Martin Dimitrov came up with the SnapClips project in an entrepreneurial class in high school. He is now bringing his company into Shark Tank looking for a deal on his Patented bands for weightlifting. He pitched his idea and won at multiple pitch and business plan competitions, so he ran a Kickstarter campaign.
SnapClips successful Kickstarter campaign
The Kickstarter campaign generated 600 orders for $23,000 blowing past SnapClips original goal of $8,000 in just one week. They spent the next year refining and improving their weight collar and then had athletes test the new product.
Keep in mind, Martin Dimitrov is just nineteen years old and pitching his company in Shark Tank, and he has a Patent license for this product. That’s a remarkable achievement for something very few people can do in their lifetime.
Season: 9 Episode 918
First Run: 2018/1/28
Shark: Alex Rodriguez, Barbara Corcoran, Mark Cuban, Lori Greiner, Robert Herjavec
Company: Snap Clips
Entrepreneurs: Martin Dimitrov
Snap Clips owns the intellectual property with a US Patent license, and several others applied for in the United States and other countries. The website makes clear that they will enforce the companies rights to the patents.
SnapClips are now going to market through their website. They sell at $29.99 with a color choice of either orange or black.
Let’s talk about what the Shark’s will say about SnapClips.
First, let me say that after reading up on SnapClips, I think they have a deal with one or more Sharks. Probably more than one. A gut reaction is that Alex Rodriguez partnered with Robert Herjavec on the agreement, and possibly Mark Cuban(I say that with a little hesitancy).
The SnapClips website has a disclaimer on it regarding Intellectual Property. The statement stands out because they say they will vigorously defend their patent, and Mark Cuban is not a big fan of the Patent License. He thinks that far too many are issues as demonstrated in Scott Jordan’s Shark Tank TEC pitch.
I don’t see Barbara Corcoran getting a piece of this deal. Lori Greiner may bite on this for a QVC or Infomercial deal.
As usual, Martin’s Ask and equity offering will have a significant impact on a deal. But my bet is Martin will be in line with what the Shark’s expectations are coming into the pitch.