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Neone Shark Tank Update

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Usually, a manufacturing company enters Shark Tank for funding, but Noene is different in that sense. Noene is a distribution company that deals in insoles. Noene’s target customers are mainly athletes and dancers. Noene sells two kinds of insoles, namely the invisible and the Dance Lite.

Noene’s insoles are shock absorbent, which benefits people who have to participate in physical activities regularly. Noene insoles are not like any ordinary elastomer. Noene insoles are made from rubber and have some special characteristics that help people resist shock. A pair of Noene insoles cost around $30 and $40. The insoles are manufactured by a company based in Switzerland and are distributed in the US by Noene.

Neone at a Glance:-

IdeaNeone- High-tech insoles
FoundersBryon Scott
Asked For$100,000 for 10% equity
Accepted Deal$200,000 for 30% equity
SharksMark Cuban and Daymond John
Business statusIn Business ( Acquired )
Episode No.Season 6, Episode 26
WebsiteNeone
Buy on AmazonBuy Now!

Index:

Who are the founders of Neone?

Bryon Scott, a former NFL linebacker, is the founder of Noene USA. He wanted to use his celebrity status and popularity to create a market for Noene. He is a former athlete and knows how important it is for insoles to be shock absorbent.

When he found out about the insoles being made in Switzerland, he decided to turn the opportunity into a distribution business in the US. He knew that other athletes and dancers needed something like this for themselves. He needed a shark’s help to set up the arrangements for distribution and inventory and hence, entered into Shark Tank.

Did Neone get a deal on the Shark Tank?

Bryon Scott came on the Shark Tank seeking an investment of $100,000 for a 10% stake in the business. Bryon presented himself and his insoles business. He explained how his insoles are different and better than other alternatives. Bryon demonstrated his strength by putting a piece of glass and dropping a ball on it. Nothing happened to the glass and the sharks were dazzled.

Bryon handed samples to the sharks to get and understand the physical touch and quality. Bryon shared that he had something in hand as he had a distributor’s license a few months back. Kevin O’Leary didn’t understand the reason for such a high valuation and he wanted 50% of the stake in the business if he put his money in, so he went out. Robert Herjavec didn’t believe in Bryon and went out. Lori Greiner said she wants to give it a try, but she’ll not be putting her money away at this stage and she is out too.

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Mark Cuban said he was willing to make an offer but he wanted Daymond John to join him first. Mark gave an offer of $100,000 for 20% equity. Daymond said he would join if Mark was ready to go with $200,000 for 40% equity in the business. Bryon gave a counteroffer of $200,000 for a 25% stake in the business. Mark and Daymond discussed a final and non-negotiable offer of $200,000 for 30% equity in the business. Bryon agreed to the offer and made a deal.

What happened to Neone after the Shark Tank Show?

After the show, Neone insole gained popularity and fame throughout the market. Neone was different from other alternatives available in the market. Even after getting the deal on the show, the investment amount was not closed. After the show, they made an addition to Multisole NO2, which is a thicker version of their inventions. 

During the pitch, they came up with a valuation of $1,000,000, which was updated to $666,666.6 by Mark Cuban and Daymond John. Neone has a sports invisible insole for $59.99, Neone sports Universal N02 insole for $54.99, and Neone red sole for $59.99. Bryon used to buy these soles for $6 and he retailed them for $29 on the market. 

In 2020, Neone was acquired by Foot Solutions, Inc. As of 2022, they are doing great under the brand name of Foot Solutions too.

Competitors of Neon are:-

  • Zoom rooms
  • Yodeck
  • Raydiant
  • Spectrio
  • Opticians

What is the net worth of Neone?

The estimated net worth of Neone is $5 million. The valuation during the show was $1,000,000, which was later updated to $666,666 by the sharks.

Is Neone still in business?

Neone is still in business. Neone was acquired by Foot Solutions, Inc. in 2020. Foot Solutions acquired the business for an undisclosed amount and is managing the business smoothly as of 2022.

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FAQs:

What is Neone?

Noene is a distribution company that deals in insoles. Noene’s target customers are mainly athletes and dancers. Noene sells two kinds of insoles, namely the invisible and the Dance Lite.

What's the net worth of Neone?

The estimated net worth of Neone is $5 million. The valuation during the show was $1,000,000, which was later updated to $666,666 by the sharks.

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