Wayne Sikorcin and Scott Smith have come up with a quicker way to fill and tie water balloons, making the summer sport of water balloon fights less work and more fun. Will they earn a deal on
Shark Tank Tie-Not Update
- Entrepreneurs: Wayne Sikorcin, Scott Smith
- Business: Device to help fill and tie water balloons
- Ask: $125,000 in exchange for 10% equity
- Result: No deal
- Sharks: None
Wayne knew there had to be a better way to fill and tie water balloons, after his wife assigned him the task of filling and tying 250 of them for a family picnic. Wayne, a mold manufacturer by trade, cheerfully took on the job, but his enthusiasm quickly diminished when it took several minutes to fill and tie a mere fifteen balloons, with 235 to go. With a little help from his daughter Abby, he was able to materialize and test his concept, and filed for patents for the Tie-Not soon after.
Once the patents were issued, Wayne and Scott took their device to a 2010 toy fair, and in their first year in business, sold $112,000 in product. The Tie-Not costs the pair about $1.50 per unit to make, and sells for $4.99 per unit. The company’s total sales for the year prior to filming were $385,000.
Mark Cuban was out, saying he wasn’t a toy guy. Kevin O’Leary disputed the company’s $1.25 million valuation, and he went out next. Robert Herjavec agreed with Kevin, and also went out. Lori Greiner didn’t feel the company was yet worth the valuation, so she was out next.
Barbara Corcoran, billing herself as “the go-to mom in the summertime,” was in. She offered $125,000 in exchange for 25% of the business, in the form of $50,000 cash and a $75,000 credit line. Scott countered, saying they were more comfortable with Barbara’s equity staying at 18%, with $50,000 in cash and a $100,000 credit line that would allow them to fund their next-year inventory.
Wayne asked Barbara to come down to 20%, but Barbara was firm in her original offer. Wayne said he wasn’t going to give up the additional 5%, so Barbara was out, and Tie-Not left without a deal. What became of their company? Keep reading our Tie-Not update!
While there are a few units of Tie-Not for sale from third-party resellers on Amazon and Walmart online, the company website no longer exists. Scott’s LinkedIn shows that he became Director of Sales at DME, a mold-making company, in 2018. Wayne still works in his family’s mold-manufacturing business, where he is listed as the owner. This will be our final Tie-Not update.
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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!