Tyler Freeman and Lei Yu wanted to make clothes more fun to wear. That’s why they came up with their wearable audio technology that allows you to play beats on your clothes and in your shoes. Will the sharks invest in this innovative product on
Shark Tank Drum Pants Update
- Entrepreneurs: Lei Yu and Tyler Freeman
- Business: Wearable audio technology
- Ask: $150,000 for 5% equity
- Result: No deal
- Sharks: None
Lei and Tyler entered the tank with an entertaining and musical presentation. Along with a few guys they brought in to help, they played the
After the music ends, the topic of sales comes up. Tyler and Lei explain that they are pre revenue at the time of filming. Their Kickstarter campaign raised more than $75,000 and they were taking preorders for their products, ranging in price from $99 to $229. Robert Herjavec was frustrated with their $3 million valuation, while other sharks began to share different concerns.
Lori Greiner feels that the product is too niche, causing her to drop out. Next, Kevin O’Leary drops out because he doesn’t believe that enough people will be interested in their product. Robert is interested, so he offers $150,000 for 20% equity. Lei wants to know if Mark Cuban is interested in making an offer.
Daymond John offered Lei and Tyler $250,000 for 20% under the contingency that the technology would be licensed. After some time, Tyler countered Robert with $150,000 for 15%. Daymond went out because he didn’t like working with indecisive people.
Mark Cuban goes out next because there are too many concerns for him. Then Robert ultimately goes out because he doesn’t like how Lei and Tyler are negotiating. In the end, they walk away without a deal. Keep reading our Drum Pants update to find out what became of the company.
Unfortunately, it looks as though walking away without a deal only hurt this tech company in the end. Research for our Drum Pants update revealed that the company appears to have gone out of business and social media accounts have not been active for a very long time. This will be our final update for Drum Pants.
Are you interested in finding out more about the companies featured in Season 6 Episode 3? Follow the links below to see our other company updates for the episode.
For even more on companies and products, be sure to stop by our Season 6 Products Page!