Entrepreneurs Charlie Cannon, Carson Macdonald, and Chris Goodhue pitched their skateboard company during
If you’re short on time, here’s a quick overview of what happened to VibeRide after
Charlie Cannon, Carson Macdonald, and Chris Goodhue appeared on
|Accepted deal for $250,000 for 12% equity
Shark Tank VibeRide Update
- Entrepreneurs: Charlie Cannon, Chris Goodhue, and Carson Macdonald
- Business: Skateboard with brakes
- Ask: $250,000 for 10% equity
- Result: $250,000 for 12% equity
- Shark: Mark Cuban
According to VibeRide founders and skating enthusiasts, Charlie Cannon, Chris Goodhue, and Carson Macdonald, skateboards should definitely have brakes. Especially since just about everything else recreational with wheels does.
Although adding brakes to skateboards ultimately makes them more safe, these guys actually added them for another reason. Basically, as skateboarders, they would skate their favorite hills, but spend all of their time just trying not to wipe out.
That’s the real reason that they improved upon the skateboard with this cool, and sensical feature. One of the founders does a demonstration down a skateboard ramp, to show just how well the brakes work.
Instead of putting your foot down on the ground, as is done traditionally, you just pivot your foot in the back and press down on the lever brake.
The sharks are all pretty impressed, especially when the guys hand custom boards to all of the sharks.
Additionally, the VibeRide has been tested up to 50 MPH, so the guys say that experts love the product.
In terms of products, their Pro Brake kit retails for $149. With the full board, it retails for $259.
They also have two other models that range from $129-$189, depending on the function. Regarding their own cost, their manufacturing margin is around 63%.
Kevin O’Leary then wants to know how many people just buy the brake kit. The founders share that it’s about 50/50, between the brake kits and the boards with a built-in brake.
Guest shark Candace Nelson, as a mom of boys, wants to know why brakes were never actually on a skateboard in the first place! The guys can’t believe it either, however, now that they’ve accomplished it, they share that they also hold 6 patents.
As far as sales go, two months before filming, they opened for presales. In that time, they’ve done a little over $150,000 in sales. Further, they also anticipate ending the year with at least $600,000 in sales, altogether.
Lori Greiner is very impressed by the entrepreneurs and wants to know their backgrounds. Charlie shares that he has sold one company for $3 million, and another business he started sold $15 million in products.
Further, the other guys have all worked with Charlie for years. Also, their backgrounds are in engineering, marketing, and branding. Perhaps the most impressive aspect is that they’re just in their 20s, and have managed to be fairly successful.
Charlie goes on to share that he called up the only company that ever made brakes, and he ultimately bought them out of their patents. His personal investment is $1.2 million.
Mark Cuban heard all he needed to and made an offer. He offered $250,00 for 15% equity. Charlie counters him with $350,000 for 15% equity. Mark Counters back with $250,000 for 12% equity.
Again, Charlie counters with $265,000 for 12% equity, but Mark sticks it at 12%. With that, Charlie and the guys finally accept his offer.
The deal was done before any other sharks could make an offer, or bow out. So, what happened after
In terms of a VibeRide update, the company will most likely get a nice boost in sales following the episode airing. Appearing on the show should also help with marketing costs going forward, now that their brand has been presented in front of millions of viewers.
Products are available on the VibeRide website, with tons of options to choose from. If skating is your thing, maybe you want to sign up for their affiliate program and earn a 10% commission.
When we get more news on a VibeRide update, we will let you know!
In the meantime, you can check out our other company updates from Season 15 Episode 10, by following the links below!
For even more on companies and products, be sure to stop by our Season 15 Products Page before you go!
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!