Rapid Rope
DEAL
EPISODE SUMMARY
🕓 Air Date: January 19, 2020
Asking For:
$200,000 for 20%
Investor:
Barbara Corcoran
Deal:
$200,000 for 30%
PRODUCT SUMMARY
Rapid Rope is a uniquely designed rope-dispensing system with unlimited applications, such as camping, gardening, hunting, and more. It features a cut-ready insert and houses 120 feet of extreme utility rope rated at 1,100 pounds.
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Background Story
Chris and Geanie Rodgers, based in Eagle, Idaho, are the founders of Rapid Rope. Chris, an electrical lineman for over 20 years, and Geanie, a nurse, drew inspiration from their experiences as parents of five children and outdoor enthusiasts. Chris’s extensive experience with traditional knotted ropes in his profession and outdoor activities led them to develop a solution to the common problem of tangled and messy ropes.
The couple’s commitment to preparedness and outdoor adventure, combined with their practical knowledge, led to the creation of Rapid Rope. Their journey took a turn when they faced challenges related to the health of their adopted son, Zade, who was diagnosed with ulcerative colitis. The couple navigated through difficult times, shuttling back and forth to Seattle Children’s for Zade’s treatment.
Geanie quit her job to provide full-time care, and Chris maintained job security to support their family. The founding of Rapid Rope was initially delayed due to these personal challenges, but the couple’s determination and love for the outdoors and their family ultimately fueled the creation of their innovative product.
The Product
Rapid Rope is a versatile rope-dispensing system designed for outdoor enthusiasts and anyone in need of a reliable and easily accessible rope. The product comes in a canister housing 120 feet of extreme utility rope, rated at an impressive 1,100 pounds. The unique design includes a cut-ready insert on top, ensuring easy and safe rope cutting without risking injury to fingers.
The rope finds applications in various scenarios, from camping and hunting to gardening and emergency situations like zombie attacks, as humorously demonstrated during the pitch. One of the standout features is its strength, showcased in a video lifting a 2,000-pound shed.
The canister is reloadable, allowing users to replace the rope when needed. Rapid Rope is proudly made in America, with the entire production process, including assembly, taking place in-house, involving the couple’s family and kids.
The product retails for $24.95, with wholesale pricing at $14.97. The cost of production, including labor, is approximately $5.65. Rapid Rope is available both online (40%) and in retail stores (60%), with notable partnerships such as Duluth Trading.
How It Went
The company’s position before Shark Tank
Rapid Rope launched two years ago and has achieved $172,000 in lifetime sales, demonstrating a promising start. The company has secured partnerships with reputable retailers, with Duluth Trading being a significant recent addition. The founders emphasize their commitment to American-made products, highlighting that the entire production process, from manufacturing to assembly, takes place in their Idaho-based facility.
The founders, Chris and Geanie, invested $115,000 of their own money into the business and are currently debt-free. The company’s sales strategy comprises 60% retail and 40% online distribution. With a retail price of $24.95 and a wholesale price of $14.97, Rapid Rope has positioned itself competitively in the market.
The Negotiations:
The pitch attracted positive reactions from the Sharks, with Barbara Corcoran expressing admiration for the founders’ story and commitment. After discussing the product’s strength and market positioning, Barbara offered $200,000 for a 30% stake, with a condition to agree on how the investment would be utilized.
The founders, appreciative of Barbara’s offer and recognizing the value she brings, accepted the deal, marking a successful partnership on Shark Tank. The negotiation showcased the Sharks’ appreciation for the founders’ story, values, and unique features of Rapid Rope, ultimately leading to a mutually beneficial agreement with Barbara Corcoran.
