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Bill Pierce and Scott Carr entered the Shark Tank seeking $200,000 for 20% of their ski bike company. They presented their three models ranging from $999 to $2,399. The sharks examined the products with interest until Robert asked what the logo conveyed. In response, the entrepreneurs replied it’s two letters “G’ twisted. As soon as the founder finished explaining, Barbara stated:
"I think it really sucks. Letters that you can't remember when you can't remember it. It doesn't quite say it. I just think it's terrible. Most ski areas today have quadchairs that accommodate like five skiers. This takes away too much revenue from the ski slope because it takes up two spots every time you go up the mountain. And frankly I think you have a bigger issue getting adopted by the mountains themselves. I'm out."
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The founders stated it looks great on the cap. At the end of the pitch, they left Shark Tank with Rober Herjavec’s offer.
Shark Tank investor Barbara Corcoran rejected Tngnt Ski Bikes
Bill Pierce brought aerospace technology experience to the partnership. Scott Carr contributed years of involvement with ski bike companies. Their combined expertise resulted in the creation of three distinct models. The entry-level Drift targeted newcomers to ski biking at $999. Their mid-range Carve 2.0 included shock absorbers in both forks and frames, priced at $1,499.
The professional-grade Carve 2.0 Pro featured enhanced shock absorption systems at $2,399. Each model incorporated their patented ski retention system. This technology improved turning capabilities and overall control on snowy slopes. The company held 19 patents protecting its innovations.
Their manufacturing strategy included overseas production to maintain competitive pricing while ensuring quality standards.
Barbara's immediate reaction centered on the spelling choice. The Shark Tank investor mentioned how customers might struggle with brand recognition due to the unconventional spelling. Her analysis then shifted to operational matters at ski resorts. According to Barbara, modern ski lifts transport five people per chair. Tngnt's bikes required additional space compared to traditional skiers.
This space utilization issue factored significantly into her investment decision. She explained how each bike would reduce the number of paying customers able to use the lifts simultaneously. These practical considerations led her to decline investment participation.
Another Shark Tank investor, Mark Cuban, examined the market size concerns first. He cited limited ski bike market potential as his primary exit reason. Kevin O'Leary studied the financial metrics before declining. He focused on the $500,000 lifetime revenue figure which missed his investment criteria.
Lori Greiner considered retail placement options but opted out due to distribution complexities. Robert Herjavec saw opportunities despite his fellow sharks' concerns. He made an offer of $200,000 for 40% equity. This doubled the equity the founders initially proposed. He mentioned potential promotional support through his connection with Olympic Gold Medalist Shaun White.
The founders attempted to negotiate the equity down to 30%. Robert maintained his original offer terms. Bill and Scott accepted the 40% equity deal after evaluating their options.
Company response and market performance
As per Shark Tank Insights, despite Barbara's branding concerns, the company maintained its course after the show. Their marketing strategy focused heavily on social media presence.
The company expanded its product offerings post-show. They added new accessories including the Leash 2.0 kit and Pow Bombs Skis. By late 2023, financial reports showed significant market acceptance. Annual revenue reached $5.2 million, marking substantial growth from their Tank appearance.
The Shark Tank company's progress continued into 2024. A major summer promotion offered discounts reaching 50% on select models. Their product distribution expanded across both the United States and Canada. While Robert Herjavec initially offered $200,000 for 40% equity during the show, this deal was not finalized. The company's net worth grew to $1.7 million by July 2024.
Fans can watch new Shark Tank pitches on the ABC Network.
