Hello, through this post today you will get information related to tie not shark tank update. Here you will learn everything from the tie not shark tank business to what happened after Shark Tank. Let us proceed with this article.
What is Tie Not shark tank?
Tie-nots are two devices designed to help people tie not for small water balloons. The founders of Tie-not are Wayne Sikorcin and Scott Smith, who set up their business on Shark Tank in May 2014.
Arrived at Shark Tank to seek $125,000 in exchange for 10% equity in his company. The tie-not product was invented to end the worldwide epidemic.
Here every year people feel pain in their fingers due to tie not for small water balloons.
Scott and Wayne have two products available for displaying sharks today, one being tie-not filler, and the other being tie-not sticks. With one of these two items, anyone can easily fill and tie water balloons in seconds.
Simply fill the water balloon with water, flip it around a small cylinder, and slide the balloon over the hose. In seconds, you have a water balloon that will be completely self-contained.
Who are the Owner and Founders of Tie Not?
Wayne Sikorsin and Scott Smith are the founders of TIE NOT, a company they founded in 2010. Wayne Sikorsin has always been a craftsman and trader, having owned and operated his own company, Craftsman Tool & Mold for over 35 years, which specializes in a plastic base molding. ,
Scott Smith came from a sales background and was the sales director at Craftsman at the time. He now resides in Michigan and serves as the Director of Sales for DME Company, a plastics Molding business.
Tie Not Shark Tank Founder Story
Now let’s talk tie not story, the idea behind this company came out from the request of Wayne’s wife to fill 150 water balloons for a family picnic. He managed to do this work only 15, lost interest in it, and joined his children to do the rest.
But this first-world problem bothered him a bit, and he then came up with the idea of a ‘tie not water balloon’. So he started designing some ideas, and with some pretty insightful insights from his daughter, came up with a practical stick-like solution for balloons to tie themselves to.
Then with a fellow friend, business partner and dad Scott, he got a patent and invested in some molds, and started production. Within their first year, they were able to net $112,000 in sales.
They also signed a licensing agreement in 2012 with Imperial Toy Company, a comprehensive production and packaging business. And its sales had increased to $385,000 with the product on Amazon.
But they were not over their royalties and with the license contract to renew it, they searched to find new investors to come on board.
What happened after the Shark Tank update?
According to sharktanktales, the company is now out of business, apart from TIE NOT expanding its product line to balloon battle pumps, catapults and launchers. Also, their website has been closed, social media accounts have been deactivated.
Along with this, Amazon has also mentioned that they do not have any more stock. From this, it appears that since its conception 11 years ago, many competitors would have been able to challenge it.
Furthermore, with the vast majority of plastic toys manufacturing in China nowadays being penetrating, it may not be able to maintain its profitability in the competitive toy market. Because of which ‘Tie Not’ is also not in business.
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