase it through the official website or Amazon, it’s easily accessible for anyone who wants to give it a try. Customers can check out the company’s social media pages to stay updated on any new developments.

Conclusion

The K3 Shooting Band is all about helping basketball players improve their skills. The company had a successful journey on Shark Tank, and the sharks were impressed by the product. With two of them investing in the company, the K3 Shooting Band now has the opportunity to grow even further.

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