Sitting at a computer all day, or looking down at a smart phone, can cause us to have bad posture. That’s why Mike Lane and Matt Franklin have created a simple device, designed to improve a person’s posture. Will they earn a deal on
Shark Tank PostureNow Update
- Entrepreneurs: Mike Lane and Matt Franklin
- Business: Simple device for posture improvement
- Ask: $100,000 for 15% equity
- Result: $100,000 for 30% and $5 royalty until initial investment is paid
- Shark: Mark Cuban
Mike and Matt spoke highly of the two neoprene armbands that they designed to help remind people to sit with better posture, but felt it more appropriate to showcase their PostureNow product by calling in Dancing With the Stars’ Anna Trebunskaya and Jonathan Roberts.
The two danced around the set, to show firsthand and vouch personally for the product’s effectiveness.
The sharks were eager to hear about the sales and found out that they sold $330,000 worth of PostureNow from online channels.
This was enough for Daymond John to take personal offense to the ask, which assumed the company was worth $700,000.
Mike, undeterred, continued selling the product to the sharks, sharing that it was patent-pending and had interest from chiropractors and HR departments. H
However, Daymond continued casting shade on the situation reminding them that none of it matters if the interested parties aren’t writing a check or placing a firm order.
Unfortunately, Mike and Matt revealed that the net profit was pocketed instead of reinvested because they thought that PostureNow was more of a hobby than a full-on business.
Mike personally said that he would quit on national TV right then and there if they struck a deal, demonstrating to the sharks that he was serious despite his past misconceptions about PostureNow’s potential.
Kevin O’Leary jumped in with an offer but only was able to get out the “$100,000 for 50%” before Mike abruptly shut it down.
Kevin was baffled and urged him to quiet down and listen. When Mike agreed, Kevin added the back part of his offer– $100,000 for 50%, and a 10% royalty. Again, Mike gave a resounding and untactful no.
Mike showed the peak of his arrogance when he blurted out that he was “not begging” for a deal, but instead “offering something.”
Daymond had stomached enough and went out. Barbara Corcoran went out next, after unleashing a collection of complaints regarding the product and presentation.
Robert Herjavec then offered $100,000 for 40%. When Matt finally spoke for the first time since the initial pitch, it was to ask Mark Cuban if he had an offer. Offended by their disregard and disrespect, Robert went out.
Mark offered $100,000 for 30% of the company but asked for a $5 royalty on every unit sold until that $100,000 was fully paid back. He also said that Mike had to quit his job and do PostureNow full-time to show that he was serious.
Mike and Matt accepted the deal and Mike quit his job on national television! What happened after the pitch? Keep reading our PostureNow update!
We have good news to share in our PostureNow update! In the first week after the episode aired, PostureNow sold $100,000 worth of product.
They continued growing consistently and boasted $6 million in revenue as of 2021.
In our PostureNow update research, we found that the company is still in business, but at the time of writing, products are temporarily sold out due to high demand, global supply chain problems, and supplier issues.
Be sure to check the PostureNow website to see if it is back in stock.
Would you like to learn about the other companies featured on Season 4 Episode 3? Follow the link below.
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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!