Tngnt Ski Bikes Shark Tank Update – Net Worth, Pitch & Deal

Scott and Bill from Salt Lake City, Utah, had an invention that would blend the strengths of BMX bikes and skiing into one product. Their invention, “Tngnt Ski Bikes,” marries the thrills of BMX bikes with the excitement of skiing. This innovative design lets you glide down the snow-covered mountains with the agility of a BMX bike.

They came on Shark Tank seeking $200,000 for 20% ownership in their company. However, there were some of the main problems with the product: First, they had a low order history, which meant it was a small market. Secondly, the brand was hard to remember with its logo and the name of the company “Tngnt.” However, did the founders manage to get a deal on Shark Tank? Find out in this Tngnt Ski Bikes Shark Tank Update!

Tngnt Ski Bikes Net Worth

Scott and Bill asked for a $200k investment in exchange for 20% equity in their company. This meant they valued their company at $1 million. They made a deal with Robert for $200k in exchange for 40% of their company. This new deal valued their company at $500,000. After the show aired, Tngnt Ski Bikes saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Tngnt Ski Bikes is about $700k.

What Happened To Tngnt Ski Bikes After Shark Tank?

Tngnt Ski Bikes continued to expand its business and launched a new model of ski line bikes. The company is still in business and is expected to surpass the previous year’s sales.

Did Tngnt Ski Bikes Get a Deal On Shark Tank?

Mark didn’t invest because of low sales numbers. The small numbers were the result of the product being in a small, nascent market. Barbara and Kevin didn’t like the hard-to-remember name “Tngnt”, as well as the logo. Plus, Kevin believed he couldn’t market the product well enough because of the inefficient branding.

Lori, similar to Mark, also passed due to low product sales. However, Robert was interested. He offered $200,000 for a 40% stake, plus adding Shaun White as a partner with equity. After negotiating, the founders agreed to Robert’s deal for 40% ownership of the company.

Shark(s) NameOffer and DemandCounterofferAccepted?
Kevin O’LearyOutN/AN/A
Mark CubanOutN/AN/A
Robert Herjavec$200,000 investment for a 40% stake in the company (20% equity will be given to Shaun White)$200,000 for a 30% equity in the company (20% ownership will be given to Shaun White)Yes ($200,000 for 40% equity with 20% ownership to Shaun White)
Barbara CorcoranOutN/AN/A
Lori GreinerOutN/AN/A

Tngnt Ski Bikes Shark Tank Update

tngnt ski bikes net worth

Founders Backstory

The founders of Tngnt Ski Bikes first met during the 1980s. Mountain Biking, especially BMX bikes, was becoming quite popular at the time. They’d go on rides together during the summer and would ski together during the wintertime. It was this shared passion for biking and skiing that made them develop and research their ski bikes. They started product development in 2014 and started shipping the products a year later.

Initial Pitch

Scott and Bill came together on Shark Tank seeking a $200,000 investment and a 20% stake in their company. Scott started by saying they loved biking in the summer. But when winter came, they had to stop and go skiing instead.

So they thought, “Why not combine biking and skiing?” This was when Bill and Scott both revealed that Tngnt Ski Bikes were the answer to this problem. Bill then proceeded to play a video of people using these ski bikes for winter sports and not regular skiing. They were shown to be going downhill on a snow-filled mountain but with more precision and agility. Throughout the pitch, Robert seemed more excited about the product than other Sharks.

Queries About The Product

what happened to tngnt ski bikes after shark tank

After Scott and Bill’s great sales pitch, Barbara asked the founders to get straight to the sales number. Bill said their lifetime sales so far have been around half a million dollars. Upon hearing this, Mark didn’t seem too enthusiastic about the product. Since it only equated to yearly sales of around $83,000. However, Scott reassured the Sharks that last year was their breakout year, raking in sales of $175,000. They were also projected to make $250,000 in the upcoming year.

After the pitch, Mark wanted to know more details. He asked the founders how many Tngnt Ski Bike units they sold to make $175,000. Scott replied that they had sold 200 units to reach that amount. Then Kevin had a practical question. He remembered that when snowboards first came out, they were banned in many mountains. So he asked if Tngnt Ski Bikes had been banned anywhere, too. Scott started talking about the American Ski Bike Association, and their main goal is to promote ski biking as a sport.

Well, this made Mark jump in and ask if there are other products like theirs in the market too. Because their initial impression was that no other product like this existed anywhere. Scott and Bill replied that there were similar products out there. However, only two other companies are working alongside them. Then, circling back to Kevin’s original question, they added that it’s probably around half or a bit less than half of the ski resorts that have currently banned ski biking.

Mark wanted to know the selling points of their products. So Scott told him their entry-level bikes start at $999, while their higher-end model costs $1,549. He explained that the pricier option has a full suspension, but the cheaper one only has a front suspension. He also added that the manufacturing cost is $458. As for the higher-end one, it costs them $594 to produce.

Shark’s Response and Final Deal

did tngnt ski bikes get a deal on shark tank

Mark started the argument that the market was too small for this product. Even the competitors have sold 200 or fewer units as the founders. He couldn’t see how he or the other Sharks could solve the problem of having low orders. Even if they market the product, it won’t justify the marketing costs if the people purchasing them are few. If the founders had lots of orders but couldn’t complete them because of inventory issues, then Mark would’ve thought differently. For those reasons, he didn’t invest.

Barbara and Kevin O’Leary had similar thoughts. Both of the Sharks didn’t want to invest because of the founders’ poor branding. The name of the company, “Tngnt”, and the double G in the logo were difficult for Kevin to understand. They both didn’t want to invest for those reasons.

Similar to Mark, Lori had the same thoughts. The founders had just 200 orders completed last year. No amount of marketing would change that. With such a low order count, she didn’t want to invest $200,000 of her money in the company.

Robert has been enthusiastic about the product since the initial pitch. He addressed the issue of low orders to the founders. He told them that this might be a product that other people didn’t know about unless someone famous endorsed it. Robert made an offer of $200,000 but for 40% equity. He also told them that from that 40%, half of the equity will be given to Shaun White, who’ll promote the product as well. The founders discussed with each other momentarily but countered the offer for a 30% equity. Robert told them that the offer was non-negotiable. After listening to this, Bill agreed to take up Robert’s offer and accepted the deal on Shark Tank.

Product Availability

Tngnt Ski Bikes utilizes the strengths of BMX bikes and skiing into one product. What sets Tngnt Ski Bikes apart is their patented design, and no other product is similar to this in the market. While there are two other competitors, they don’t have a lower starting price. Plus, those companies aren’t as big as Tngnt Ski Bikes when it comes to company size.

You can access Tngnt Ski Bikes from their official website. They’re currently offering two models of their products. One is the Carve 2.0, and the other is Drift. The Drift will cost you $999 – $1,629. The Carve 2.0, on the other hand, will cost you $1,499 – $2,579.

Conclusion

Scott and Bill came on Shark Tank to ask for 20% ownership in the company. However, they accepted the 40% equity from Robert, with a potential endorsement from Shaun White. The product was new and exciting and had the potential to change winter sports. Its target audience was geared toward adrenaline-seeking individuals. The company has been growing in its valuation and has a successful lineup of 19 patents across the board.

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