Eric Williams and Philip Lapuz wanted to create a better putter for golfers. In fact, they believed that they had produced the most precise putter in the world. Would they convince the sharks to make a deal on
Shark Tank Kronos Update
- Entrepreneurs: Eric Williams and Phillip Lapuz
- Business: Golf putters
- Ask: $150,000 for 15% equity
- Result: $150,000 for 30% equity
- Sharks: Robert Herjavec
Eric and Philip began their pitch with a demonstration of how their Kronos golf putters were created, which the sharks seemed to appreciate. The highly sensitive putters can help golfers improve their putting stroke on the golf course.
They invited shark Kevin O’Leary, onto the in-studio putting green, to take a swing with one of their putters. Unfortunately for Kevin, he missed.
The men were hopeful that the sharks would consider investing in Kronos and their odds improved after they shared their company’s financial numbers. With more than $260,000 in sales at the time of their pitch, Eric and Phillip told the sharks that 95 % of their sales had come from Japan.
The sharks were interested in learning about the premium value of the golf putters. Eric and Phillip told the sharks that their cheapest putter was just over $500 in price, while others could even be much higher.
The sharks agreed that the quality was very good, but they were uncertain whether the extremely high price was justified. Eric and Philip shared that it cost around $120 to manufacture a putter.
Mark Cuban dropped out first, specifically because he was not a big fan of golf. Barbara Corcoran agreed with Mark and also dropped out because she hated the game of golf.
Lori Greiner suggested that the guys focus on the Japanese market since they seemed to love the product so much. She went out next.
Philip tearfully explained that he was seeking a deal to help Kronos thrive, as he needed financial success in order to bring his fiancé to America from Japan. Kevin was touched by his story but he still went out.
Robert Herjavec was the last shark remaining. He offered Eric and Philip $150,000 for 35% equity. The guys took a moment to discuss the deal, speaking in Japanese, before countering Robert at 25%.
Robert countered back at 30% and the guys accepted his offer. So, what happened after the deal? Keep reading our Kronos update to find out!
It’s good news for this golf putter company! Research for our Kronos update revealed that the company is still in business and continues to grow and expand. Currently, Kronos brings in an estimated $5 million a year.
The deal with Robert helped them grow their company and remain in business over the years. Kronos has been one of the most successful sports equipment companies to ever appear on
Their official online shop on the Kronos website highlights a variety of their most popular putters.
Are you interested in finding out more about the companies featured in Season 6 Episode 2? 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!
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!