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The enterprise founder behind a brand new, modern type of tripod managed to cinch a $200,000 take care of Shark Tank investor Daymond John.
Tenikle founder Hans Dose approached the workforce of buyers, or “sharks,” behind the favored enterprise actuality sequence searching for a $200,000 funding at 10% fairness. While he didn’t fairly handle to safe the deal he was aiming for, Dose got here shut, because of his inventive and marketable concept.
Tenikle tripods serve a really particular, however extraordinarily helpful, goal: flexibility. Tripods are an immensely great tool for any photographer however generally is a actual trouble to arrange, to not point out haul round. Arranging one within the right place can be difficult, significantly in conditions the place customers are searching for a inventive shot or engaged on uneven terrain. Tenikle solves these issues with its modern design, which makes use of tentacles as inspiration. These tripods are versatile, malleable, and may keep on with any floor, broadly increasing the methods wherein they are often utilized.
The concept is an efficient one. The Sharks instantly voiced curiosity within the modern new enterprise, regardless of studying that Dose has been struggling of late. His numbers are good total — Tenikle has bought greater than 40,000 models to this point, netting round $1.3 million in gross sales — however the firm’s gross sales have been dipping not too long ago. In truth, Dose has solely made $9,000 in latest gross sales and admitted to the Sharks that his firm is at the moment $270,000 in debt.
This is even supposing the Tenikle patent was accomplished all the way in which again in 2015, and has solely improved since then. Dose knowledgeable the buyers that he has tailored the design a number of occasions based mostly on suggestions, making a product that’s even higher now than it was at launch. The nifty little tripods value solely $6.08 to supply and promote for $45.
His latest enterprise struggles have resulted in Dose and his spouse, Lydia, dwelling out of an RV on his mom’s property, nonetheless, and have drained their funds. While the couple is set to see Tenikle succeed, Dose admitted that he walked onto Shark Tank with $39 to his identify.
The modern product sparked curiosity among the many Sharks — in addition to followers watching the present — and resulted in a suggestion from Robert Herjavec. He was keen to repay Dose’s $270,000 in debt with a further $100,000 in seed cash tossed in, however the struggling enterprise proprietor would want to relinquish a full 60% of his firm to safe the deal.
Daymond John jumped in subsequent along with his personal deal: he provided the requested $200,000 funding for one-third — or 33.3% — of Dose’s firm. He even dropped the quantity barely, in the end deciding on a $200,000 funding for 30% of Tenikle. After dwelling the dream and refusing Herjavec’s provide in true Shark Tank trend, Dose tried to speak Daymond John right down to a 25% funding. The FUBU founder refused to budge, nonetheless, main Dose to in the end settle for his deal.
Fans applauded each Daymond John and Dose on-line, congratulating them for coming to a deal and sharing their curiosity within the firm’s future. One viewer even referred toDaymond John as Dose’s “fairy godmother” and congratulated him and Dose for securing the deal.
Tenikle merchandise are at the moment on sale on the product’s website, the place they’re promoting for $40 for a restricted time. They can be bought from a variety of on-line retailers.