The Wingman Life Jacket Update | Shark Tank Season 9

The Wingman is a redesigned life jacket brand that was featured on Shark Tank during Season 9. The company’s creators were two friends from Milwaukee who wanted to try and earn an investment. Mike Fox and Pat Hughes were seeking $200,000 in exchange for 12.5% equity in their life jacket company. Let’s see if they managed to get a deal before we jump ahead to the Wingman update.

Shark Tank The Wingman Update

The Wingman Update

  • Entrepreneurs: Mike Fox and Pat Hughes
  • Business: Life Jackets
  • Ask: $200,000 for 12.5% equity
  • Result: No deal
  • Sharks: None

The product that Mike and Pat brought onto Shark Tank was just one of their early ideas of how to redesign the life jacket. These two entrepreneurs told the sharks that the longer-term vision is to create technology that automatically inflates the life jacket when it is detected in water. This would be a smart life jacket system that would have to eventually be developed by the Wingman down the road. The sharks were intrigued with that idea, but that wasn’t the active product that was being pitched to them, but rather a longer-term idea that could become a reality in the future.

Mike and Pat told the sharks that the landed manufacturing cost was approximately $65 and that the product could be sold at a price point of $250. In the last ten months, the company had generated more than $100,000 in revenue.

Many of the sharks had concerns about just how small the market would be for this particular product. Lori Greiner, guest shark, Sara Blakely, and Daymond John all dropped out fairly quickly because they were intimidated by the niche and competitive market that the Wingman was exposed to. Mark Cuban dropped out as well, but Kevin O’Leary was willing to make a greedy offer.

Kevin offered $200,000 for 50% equity in the company. After realizing that it was too much equity to give up at such an early stage in the company’s growth, the offer was ultimately declined. Now, let’s quickly get a Wingman update to see how the company has been doing since rejecting Kevin O’Leary’s offer on Shark Tank.

The company has not yet sold its life vest in any retail stores but it can be acquired online through the company’s official website or through the Amazon marketplace. Mike and Pat also managed to cut costs enough to lower their price point to $199.

You can find the other company updates from Season 9 Episode 19 here:

Don’t forget to take a look at our Season 9 products page! We’ve got more company updates from Shark Tank Season 9.