Locker Board Skateboard
DEAL
EPISODE SUMMARY
🕓 Air Date: October 1, 2017
Asking For:
$60,000 for 15%
Investor:
Richard Branson
Deal:
$65,000 for 20%
PRODUCT SUMMARY
Streetubez and Locker Boards are portable and sustainable skateboards designed by 11-year-old inventor Carson Kropfl, allowing surfing on land and fitting easily into lockers or backpacks.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
Carson Kropfl, an 11-year-old inventor, skater, and surfer, along with his mother Carrie, pitched Streetubez and Locker Boards on Shark Tank. Carson’s entrepreneurial journey began when he faced the challenge of storing skateboards in his middle school locker.
This led him to create Locker Boards, compact skateboards handmade from recycled skateboard decks. Later, Carson invented Streetubez, providing a surfing experience on land. The Kropfls are based in San Clemente, California, and Carson’s passion for skating and surfing since a young age inspired his inventive spirit.
The Product
Streetubez is designed to replicate a surfing experience, and Locker Boards are handmade from recycled skateboard decks, measuring only 16 inches for easy portability. Carson sources used skateboard decks from Vans skateboards through their recycling program, receiving around 50 boards monthly.
The decks cost $3, but with Madrid Skateboards as a manufacturer, the cost rises to $13. Carson has sold 231 skateboards, with a wholesale price of $52 and a retail price of $99.
The Kropfls have generated $10,000 in revenue, and Carson plans to use the investment for manufacturing, website upgrades, and bulk purchases of necessary components.
How It Went
The company’s position before Shark Tank
Streetubez/Locker Boards have been sold nationwide through online platforms and social media. Carson’s mother, Carrie, mentioned a Southern California retailer, Jack’s Surfboards, where the products are available. The company has shown growth, with $10,000 in revenue, but it appears to be in the early stages of development. They have partnered with Vans skateboards for recycled materials and Madrid Skateboards for manufacturing.
The Negotiations:
Carson initially sought $60,000 for 15% equity. Mark Cuban offered $60,000 for 20%, focusing on helping with YouTube and Instagram growth. Richard Branson also expressed interest, but when Mark declined his joint offer, he made an individual offer of $65,000 for 20%.
Robert Herjavec proposed a $60,000 loan at an 8% interest rate, without taking equity. Carson accepted Richard Branson’s offer, citing international support and the higher offer as determining factors. The deal was sealed at $65,000 for 20%, with Richard Branson as the investing Shark.
