Some products in Shark Tank serve a purpose all on their own. While others assist with some more products and activities to be useful. Ski-Z is one such product like that. A caddy can help you roll around your skis instead of carrying them.
The product stands out because the people behind it are avid skiers too. Kyle Allen and Nick Palmero are the masterminds behind the product. Allen said he enjoyed skiing but was tired of constantly carrying skis for his wife and daughters. Thus, he wanted to develop a product that made lugging skis all the way up to the hill much more manageable.
Nick and Kyle own the company, SkiJunk, LLC together, and they came up with the Ski-Z to make their lives easier. They like to Ski often and think that Ski-Z is necessary for anyone who does. The product itself involves a nylon wheel manufactured using an injection method. The wheel is also, in turn, attached to a plastic frame. You could also connect the frame to the curved end of the two skis. You won’t have to carry the skis on your shoulder any longer. The caddie comes in many colors, which means you also have various choices.
Now that we know more about the product, we can take a look at how the Shark Tank Pitch went. The duo entered the tank asking for $50,000 for approximately 15% of their business. They present their product and demonstrate how the product will work. It’s a caddy with wheels that allow it to roll on hard snow or any concrete. They tell the Sharks about the different qualities his caddy has. It is temperature-resistant and lightweight as well. They currently sell it for $21.95.
They hand out samples so that the Sharks know about the Ski-Z, and they can get a feel of it themselves. They mentioned that they found the company in 2013 and managed to raise $230,000 in sales that particular year.
They couldn’t go through with the business that year because they had a lot of personal problems that came up. The major ones were that Kyle went through a divorce, and Nick got diagnosis with prostate cancer. The two managed to get out of their uncomfortable situations and then decided to relaunch their business once again. They also told the sharks the details and how each unit would take them $.350 to make. They also said they have $350,000 for inventory and are negotiating with a distributor. They also mention that the sales projection for the year 2018 is $575,000.
Much to everyone’s surprise, Barbara’s the first one to provide them with an offer. She offers them 50,000 for 15% of their business, precisely what they were asking for. The duo seems confused and spends some time discussing it with each other. They turn to Barbara and tell her they may need to go for an additional $50,000 for a line of credit, and Barbara agrees too. Daymond also offers them $50,000 but for 20% of the business. However, it’s a pointless offer to the entrepreneurs, who opt to strike a deal with Barbara.
The company is still active. They’re earning a total of $200,000 yearly, so they’re doing quite well for themselves.
Our Review of Ski-Z
Certain Ski products are just easy, and Ski-Z is one of them. It’s a fantastic product for those who like frequent ski resorts with their families and have the best time. All the products on Shark Tank have pros and cons, so let’s get into them.
Pros of Ski-Z
- They are convenient. You don’t have to worry about carrying the ski on your shoulders any longer. You must clip the skis androll them on their wheels.
- It protects your health. You won’t have to worry about carrying all the heavy skis and straining your muscles or joints. A repetitive Strain injury is a significant reality, and carrying heavy loads is a straightforward way of putting stress on your back.
- It has one-size fits all. You won’t have to go through any troubles with sizing as it can fit all sizes. This fact also means that you can have Ski-Z fit all poles so that it won’t matter.
Cons of Ski-Z
- It can be expensive. The Ski-Z is just an additional accessory, so you won’t necessarily want to spend muchmoney on these skis.
Who is Ski-Z For?
Ski-Z is for all skiing enthusiasts who want to get out on the snow. If you go skiing very often, the Ski-Z is more likely to be an investment for you. It’s also for those older folk who enjoy skiing with their families but find carrying their skis quite an ordeal. If you frequent ski resorts often with a group, you may also consider buying the Ski-Z for your entire group, as it could make things much more convenient.
Are There Any Alternatives?
Even though Ski-Z has been around since 2013, there aren’t any other alternatives to it yet. This could be because no one thinks that they’re all that useful, or it could be that Ski-Z is already managing to supply the products to those who require them. This product’s individuality could be one of the reasons Barbara Corcoran was so excited to offer money for the product’s relaunch.
Our Final Thoughts
We love the back story that the Ski-Z comes with. There are very few times that companies and lives get a second chance, and the fact that the entrepreneurs were able to bring their company so far is a feat in itself. As a product, the Ski-Z is convenient and makes lives easier.
These are some of the most notable qualities to have in any product. It is also something that the company can market efficiently as it is a necessary product for many. Thus, we think the relaunch of the product is also something that is going to be successful.
