When it comes to unique pitches on Shark Tank, Zip String is a product that most of the audience remembers. The way founders Austin Hillam and Stephen Fazio presented their product was unique and top-notch and enabled the Sharks to be blown away.
If you haven’t watched the fourteenth season of Shark Tank and have been curious as to what the product is about, it is a string toy that can move at 35 miles per hour. Not only is it fun to play with, it is quite an invention in itself.
With the lasting impression that the pitch left, it’s safe to assume that people are curious to know more about Zip String and what the brand is up to.
Shark Tank Zip String Update
- Entrepreneur – Austin Hillam and Stephen Fazio
- Business – String toy
- Ask – $100,000 for 10% equity
- Result – $100,000 for 20% equity
- Sharks – Robert Herjavec and Kevin O’Leary
Social media has become a great marketing tool for businesses and that’s exactly what Austin and Stephen leveraged to grow their business. During their pitch, the founders exclaimed that their product had gone viral across different social media platforms.
However, the popularity and virality didn’t translate well in terms of sales since they had only managed to sell 10,000 units till then. The product retailed for $25 per unit.
Following that, Austin and Stephen also exclaimed that they launched a Kickstarter campaign with hopes of landing more investment from potential investors. The campaign was a hit as well. Listening to all this, the biggest question that the Sharks had was regarding product sales.
According to the sharks, how does a product that has managed to go viral on the internet not have good sales? To that, the founders said that when there was a peak demand for the product, they couldn’t meet the demand due to manufacturing restrictions.
Listening to that, both Robert Herjavec and Kevin O’Leary showcased their interest in the product and the business in general. The first offer was made by Robert who offered the same as the asking amount. Since Kevin was also desperate to place an offer, he suggested $100,000 for 9% equity.
However, the two sharks later decided to team up and offered $100,000 for 20% equity. Since Austin and Stephen didn’t have any other offer from the remaining sharks, they didn’t want to take a risk and lose a potential offer on the table. They quickly accepted.
Ever since the episode aired, Zip String has gained even more popularity and traction, bringing in thousands of more customers on their platform. People have not only loved the concept behind the product, they have also enjoyed the uniqueness and practicality that comes with it.
If you are considering buying their products, it is available on their official website for direct purchase. We couldn’t find any official reports regarding their revenue at the moment. But, given how widespread the product has become, it is safe to assume they are thriving.
