Have you always been a fiction fanatic and wondered if you will one day have a technology that works on your commands and actions?
Well, BearTek is here to fulfill your childhood dream with a multifunctional glove that works on your command and functions according to your needs.
BearTek at a Glance:
| Idea | Creates multifunctional Bluetooth-enabled gloves. |
| Founders | Willie Blount and Tarik Rodgers |
| Asked For | $500,000 for 5% |
| Accepted Deal | None |
| Sharks | None |
| Business status | Out of Business |
| Episode No. | Season 7, Episode 16 |
Index:
What is BearTek?
BearTek is a company that manufactures specialized gloves that are equipped with Bluetooth sensors in the left glove hand. By tapping the thumb and one of the fingers together, different functions can be activated instantly.
All the functions in the glove can be performed without getting distracted from your work or removing the glove itself. The glove can pair with any Bluetooth device that sits in a pocket or wrist. It also has a module for smartphones and cameras separately.
Founder Story:
Both the founders had their fair share of struggles which led them to eventually come up with the idea of BearTek.
Willie is an avid motorcyclist who wanted to find a safe way to scroll through music on his iPhone and Tarik wanted to use his phone and camera while skiing without taking his gloves off.
Together they created BearTek gloves that helped them solve all the problems that they were facing and many others as well. They created BearTek to solve the problem of miscommunication while doing crucial work like driving, skiing, etc.
Did BearTek get a deal on Shark Tank?
Willie and Tarik entered Shark Tank with an ask of $500,000 for 5% equity in their company, evaluating it to $10 million.
They also revealed their sales, which stated that they sold 1500 units for a $200k profit in 15 months. They said that they believe in their product because it is a useful tool for the military as well.
All the sharks though liking the idea, could not understand the valuation that the founders had put forth.
Shark Kevin even stated that he has seen voice-activated helmets which seem to be quite a similar technique to their product. Due to all these areas of conflict, BearTek could not secure a deal on Shark Tank.
What happened to BearTek after Shark Tank?
After their adventure on Shark Tank and the owners not being able to grab a deal on it, they started an IndieGoGo campaign to raise funds for their initiative.
The campaign was a massive success as the owners could collect $60,000 in just 5 days.
Despite the generous capital flow, BearTek refunded all funds and declared that the company needed to go underground for a while to deal with some unexpected backend challenges.
Hence, BearTek pretty much stopped functioning after the Shark Tank episode aired.
Product Details
- BearTek produces smart gloves that insist you with a number of daily tasks while performing crucial operations.
- The glove is a Bluetooth-enabled device meant for the left hand.
- It consists of various modes including calling, playing music, recording using a camera, and a lot more.
- All the functions can be performed using the thumb and tip of different fingers,
What is the Net Worth of BearTek?
BearTek before coming to Shark Tank had a decent amount of sales, selling 1500 units with a profit margin of $200,000 in just 15 months. It was valued at around $10 million.
Despite the potentially sound product, BearTek could not continue with its operations and decided to hibernate for a while. Hence, as of 2023, the net worth of BearTek cannot be estimated.
Who are the competitors of BearTek?
BearTek faces a lot of competition in its field. Some of the main competitors are BeBop Sensors, Anthro Tronix, Avatar Vr, and AugMI labs among others.
Is BearTek still in business?
No, the company is no longer in business and has shut down due to some unavoidable circumstances. Their company website went dark in May 2019. As of November 2021, the gloves still continue to be sold on Amazon.
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FAQs:
What is BearTek?
BearTek is a company that specializes in making multifunctional gloves with Bluetooth sensors.
What's the net worth of BearTek ?
BearTek before coming to Shark Tank had a decent amount of sales, selling 1500 units with a profit margin of $200,000 in just 15 months. It was valued at around $10 million. As of 2023, the net worth of BearTek cannot be estimated because the company is out of business.