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ABC released season 16 episode 5 of Shark Tank on November 15, 2024. The famous reality show features sharks, who hear pitches of various entrepreneurs seeking funding to grow their businesses further. Initially launched in America on August 9, 2009, Shark Tank was a remake of a British show, Dragon's Den.
The sharks of the season are Kevin O'Leary, Lori Greiner, Mark Cuban, and Daymond John. Episode 5 of Shark Tank saw Chalkless owners Greg Pope and James Pidhurney enter the tank seeking $400K for 4% equity. When inquired, the two entrepreneurs refused to disclose their profit margin and production details.
Mark Cuban was unimpressed by the entrepreneurs' refusal to disclose their costs on Shark Tank and subsequently lost interest in investing. Lori Greiner and Barbara Corcoran also declined to make offers, citing concerns that they couldn't contribute meaningfully to the company's vision.
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In contrast, Kevin O'Leary recognized the business's potential and believed his distribution expertise could propel it forward. He proposed a $400,000 investment in exchange for 4% equity. Characteristically, Kevin attached a royalty component to the deal, requiring a $2.50 payment per unit sold until he receives back a $4 million revenue.
After that, the royalty would decrease to 25 cents per unit, indefinitely. Guest shark in Shark Tank Rashaun Williams also saw an opportunity and chose to partner with Kevin O'Leary, seeking to join forces and each hoping to invest in the company $200,000. After disclosing this stipulation, Kevin O'Leary couldn't help but quip about his "Mr. Wonderful" reputation.
"That's why they call me Mr. Wonderful. It's the only offer it sounds like you're gonna get here," stated Kevin.
History of Chalkless from Shark Tank season 16 episode 5 explored
During the COVID-19 pandemic, Greg Pope, a chemical engineer, and James Pidhurney, a coatings engineer, conceived the idea for Chalkless. Frustrated by his sweaty palms during a tennis session, Greg realized the issue was a coating problem he and James could solve using their expertise.
James began working on a solution in his home garage laboratory, and they soon discovered that oil produced by glands in the palms, rather than sweat, was the primary cause of poor grip. After two years of testing and refinement, they developed Chalkless.
The feedback was positive when they shared the finished product with friends involved in various sports, such as weightlifting, golf, and tennis. The positive response led to the founding of Chalkless Grip in early 2023.
Before collaborating on the startup, Greg and James had diverse professional backgrounds. Greg founded Righters Group, Inc. in 1980 and co-founded Entry Point International in 2017.
James worked at several companies, including Champion International Paper, Teradyne Connection Systems, and Cabot Corporation. He co-founded Entry Point International with Greg and later became the Executive Vice President of Chalkless.
The duo's experimentation with oil-absorbent and water-repellent materials led to the development of Chalkless. The product features a granular formulation that absorbs oil and provides a moisture-resistant coating. It is easy to apply and remove.
Chalkless is a patented product designed to provide a lasting grip. It comes in a shaker bottle and is applied by sprinkling half a teaspoon onto dry hands, rubbing palms together, and covering fingers and wrists. The product can be removed with soap and water. A film may remain on the skin, but it disappears once the body produces oils and moisture.
As disclosed in Shark Tank, Chalkless offers various product options. The compact 8gm bottle is priced at $24.99. For customers seeking a larger quantity, the 75gm bulk pack is available for $84.99, packaged in a resealable bag.
Chalkless Dispensers are sold for $389.99 and feature a convenient outlet that dispenses the product evenly with a click, minimizing waste. A dispenser stand can be purchased separately for $100. A Dispenser Bundle, which includes one dispenser and two bulk packets, is also available for $459.99. The company's blended margin is 67%, indicating a significant profit margin on their products.
Catch new episodes of Shark Tank as they air on Fridays on ABC.
