Chris Ruder is popularizing a new kind of game that he believes will be the next great American sport. Will the sharks agree and make him a deal on
Shark Tank Spikeball Update
- Entrepreneurs: Chris Ruder
- Business: Sports Game
- Ask: $500,000 for 10% equity
- Result: $500,000 for 20% equity
- Sharks: Daymond John
Chris explained that the original version of Spikeball was in toy stores more than two decades ago, but he uncovered that the company’s original product was never protected. Chris decided to file a patent and brought the product back to life with his own branding and packaging. The way he describes the game is if volleyball and foursquare had a baby, you’d have Spikeball.
Bundle includes portable spikeball ball and net set and spikebuoy swimming pool water accessory. Spikeball set includes a spikeball net, 3 balls, a carrying bag, and a rule book for ideal convenience. Net is fully adjustable legs of the net are foldable so you can store this net in your trunk, closet, or garage.
Chris is already working with USA Spikeball to establish tournaments across the United States of America. These tournaments generate revenue through memberships and there are about 100 tournaments every single year. In the first five years of business, the company focused on digital sales through e-commerce. In the year prior to filming, Spikeball has been featured in a variety of sporting goods stores across the country. It costs $14.00 to make a single unit and retails for $59.99.
He had gross sales in excess of $1 million in the most recent calendar year and told the sharks that he’s projecting more than $3 million in the next year. Chris has hopes of improving his margins by reducing the cost of manufacturing a unit to below $10.00. Lori Greiner thought the idea was clever, but she wasn’t the right investor so she went out. Guest shark Nick Woodman wasn’t passionate about the sport, so he too went out.
Kevin O’Leary offered $500,000 as a loan with 9% interest, plus 10% equity. Daymond John offered $500,000 for 25% equity, but Chris countered him at 15%. Daymond countered back at 22% and Chris countered him back again at 20%, and Daymond took the deal. What happened next for his company? Keep reading the Spikeball update to find out!
We have good news to share in our Spikeball update. It turns out that Daymond never finalized the deal, but Spikeball is now generating more than $15 million every single year. New tournaments are continuously being scheduled for the sport. Products are available on the Spikeball website as well as on Amazon.
Would you like to learn about the other companies featured on Season 6 Episode 29? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 6 Products Page!
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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!