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
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 grew frustrated with their $3 million valuation, while other sharks started expressing 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’s interest leads him to offer $150,000 for 20% equity. Lei expresses her curiosity about Mark Cuban’s potential interest in making an offer, but he decides to drop out because he has too many concerns.
Daymond John presented Lei and Tyler with an offer of $250,000 for 20% under the contingency that they license the technology. After some time, Tyler countered Robert with $150,000 for 15%.
Daymond went out because he didn’t like working with indecisive people.
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.
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!