PolyGlide Synthetic Ice
NO DEAL
EPISODE SUMMARY
🕓 Air Date: December 9, 2016
Asking For:
$150,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
PolyGlide Synthetic Ice is a product designed by Jim Loughran that allows users to create an ice rink at home without the need for refrigeration or actual ice. The product consists of scaled-down, mini panels that can be easily clicked and locked together, transforming spaces like playrooms, garages, or outdoor patios into personal ice rinks.
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Background Story
PolyGlide Synthetic Ice, presented by founder Jim Loughran on “Shark Tank,” is a product born out of a passion for bringing the joy of ice-skating home. With a background and experience not extensively detailed in the episode, Loughran positions himself as a hands-on entrepreneur deeply invested in the success of PolyGlide Synthetic Ice. The product, designed to simplify the process of creating a personal ice rink at home, reflects Loughran’s commitment to making ice-skating accessible to enthusiasts beyond traditional rinks.
The idea for PolyGlide originated from the desire to eliminate the need for refrigeration and actual ice in creating a home rink. Loughran recognized the limitations of existing synthetic ice products, particularly their commercial sizes, and lack of scaled-down, mini panels. To address this gap, he modified the size and design of the product, introducing smaller configurations suitable for residential use.
Additionally, Loughran enhanced the product by infusing the plastic with a proprietary lubricant, aiming to replicate the natural feel of ice and improve performance. This infusion sets PolyGlide apart from competitors and opens up possibilities for hockey practice and figure skating training in the comfort of one’s home. While specific details about the founder’s background remain limited in the episode, Loughran’s dedication to innovation and creating a unique solution for ice-skating enthusiasts shines through in the pitch for PolyGlide Synthetic Ice.
The Product
PolyGlide Synthetic Ice is a revolutionary product designed to bring the experience of ice-skating home without the need for refrigeration or actual ice. The product consists of scaled-down, mini panels that can be easily clicked and locked together, transforming various spaces like playrooms, garages, or outdoor patios into personal ice rinks.
The key feature that sets PolyGlide apart is the infusion of the plastic with a proprietary lubricant, providing a smooth and realistic skating surface. This design modification aims to replicate the natural feel of ice, ensuring a high-performance experience for users. The panels are versatile, catering not only to hockey enthusiasts but also to figure skaters looking to practice and train at home conveniently.
The ease of assembly is a notable benefit, with users able to convert their chosen space into an ice rink in a matter of minutes. Unlike traditional synthetic ice products, PolyGlide offers smaller residential-sized configurations, making it accessible to a broader market. The product is compatible with regular skates, eliminating the need for special equipment.
PolyGlide Synthetic Ice is available for purchase directly from the founder, Jim Loughran, who operates the business as a direct-to-consumer model. The price per panel is $69.95, making it an affordable option for individuals looking to enjoy ice-skating in the comfort of their homes. Despite facing competition from similar products in the market, PolyGlide positions itself as a top choice due to its unique design, smaller configurations, and enhanced performance.
How It Went
The company’s position before Shark Tank
PolyGlide Synthetic Ice has demonstrated commendable performance in terms of sales and market presence. Founder Jim Loughran shares that the company has achieved total sales of $1.3 million since its inception, with an anticipated revenue of $400,000 in the current year. This reflects positive traction and a growing customer base for the innovative product. The company operates as a direct-to-consumer business model, with Jim Loughran personally handling all aspects of sales. This direct approach allows for a closer connection with customers and a better understanding of market demands. PolyGlide Synthetic Ice is primarily sold online, offering convenience and accessibility to a broad audience.
Loughran mentions that he sells all the products himself. This direct sales approach may contribute to the company’s ability to control its distribution and maintain a direct relationship with customers. In terms of funding, the episode does not elaborate on the current funding structure or any external investments in the company. It appears that Loughran may be relying on revenue generated from sales to fuel the business’s operations and growth. The absence of information about partnerships, wholesalers, and external funding sources suggests that PolyGlide may be operating independently without significant external collaborations.
The financial health of PolyGlide is showcased through its consistent sales growth and the founder’s assertion that the product ranks among the top six in a competitive market. Overall, PolyGlide Synthetic Ice appears to be in a favorable position with a successful track record of sales and a unique product offering. The direct-to-consumer model allows for a more hands-on approach, although further insights into the company’s financials and external partnerships would provide a more comprehensive understanding of its current health and structure.
The Negotiations:
The negotiations for PolyGlide Synthetic Ice on “Shark Tank” unfolded with founder Jim Loughran seeking a $150,000 investment for a 20% equity stake in his business. Despite the positive reception of the product’s performance and the uniqueness of its design, none of the Sharks were willing to bite, and PolyGlide left the Tank without securing a deal. The Sharks expressed concerns about the scalability of the product, particularly in retail settings, citing challenges related to storage and transportation of the sizable synthetic ice panels. Mark Cuban encouraged Loughran to infuse more energy into his pitch, emphasizing the need for a passionate presentation to secure investments.
One by one, the Sharks opted out of the deal. Kevin O’Leary and Lori Greiner were concerned about the logistics of retailing such large slabs, and Greiner specifically highlighted the impracticality of consumers transporting 1,000 pounds of PolyGlide slabs. Barbara Corcoran emphasized that the product was a good business but questioned its potential for wide-scale adoption, leading her to opt out as well. Mark Cuban, known for his strategic investments, expressed disappointment in Loughran’s lack of energy and enthusiasm during the pitch.
Despite acknowledging the product’s appeal, Cuban believed that a more energetic presentation could have garnered more interest from the Sharks. Ultimately, Cuban chose not to invest, leaving PolyGlide without a deal.While PolyGlide Synthetic Ice did not secure funding in the Tank, Loughran remained confident in his ability to sell the product aggressively and make it successful. The negotiation process highlighted the importance of addressing scalability concerns and delivering a compelling pitch to secure investments from the Sharks.
