TieTry Shark Tank Update – Net Worth 2024

David Powers and Scott Tyndall came to the Shark Tank with an idea they thought would change how men choose their ties. They created TieTry, a service that works like Netflix but for neckties. The idea was simple. Men could pay a small monthly fee to get as many ties as they wanted, all delivered straight to their homes. This would help men avoid wearing the same ties over and over again. 

David and Scott asked the Sharks for $100,000 in return for 25% of their company. They were sure their idea could be a big hit in the men’s fashion market. But did the Sharks end up tying the knot with David and Scott? Find out in our TieTry Shark Tank Update!

TieTry Net Worth

David Powers and Scott Tyndall asked for a $100,000 investment in exchange for 25% equity in their company. This meant they valued their company at $400,000. They did not secure a deal on the show. However, in May 2013, TieTry was acquired by FreshNeck. While the exact terms of the acquisition were not disclosed, TieTry ceased to exist as a standalone company after the acquisition. With no active business operations post-acquisition, the current projected net worth of TieTry in 2024 is $0.

TieTry Shark Tank Update

What Happened to TieTry After Shark Tank?

In May 2013, just five months after their Shark Tank episode, FreshNeck acquired TieTry. This merger helped the business offer more products like ties, bow ties, and other accessories. It also solved the challenges TieTry faced on its own. After the acquisition, the founders moved on to new projects. Scott Tindle started a duck boat tour company and later took on a role at the University of Mobile. David Powers started his own legal firm to help nonprofit organizations and political groups. FreshNeck continues to operate, but TieTry is no longer a separate company.

Did TieTry Get a Deal On Shark Tank?

TieTry didn’t get a deal on Shark Tank. Kevin O’Leary offered $50,000 but wanted another Shark to match it. But none of the other Sharks wanted to join in. Robert Herjavec and Barbara Corcoran both thought the business hadn’t proven itself yet since it only had 110 subscribers. Daymond John didn’t see enough focus on fashion. He believed the founders weren’t passionate enough like how the Sharks were about their businesses. Mark Cuban found their approach too uncertain and untested. Without any support, Kevin O’Leary withdrew his offer. The founders left the Shark Tank without any deal.

Shark(s) Name	Offer and Demand	Counteroffer	Accepted?
Kevin O’Leary	$50,000 but he wanted another Shark to match the other $50,000 the founders wanted and name the equity.	N/A	N/A
Mark Cuban	Out	N/A	N/A
Robert Herjevac	Out	N/A	N/A
Daymond John	Out	N/A	N/A
Barbara Corcoran	Out	N/A	N/A

Founders Backstory

David Powers and Scott Tyndall came up with TieTry because they got tired of wearing the same ties all the time. As lawyers, they wore ties daily and noticed they didn’t have enough options. They talked to other men and realized many felt the same way. Men wanted more variety without spending a lot on new ties. This inspired them to create TieTry. It was a service where subscribers could rent and exchange ties as often as they wanted for a low monthly fee. They believed this would solve the problem of repeating wardrobe choices for professional men.

Initial Pitch

David Powers and Scott Tyndall entered the Shark Tank and asked for $100,000 for 25% of their company, TieTry. They called it “Netflix for neckties.” The duo were attorneys who wore ties often and noticed that they kept wearing the same ties over and over. To fix this problem, they created TieTry. It was a service where subscribers could rent and exchange ties as often as they wanted for a low monthly fee. 

David and Scott explained how TieTry lets customers access a wide range of designer ties without buying them. They stressed the convenience and cost-effectiveness of their subscription. Customers could receive and return ties right at their doorstep. The founders made their offer and hoped the Sharks would see the potential to change men’s fashion.

Queries About the Product

Robert Herjavec wanted to know about TieTry’s customer acquisition costs. He also wanted to know how they managed to grow without much advertising. The founders explained that they relied on free press, publicity, and referrals to get users. Robert was concerned about the company’s ability to grow and sustain its business. Because the company only had 110 subscribers.

Mark Cuban focused on the issue of subscriber retention. He pointed out that even a small percentage of monthly cancellations could quickly shrink their subscriber base. This would make it hard for them to maintain steady growth. The founders tried to reassure him. They explained that when they gained new subscribers, they wouldn’t need to replace inventory because they already had it on hand.

Mark still doubted their approach. He was worried about the company’s heavy reliance on free publicity and the small number of subscribers. The conversation revealed a clear gap. The founders were optimistic, but they faced real challenges in building a successful subscription business. Mark questioned whether the current model could create enough value to justify further investment.

Shark’s Response and Final Deal

Robert Herjavec liked the business model but thought the subscriber base was too small to justify its value. He believed they needed more time to test it out before asking for a significant investment. For these reasons, he chose not to invest. Kevin O’Leary showed some interest. He offered $50,000 if another Shark would join in. He made it clear he wouldn’t decide alone and left the decision of how much equity to take to the other Sharks.

Barbara Corcoran liked the idea of marketing through college students. She thought the young male market was perfect for this service. But, she was worried about the low number of subscribers and felt the business wasn’t proven enough. She decided not to invest. Daymond John was focused on the lack of passion for fashion in their pitch. He noticed the founders didn’t talk about the beauty or appeal of ties. It made him doubt their dedication to the business. This led him to pass on the investment.

Mark Cuban asked about the cost of customer acquisition. He wasn’t satisfied with the founder’s answer. The founders admitted they were still figuring it out. Mark saw it as a big risk. He thought they were guessing instead of having a solid plan. Because of this uncertainty, Mark also chose not to invest.

What Went Wrong With TieTry on Shark Tank?

Each Shark refused to invest in the company for different reasons. Robert believed the company was brand new and in its infancy stages. Barbara echoed Robert’s thoughts and felt the subscriber count was too low to justify the $100,000 investment. Daymond John believed that the founders lacked the passion for the business that other Sharks had. Kevin O’Leary didn’t invest because the founders failed to convince other Sharks to invest with him. Mark Cuban had asked about the customer acquisition cost from the founders. Their answer couldn’t convince Mark Cuban to invest in their business.

Product Availability

The founders had sold their business five months after the Shark Tank update. Freshneck acquired their company. TieTry has closed down its operations as of today.

Conclusion

David Powers and Scott Tyndall entered the Shark Tank with high hopes for TieTry. They believed it could change how men choose and wear ties. They presented their “Netflix for neckties” concept. The duo asked for $100,000 in exchange for 25% equity in their company. 

The Sharks raised concerns about the low number of subscribers and the challenges of sustaining growth. This happened despite the founders’ enthusiasm. Each Shark passed on the opportunity for different reasons. This left David and Scott without a deal.