Ever get tired of wearing uncomfortable, hideous shoes to golf? Tyler Stuart and John Krosky found a solution. Golfkicks can make golfing stylish again! The company has a promising start, but will the shark’s bite during the
Shark Tank Golfkicks Update
- Entrepreneur: Tyler Stuart and John Krosky
- Business: Golf cleats that can be installed on any shoe
- Ask: $300,000 for 8% equity
- Result: $300,000 for 13% equity
- Shark: Mark Cuban
Golfkicks can turn most ordinary shoes into golf cleats. It’s a product that Tyler and John believe in, and for good reason! They started the company because of their frustration with uncomfortable golf shoes. Now any shoe can be turned into a golf shoe.
Golfkicks are anchors that screw into the bottom of any shoe with a rubber sole. The kit includes everything you need to turn your favorite shoes into golf shoes. The great news? The first version of Golfkicks has already sold out and Tyler and John are looking for investors to accelerate the process of refining their product.
They’ve done $120,000 in sales in just three months. This blew the sharks away and gave some support to the hefty valuation.
Daymond John and guest shark Matt Higgins were out despite the value of the company, simply because they didn’t golf. They agreed that the company deserved investors who were passionate about their product. Kevin O’Leary didn’t see the valuation as being accurate or viable, so he was out as well.
This left Lori Greiner and Mark Cuban. Lori offered Tyler and John $300,000 as a loan at 8% interest, plus a $1/unit royalty until they pay back $300,000. She justified this by saying it will mitigate her risk.
On the other hand, Mark didn’t see the need for royalties and wanted to expand the business into youth sports. Despite Lori’s best efforts (and a raise on royalties to $2/unit), Tyler and John ultimately accepted Mark’s offer of $300,000 for 15% equity. Was this a good deal for Mark? Let’s find out in our Golfkicks update.
Turns out that Golfkicks is still selling out regularly and is a bestseller on Amazon. Our Golfkicks update showed that the company has done some crowdfunding and taken on more individual investors to provide a steady flow of growth and inventory.
They’ve even launched their promised metal screw-based traction cleats, and customers are loving them. They come in several different colors and carry a limited supply of each, driving demand. Mark Cuban’s smart investment has helped them continue to produce a successful product.
Before you go, take a look at our other company updates from Season 11 Episode 5.
For more company updates from Season 11, take a look at our Season 11 products page.