Sproing Fitness Machine & Gyms Update | Shark Tank Season 10
Runners Paul Toback and Steve Lenz, pitched their fitness gym during
If you’re short on time, here’s a quick overview of what happened to Sproing Fitness after
Paul Toback and Steve Lenz appeared on
| Shark: | Result: |
| Daymond John | No offer |
| Mark Cuban | No offer |
| Lori Greiner | No offer |
| Robert Herjavec | No offer |
| Kevin O’Leary | No offer |
Shark Tank Sproing Fitness Update
- Entrepreneurs: Paul Toback and Steve Lenz
- Business: Fitness gym offering HITT workouts
- Ask: $500,000 for 8% equity
- Result: No deal
- Sharks: None
According to Sproing Fitness founders, Paul Toback, and Steve Lenz, 85% of runners are injured each year. Most of these injuries occur on treadmills, because they don’t allow for a natural running simulation.
Due to these injuries, Paul and Steve decided to invent the first running machine in over 100 years. With a bungee-like harness belt, the runner attaches it to their waist, and basically just runs.
The difference is that the exercise unit does not have a moving running board. Instead, their product has a trampoline like floor, which offers some resistance, and more closely simulates the real running experience.
Because the product has been a hit in the running industry, they decided to open a gym in their hometown of Chicago, as well as in Houston and Baltimore. The gym focuses on HITT workouts.
Then, Steve and Paul invited the sharks to a friendly competition on the running machines, so Daymond John and Robert Herjavec took up the challenge.
That’s when the entrepreneurs revealed that the machines are not just for running. They have other attachable equipment, and allows for many different types of workouts.
Kevin O’Leary watched the demonstration and really seemed confused at why the product was even necessary. He asked the entrepreneurs about the cost of selling one unit to a local gym.
Kevin wasn’t pleased with the answer that came from Paul and Steve. They claimed that selling a unit to a gym features a price point of $6,400.
Paul said the price was right on point, and he knows this very well because he is the former CEO of Bally Total Fitness. When he left the company, he wanted to invent the next big piece of cardio equipment.
Further in the first two years they’ve sold about $1 million in equipment. In addition to this, they have a focus on revenue coming from their fitness studios.
Robert interjected that they started out the pitch selling a machine, but now they’re selling gyms. He’s confused about what the actual business model is.
Mark Cuban believed there were too many challenges to help develop this company. Most importantly, he didn’t feel like it was a company that deserved a $500,000 investment, so he went out.
Lori Greiner says she prefers to invest in consumer products, so for this reason, she is out.
Daymond goes out next, because he’s not an expert in the industry. Therefore, he doesn’t see how he could help.
Robert agreed that the machine gave a good workout, but it wasn’t something he’d use everyday. For this reason, and the fact that he’s not convinced by the business model, he’s out.
Kevin told the entrepreneurs to take their business behind the barn, and shoot it. With that, he went out.
Did Steve and Paul succeed without the help of the sharks? Keep reading our Sproing Fitness update to find out!
Although Paul and Steve left
Check out the Sproing Fitness website, for more information on classes, or to purchase your very own Sproing Fitness machine.
If we learn anything new about this company, we will certainly let you know. In the meantime, you can check out our other company updates from Season 10 Episode 9, by following the links below!
For even more on companies and products, be sure to stop by our Season 10 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!