Tngnt Ski Bikes
DEAL
EPISODE SUMMARY
🕓 Air Date: March 17, 2023
Asking For:
$200,000 for 20%
Investor:
Robert Herjavec
Deal:
$200,000 for 40%
PRODUCT SUMMARY
Tngnt Ski Bikes combine the thrill of mountain biking and skiing into a single gravity-powered winter sports product that’s easy to learn and suitable for all ages and abilities.
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Background Story
Scott and Bill, both avid mountain bikers from Salt Lake City, Utah, conceived the idea for Tngnt Ski Bikes. They loved both mountain biking and skiing but were frustrated when the winter forced them to put their bikes away. They set out to create a product that could merge the best aspects of both sports. After seven years of development and six years of shipping, they introduced Tngnt Ski Bikes.
Scott is a data security engineer, and Bill is a mechanical engineer in the aerospace industry. Both have full-time jobs but are transitioning to make Tngnt Ski Bikes a full-time endeavor. They have a passion for growing the sport and have not taken any money from the company.
The Product
Tngnt Ski Bikes are a unique winter sports product designed to provide an exhilarating experience for outdoor enthusiasts. These bikes are a combination of high-performance design and traditional bicycle components, making them easy to learn and enjoyable for people of all ages and skill levels.
The bikes are gravity-powered, relying on the rider’s balance and control to navigate the slopes. The ski bikes come equipped with a proprietary Tngnt ski retention system, ensuring the skis remain in contact with the ground, even in the event of a fall.
The cost to produce the Tngnt Drift is $458, while the Tngnt Carve costs $594 to manufacture. These bikes are sold as a complete package, including all the components necessary for a thrilling skiing and biking experience.
How It Went
The company’s position before Shark Tank
Tngnt Ski Bikes has experienced gradual growth since its inception. Over six years, they have achieved lifetime sales of half a million dollars. Their breakout year was the previous year when they reached $175,000 in sales, and they expect to generate $250,000 in sales this year. In the past year, they sold approximately 200 units of their ski bikes.
Tngnt Ski Bikes operates in the United States and collaborates with over 120 resorts that welcome ski bikes. They also have a presence worldwide, with over 200 more resorts accommodating these bikes. However, the sport is still in its infancy, and the market for ski bikes remains relatively small.
The Negotiations:
The Sharks showed interest in Tngnt Ski Bikes, with Robert Herjavec offering $200,000 for 40% equity. Herjavec mentioned the possibility of involving Olympic gold medalist Shaun White, although the offer was not contingent on his participation. Scott and Bill briefly considered counter-offering with 30% equity, but Robert Herjavec stood firm on his initial proposal.
Ultimately, Scott and Bill accepted Robert Herjavec’s offer, and they celebrated the partnership. Herjavec expressed his desire to rebrand the company and redesign the logo to better appeal to customers. While some Sharks expressed concerns about the product’s potential impact on ski resorts and the competitive nature of the industry, they acknowledged the innovation and appeal of Tngnt Ski Bikes.
