Tie Try claims they are the Netflix of ties, something the ToyGaroo claimed when Nikki Pope said she is the Netflix of toys. The company is pitching Shark Tank in Season 4.
Tie Try founders are David Powers and Scott Tindel, attorneys who keep wearing the same tie, and wanted a way to spice up their selections. They came up with a subscription service that delivers neckties to their members with over 100 members in their proof of concept phase.
Tie Try is just a few months old
The company is just a few months old at the time of the pitch in Shark Tank. The cost to acquire customers is negligible. They have their subscribers by marketing through the press and social media.
They have a two-neck ties a month program at $15.99 monthly. Tie Try provide packages for returns. They plan to build their business with a referral program.
Daymond asks if they are going to add other accessories like cuff links. David and Scott respond they can do this with all accessories.
Mark is concerned about losing fifteen percent and replacing them each month.
Tie Try Episode Statistics
Company: Tie Try
Entrepreneurs: David Powers and Scott Tindel
Ask: $ 100,000 for 25% equity
Companies in this episode: Nearly Newlywed, Corks Away, Tie Try, and Ruckpack Combat Nutrition
Season 4 Episode 410
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Barbara Corcoran, Robert Herjavec
First Aired: 11/15/2012
Deal: No Deal
What do the Shark Tank Investors say about Tie Try?
Mark Cuban makes a point that Tie Try doesn't have a scalable plan for the business. They are talking direct sales, but that doesn't work for a subscription model like Tie Try. Mark asks them what is your cost of acquisition after you get beyond the proof of concept phase, and they cannot answer that question. They estimate $10-12 but don't have a solution. For that reason, Mark goes out.
Daymond John doesn't hear the passion for the fashion. They don't have the desire for their business like the Sharks do, and he goes out for that reason.
Kevin O'Leary offers $50,000 if they can get another Shark to invest, and the other Shark can set the equity. Mr. Wonderful says they are both dead to him after failing to convince someone else to come into the deal.
Barbara Corcoran thinks that it is a great idea to market to college students, but she doesn't like that they have only 100 subscribers. It is too small so, she is out.
Robert Herjavec loves the model, but it needs to test more, and they don't have enough subscribers yet. He is out.
Tie Try after Shark Tank
It looks like Tie Try is not only dead to Mr. Wonderful, but it is just gone.