It can be hard for athletes to find footwear that provides the right kind of support for their feet. Many shoes can actually harm their feet when performing heavy-duty outdoor activities and sports. That’s why former NFL player Bryan Scott has purchased a company that makes a shoe insole. Will his product earn him a deal on
Shark Tank Noene Insoles Update
- Entrepreneurs: Bryan Scott
- Business: Insoles for shoes
- Ask: $100,000 for 10% equity
- Result: $200,000 for 30% equity
- Sharks: Mark Cuban and Daymond John
Bryan brought his shoe insoles to the tank and performed a very convincing demonstration that showed why Noene Insoles were better than the other options on the market. He claims that by inserting his product into existing shoes, not only will people be more comfortable, but they won’t even notice any difference in the way their shoe fits. The product is thin, comfortable and flexible.
Noene are high-tech insoles, made of anti-shock synthetic rubber, which is able to absorb and therefore disperse the shock waves generated when we walk or jump. Their use in sport and in daily life allows to protect the joints avoiding injuries.
Noene is a European based company that has already generated $1.2 million in sales for insoles. Bryan signed an exclusive North American licensing agreement that gives his sports insoles brand the exclusive right to conduct business in America and Canada. It costs the company $6.00 to produce a pair of insoles, and retails for $29.99. Some of the sharks showed some concerns about the expensive manufacturing costs for a single pair of insoles, but Bryan insists his pricing is right on target.
While on the topic of the company’s margins, the sharks wanted to know about the company’s lifetime sales numbers in the USA and Canada. Bryan shocked the sharks in a bad way when he told them that he hasn’t sold a single unit before coming onto
Robert Herjavec and Kevin O’Leary were the first sharks to drop out, due to not seeing the vision and there being too much work to do. Lori Greiner said she’d love to test the product, but not invest so she went out too. Mark Cuban offered $100,000 in exchange for 20% equity, contingent on Daymond John agreeing to come in on the deal. Daymond agreed but countered at $200,000 for 40%. Bryan countered Mark and Daymond back at $200,000 for 25% equity, but the sharks countered again at $200,000 for 30% equity, and Bryan accepted their offer.
With a deal from Mark and Daymond, what happened next with Bryan’s company? Keep reading our Noene Insoles update to find out!
We have some interesting news to share in our Noene Insoles update. Unfortunately, Mark and Daymond never finalized the deal with Bryan. The company was supposedly sold during the 2020 calendar year and the product’s are now being distributed to a variety of shoe retailers around North America. Products are also available on Amazon as well as on the Noene Insoles website.
Would you like to find out about the other companies featured on Season 6 Episode 26? Follow the links below for our other company updates from the episode.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!