Tenikle Suction Tripod
DEAL
EPISODE SUMMARY
🕓 Air Date: December 17, 2021
Asking For:
$200,000 for 10%
Investor:
Daymond John
Deal:
$200,000 for 30%
PRODUCT SUMMARY
Tenikle is an octopus-inspired suction mount for tech devices that provides hands-free support for phones, cameras, tablets, and more.
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Background Story
Hans Dose’s journey from the scenic shores of Dana Point, California to becoming the driving force behind Tenikle is a testament to his deep-rooted passion and unwavering determination. The breathtaking beauty of the ocean, with its ever-adaptable octopus, sparked his creative fire, guiding him towards the creation of an extraordinary tech accessory. This connection with nature and the sea became the foundation of Tenikle’s innovative design.
Hans’s entrepreneurial spirit found its first sparks of ignition within the intimate circles of friends and family who enthusiastically endorsed his initial Tenikle prototype. However, his journey towards establishing Tenikle as a notable tech accessory took a pivotal turn when he initiated a Kickstarter campaign in 2017. The campaign’s remarkable success, raising approximately $172,000, validated the product’s potential and his vision.
This crucial moment marked a life-altering decision for Hans, as he boldly chose to relinquish his dream job at Hurley and dedicate himself entirely to Tenikle. The path was marked with challenges, but his unwavering commitment and tireless perseverance brought forth the fourth-generation Tenikle, a testimony to his devotion to innovation and his profound bond with the ocean. Hans’s journey from passion to product is an inspiring tale of following one’s heart and forging a connection with nature to create something exceptional.
The Product
Tenikle is a remarkably versatile tech accessory, designed to cater to a wide array of practical applications. This innovative product is primarily a suction mount, capable of securely holding phones, cameras, and tablets, effectively transforming them into hands-free devices. Its adaptability knows no bounds, as it can function as a car mount, a bike mount, and even a speaker mount. The surprising yet delightful feature is its ability to securely grasp a pickle, demonstrating its flexibility and ingenuity.
What truly distinguishes Tenikle is its robust and waterproof design, enabling it to endure various environmental challenges. This extraordinary accessory boasts the remarkable capability to support the weight of a surfboard, showcasing its exceptional durability. With a price tag of $45, it offers an affordable and multifunctional solution for hands-free tech device support, making it accessible to a wide consumer base.
The product’s remarkable success is evident in the sales figures, with over 40,000 units sold and an impressive $1.3 million in total sales to date. Tenikle’s capacity to cater to a myriad of needs and its robust market potential make it a promising contender in the tech accessory industry.
How It Went
The company’s position before Shark Tank
Tenikle’s journey has shown substantial promise, exemplified by the impressive sales figures of over 40,000 units and total sales amounting to $1.3 million. Founded by Hans Dose in 2017, the company’s inception was marked by a successful Kickstarter campaign, raising around $172,000. The early stages of the business were marked by optimism and innovation. However, the year 2020 presented formidable challenges.
Inventory and marketing issues struck, leading to significant obstacles that Hans needed to navigate. Accumulating a debt of $270,000, coupled with a meager $39 left in the bank, the company faced a financial tightrope. Nonetheless, Tenikle’s product exhibited its wide-ranging appeal, especially during the COVID-19 pandemic when the product found increased utility for FaceTime and Zoom calls.
The company holds an impressive inventory valued at $891,000, setting the stage for potential growth provided effective marketing and distribution strategies are employed. Currently, Tenikle’s primary sales channels encompass its website and Facebook ads. Recognizing the need to overcome these challenges and ensure the company’s stability and growth, Hans courageously entered the Shark Tank in pursuit of both investment and expertise.
The Negotiations:
In the high-stakes negotiations on Shark Tank, Hans Dose faced a pivotal decision that could redefine Tenikle’s future. With over $270,000 in debt, $39 in his bank account, and $891,000 worth of inventory on hand, Hans was at a critical crossroads. Robert Herjavec, a seasoned Shark with a keen eye for business, presented an offer that seemed to alleviate the burden of debt. He proposed to invest $270,000, effectively wiping out the existing financial liabilities, and further provided $100,000 for a 60% stake in the “new” company.
However, there was a catch – Hans would need to bring in experienced partners to run the business, with any equity required for these partners coming from Robert’s 60% share. It was a tempting offer, as it promised financial stability and expertise, but it also meant a significant loss of control for Hans. Daymond John, another seasoned Shark and successful entrepreneur, offered a different route. He pledged $200,000 for a 33.33% equity stake. This proposal came with the advantage of retaining more equity and control, but it required Hans to work closely with Daymond and leverage his experience and network to steer Tenikle to success.
The negotiations took an intriguing turn when Hans counteroffered Daymond at 30%. Both Sharks provided viable options, but ultimately, Hans chose to accept Daymond’s offer. This decision not only secured funding but also retained a larger share of equity. It marked a crucial turning point for Tenikle, signaling a new chapter in its journey toward growth and success. The negotiations reflected the tough choices that entrepreneurs often face, weighing financial security against control and partnership with experienced mentors.
