David Powers and Scott Tindle formed a subscription-based business, which the duo described as “Netflix for neckties.” Will they earn a deal on
Shark Tank TieTry Update
- Entrepreneurs: David Powers and Scott Tindle
- Business: Subscription service offering ties
- Ask: $100,000 for 25% equity
- Result: No deal
- Shark: None
David and Scott brought their subscription service, TieTry to the tank. For a monthly fee, subscribers would enjoy an unlimited selection of ties to rent, so that they could constantly vary their wardrobe.
Kevin O’Leary engaged the duo first, asking what it cost to acquire a customer. Unfortunately, they had no concrete answer. They instead shared that they so far had spent no money, relying on free press, free publicity, and riding off referrals.
Robert Herjavec asked how many subscribers had accumulated in their six months of operation. The answer was 110, and the sharks were not impressed. Robert asked how they might secure more subscribers, and the duo shared plans of implementing a referral program that might jumpstart subscriptions.
Daymond John, the resident fashion guru of the group, asked if TieTry had considered renting other items like cufflinks, suspenders, vests, and more. David and Scott were open to the idea, but currently had no plans on when this might take place.
Mark Cuban asked how many of the subscribers TieTry had amassed over six months, had canceled within the six months. The two revealed that they had about a 15% cancellation rate. With that, Robert went out, stating that the company needed to do more testing.
Kevin said he would put in $50,000 of the $100,000 ask, but he would not share what percent equity he wanted. Instead, he challenged David and Scott to bring in another shark and convince them to put in the other $50,000, and also set what percent equity they felt the deal was worth.
The duo returned to Robert and asked if he would reconsider, given Kevin’s interesting challenge. Robert remained firm that he was not interested. At this time, Barbara Corcoran went out, stating that they needed a lot more proof of concept before bringing in an investor.
Daymond spoke next, going out over a perceived lack of passion from the entrepreneurs. Then Mark threw out a lifeline by asking what the two thought the cost of customer acquisition past the PR phase would be. Unfortunately, David and Scott responded that they were still trying to find that number. Mark was unsatisfied with their answer, so he went out.
With no offers from the sharks, David and Scott were forced to leave the tank without a deal. What happened next for their company? Keep reading our Tie Try update to find out!
After their episode aired in 2012, David and Scott continued working on their business for the remainder of the year. However, it wouldn’t be long before a major competitor, Freshneck.com would buy them out in 2013. As of 2013, Tie Try is out of business, and David and Scott have moved on to other ventures. This will be our final TieTry 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!