Slyde Handboards gives you the thrill of surfing without the hassle. They have racked up credit card debt and borrowed money from friends and family.
Slyde Handboards needs Sharks to fund inventory
When Steve was a kid, they would use a fast food tray to surf the waves.
The carbon fiber Slyde Handboard is $199, and their average board is $169. They sold $159,000 the previous year, projecting $295,000.
Steve and Angela invested their wedding money into the company.
They plan to focus on the specialty surf stores, right after Robert told them that Hamboards did the same, and it will take forever to get the money out.
Company: Slyde Handboards
Entrepreneurs: Steve Watts and Angela Ferendo
Ask: $200,000 for 15% equity
Companies in this episode: Petnostics, popSLATE, FRENDS
Season: Season 7 Episode 724
Sharks: Mark Cuban, Ashton Kutcher, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 04/15/2016
Deal: Mark Cuban and Ashton Kutcher $200,000 for 22% equity.
What do the Shark Tank Investors say about Slyde Handboards
- Mark Cuban wants to know how their revenue breaks down. Is it adults or kids? Mark has Tower Paddle Boards. They are looking for ancillary products.
- Ashton Kutcher looks at this as a minimalist approach, and this solves the problem of having to lug a big surfboard. Says he needs a partner, and he asks Mark to partner with him to do the deal at $200,000 for 25% equity. They have a marketing strategy and direct market with targeted marketing.
- Kevin O'Leary sees their numbers as small and admires they put their wedding money in inventory. Kevin is willing to marry them in the Shark Tank. He is out. Kevin comes back in and will do $200,000 for 15%.
- Lori Greiner thinks it seems like a lot of fun, but she is not the right partner for them. She is out.
- Robert Herjavec thinks if they go too broad too soon, they are putting themselves at risk. He made a lot of mistakes with Hamboards. They countered for $200,000 for 20%, he's thinking about the deal. Robert offers $200,000 for 15%.
Slyde Handboards after Shark Tank
The deal solidified with Ashton and Mark; now the company is leading the pace for one of the fastest growing watersports.