The Wingman Life Jacket
NO DEAL
EPISODE SUMMARY
🕓 Air Date: January 21, 2018
Asking For:
$200,000 for 12,50%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
The Wingman is a thin and versatile life jacket designed for in-water activities, providing a discreet and effective alternative to traditional life jackets.
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Background Story
Pat Hughes and Mike Fox, friends and business partners from Milwaukee, Wisconsin, created the Wingman out of their own frustration with traditional life jackets while spending time on the water. The duo, avid water enthusiasts, found existing options either bulky and cumbersome or ill-suited for in-water activities.
The inspiration for Wingman struck Pat Hughes during a triathlon where he witnessed a preventable drowning incident. This tragic event fueled their determination to develop a product that could enhance water safety in a variety of activities. The Wingman, their solution, aims to combine functionality with comfort, addressing the drawbacks of existing life jackets.
The Product
The Wingman stands out as one of the thinnest and most versatile life jackets globally, specifically crafted for in-water activities such as swimming and surfing. Unlike traditional foam life jackets or loose-fitting inflatables, the Wingman offers a sleek and practical design.
In the event of an emergency, users can pull down on the ripcord, causing the Wingman to instantly float them face-up from any position. The device is reusable, requiring a simple replacement of the CO2 cylinder.
During the pitch, the founders demonstrated the product’s deployment, highlighting its effectiveness and ease of use. The Wingman has received approval from the U.S. Coast Guard, a significant achievement for its safety features. The founders expressed a long-term vision of evolving the Wingman into a smart device that can auto-inflate upon detecting submersion.
How It Went
The company’s position before Shark Tank
Wingman’s retail price is $249, with a landed cost of $65. In the past 10 months, the company has shipped $120,000 worth of products, primarily targeting customers engaged in water activities such as kayaking, stand-up paddleboarding, surfing, and fishing. Currently lacking retail distribution, the founders see it as a potential avenue for significant sales growth. The founders acknowledged the need to lower the price point, anticipating that larger order quantities would enable cost reduction.
The business faces challenges common in competitive markets, and the founders are aware of the need for substantial investments to achieve significant returns. The founders expressed plans to attend major industry trade shows, a strategy aimed at expanding the product’s visibility and distribution. While the product has gained approval from the U.S. Coast Guard, distribution remains a hurdle that requires strategic planning and investment.
The Negotiations:
The Sharks were intrigued by the Wingman’s innovation and potential impact on water safety. However, concerns were raised about the niche market, competitive landscape, and distribution challenges. Despite the product’s uniqueness and Coast Guard approval, the Sharks, one by one, decided not to invest. Mark Cuban expressed that the market was tough and competitive, requiring significant upfront investment. Other Sharks were hesitant due to the perceived liability associated with a product designed for life-saving.
In the end, Mr. Wonderful (Kevin O’Leary) made an offer of $200,000 for 50% equity. The founders, valuing their product and seeing the potential for greater success, declined the offer. They emphasized their commitment to the product’s mission of saving lives and expressed gratitude for the opportunity, even without securing a deal on the show.
