Press "Enter" to skip to content

Golfkicks Shark Tank Update

0

GolfKicks is a solution to the outfit problem solver for many golfers. Many golfers want to wear whatever shoes they like on the golf course but cannot do so because golfers need spiked shoes and sneakers don’t have that. That is when GolfKicks come to the rescue.

GolfKicks are cleats that can be screwed into any shoes that have at least 1/3 inch rubber soles. The process is quite simple. A 1/4 inch deep hole needs to be drilled with a 5/32 drill bit on the sneaker’s flat part and then the GolfKicks cleat needs to be screwed straight. The company has an office in Denver and a traction kit of GolfKicks costs $29 it contains a sharpie, 20 kits, a Philips screwdriver, and a 5/32 drill bit.

Golfkicks at a Glance:-

IdeaClips which turns ordinary sneakers into golf shoes.
FoundersTyler Stuart and John Krosky
Asked For$300,000 For 8%
Accepted Deal$300,000 For 18%
SharksMark Cuban
Business statusIn Business
Episode No.Season 11, Episode 5
WebsiteGolfkicks
Buy on AmazonBuy Now!

Index:

Who are the founders of Golfkicks?

Tyler Stuart, John Krosky, and Matt Mockus are the founders of GolfKicks. All of them are golf enthusiasts but faced a problem when they couldn’t wear whatever they wanted to on the golf course. So, they invented Golfkicks for themselves and everyone else who is like them.

They started an IndieGoGo campaign in 2018 and a Kickstarter campaign in 2019 that raised $1,610 and $15,147 respectively. They just want a shark’s help to grow and guide them along the way.

Did Golfkicks get a deal on the Shark Tank?

John and Tyler entered the show seeking an investment of $300,000 for 8% equity in exchange. John and Tyler came to the platform to get an investment from the sharks. They needed the investment to grow their sales on the world’s biggest online market, Amazon. John and Tyler shared that they wanted to expand their business in golf pro shops to create revenue and brand building. John and Tyler presented their business concept in front of sharks in season 11, episode 5.  

They hand over samples to the shark for the physical touch experience. John shared that they had made sales of $120,000 in just three months and are forecasting to reach $ 1 million in sales by the year’s end. Lori Greiner loves to golf, so she immediately gave an offer of $300,000 as a loan at 8% interest rate along with $2 royalty per unit until she recouped $300,000 along with 5% equity in a business too. Lori gave her offer very quickly but the offer smelled like a blood bite. Daymond John shared that he doesn’t relate to or is interested in this industry, so, he’s out.

Kevin O’Leary shared that Golfkicks is a very interesting business but the deal is not structured and acceptable and went out. Matt Higgins also went due to a lack of interest and expertise in this field. Mark Cuban shared that ‘I think youth and sports are the biggest markets more than other business concepts’ and gave an offer of $300,000 for 15% equity in exchange. John and Tyler gave a counteroffer of $300,000 for 12% equity in return. Mark Cuban cut his offer to 13% equity and Golf kick’s founder accepted the deal.

See also  The Last Lid Shark Tank Update

What happened to Golfkicks after the Shark Tank Show?

After the show, the deal made on the show between Mark and Golfkicks was never closed. Once the show aired, they ran out of stock. Golfkicks enjoyed success but not the closing of the deal with Mark Cuban was a drawback for them. John and Tyler came as true entrepreneurs and didn’t let the deal factor affect them deeply. John and Tyler somehow managed to raise funds in two rounds. The fund raised was $550,0000 in total, which was raised in 2018 and 2020. 

During the pitch, they asked for a valuation of $3,750,000, which was updated by Mark’s offer to $2,307,692.30. In September 2021, they again raised a fund through crowdfunding of $131363. Golfkicks generally earn revenue through Amazon and their website. The Shark Tank show has contributed a lot to the success of Golfkicks.

Golfkicks are available in various colors, like black, blue, neon green, clear, and neon red. Golfkicks are available for $32.99 on their website and are sold for $30.42 to $34.99. As of 2022, they are one of the best-selling businesses on  Amazon and generating an annual revenue of $4 million annually. After the show, rumors were spread that Golfkicks was going to be acquired soon.

Competitors of Golfkicks are:-

  • Rumpl
  • North
  • Sails
  • Stryd

What is the net worth of Golfkicks?

The valuation at the time of the show founders valued Golfkicks at $3,750,000, which was later valued at $1.67 million, but that deal was never closed. The estimated net worth of Golfkicks is $550,0000.

Is Golfkicks still in business?

Golfkicks is still in business and is doing great in sales on Amazon. Golfkicks are available in more than 20 soft spikes in various colors. As of 2021, they fund through crowdfunding. In 2022, Golfkicks is endeavoring to grow its market size globally.

Social Links:

Do Share Your Thoughts:

Do tell us all your thoughts in the comments section below, we look forward to reading all the comments in the section below.

Also, don’t forget to download our Android app which contains startup and business book learnings, verified business knowledge and concepts, and no bullshit!!

Related Articles:

FAQs:

What is Golfkicks?

GolfKicks is a solution to the outfit problem solver for many golfers. Many golfers want to wear whatever shoes they like on the golf course but cannot do so because golfers need spiked shoes and sneakers don’t have that. That is when GolfKicks come to the rescue.

Who founded Golfkicks?

Tyler Stuart, John Krosky, and Matt Mockus are the founders of GolfKicks. All of them are golf enthusiasts but faced a problem when they couldn’t wear whatever they wanted to on the golf course. So, they invented Golfkicks for themselves and everyone else who is like them.

Leave a Reply

You cannot copy content of this page