Founder Hans Doe took the Shark Tank season 13 stage to pitch for his multi-purpose suction mount and tripod business Tenikle. Hans’ creative take on a mundane problem impressed the Sharks, but his dedication made them root for him even more.
Despite only $39 in his bank and $270,000 in debt, Hans was confident about his business model and knew Shark Tank could help. He asked the Sharks for $200,000 for 10% equity stakes, and Robert and Daymond took the bait!
What is Tenikle?
Tenikle is a flexible and multi-purpose suction mount and tripod for hand-held gadgets that enables 360° motion. The product design is inspired by the sea creature octopi and their many tentacles. Founder Hand Doe replicated the flexibility and convenience of having many hands with his product and changed how people hold their gadgets.
The firm and supple body of Tenikle can bear the weight of a lens camera and bend at impossible angles for an enhanced filming experience.
Entrepreneur Hans Doe walked onto the Shark Tank season 13 stage in his octopus costume, making the Sharks smile. Hans drew parallels between his product and the resourceful octopi, calling them the blueprint of his innovation.
He highlighted the convenience a multi-purpose suction mount and tripod can add to our life and demonstrated how Tenikle functions beyond its marketed purpose. Hans flipped a box full of traditional tripods and mounts, his competitors, down, eliciting scandalous gasps and cheers from the Sharks.
Hans had a dream job in the surfboard industry as a designer when he was inspired to fashion a product that worked as a car mount and a tripod at once. He gave his prototype to his friends and family, who came back telling him the many things they could do with their Tenikle.
Hans garnered $172,000 in his Kickstarter campaign and knew he had to quit his job to give his 100% to the business. He further added that by acting on customer feedback, he had improved his product design immensely. Hans revealed that the current generation 4 of Tenikle that the Sharks were holding was the ultimate mount solution for influencers and regulars alike.
Robert asked what went wrong with the generation 3, and Hans explained that the reviews complained about the suction cup and he needed to fix that; otherwise, Tenikle wouldn’t be delivering on its promise. Kevin inquired about the money he spent on the iterations that followed, and Hans’ answer shocked everyone.
The enthusiastic founder was in $270,000 debt, had sold his house, and now lived in an RV parked in his parent’s house with his wife.
Daymond and Mark were curious about his sales, and Hans quickly filled them in. Tenikle had acquired $472,000 in annual sales the previous year and only managed $9,000 last month.
In answer to Robert’s inquiry, Hans explained that they were doing good despite COVID because so many people were using Tenikle for facetime and zoom calls.
Still, unfortunately, he ran out of the products, which made him order a full shipment container worth $130,000 though he couldn’t sell out the product since he ran out of marketing money. Hans was only making money through sales from his websites and had no way of getting the word about his product, save for Facebook ads.
Lori interrupted Hans, saying he didn’t need marketing money and could use his social media to spread the word. Kevin was shocked that Hans had put in all his chips in a gig that was in a tight spot. Mark wanted to know how much product he had in his inventory and what it was worth. Hans had 891,000 Gen 4 Tenikles of worth $110,000 in inventory.
The Sharks agreed that Tenikle needed help, considering the founder had only $39 in his bank account.
Lori thought the product was great, but she didn’t see herself bringing any value, so she was out. Kevin found the investment too risky and binding and didn’t want to bet on an injured horse, so he pulled out.
Robert was the first one to come forward with an offer, and the rest of the Sharks knew that the stakes would be impossible. He offered Hans $270,000 to pay off his debt and reset his accounts to zero.
The Shark would then chip in another $100,000 to speed up the sales for 60% equity stakes. He explained that if they ever needed a third stakeholder, Robert would give up his equity stakes to bring them in.
Daymond came hot on Robert’s heel and told Hans he understood his situation as he once was in his shoes. He offered to give him $200,000 for 30% equity stakes. Daymond explained that he would help Hans sell the products in inventory by every means possible.
Hans told Robert that he appreciated his deal, but his ask was beyond what he could give up, so for that reason, he was out. After his Shark impression, he broke into a celebratory dance, and the Sharks cheered him on. Then, he gave Daymond a counteroffer of $200,000 for 25% equity stakes, but the Shark didn’t budge and stuck to his original offer.
At last, Hans shook hands with Daymond and walked off with a prep to his steps.
Our Review of Tenikle
We found Tenikle a problem solver and a convenient alternative to old-school tripods and modern mounts. Its octopi and multi-purpose design sets it apart from its competitors and add to its unique aesthetic.
Hans can send his product to medium-level influencers, independent electrical stores, and mall pop-ups to speed up his sales. His product has proven sales, and the only reason he isn’t making any profit is that his investments are stuck in inventory. A little push in the right direction, and Daymond might have a winner in his hands!
Pros of Tenikle
- 360° motion
Cons of Tenikle
- Weak suction (Generation 3 design)
- Exclusively sold from the website
Who Is Tenikle for?
Tenikle is perfect for influencers, vloggers, and anyone interested in filmmaking and photography. Additionally, if you are someone who always needs an extra hand to deal with your gadgets, Tenikle can provide you with that extra support.
Are There Any Alternatives?
Tenikle has many alternatives, but nothing beats Hans’ design in diversity and functionality. Its multi-purpose design puts it in head-to-head combat with all kinds of car mounts and tripods.
Our Final Thoughts
We see promise in Hans’ operation and Tenikle beating its competitors in the convenience game. Despite being on the pricey side, Tenikle has the best value for money because of its diverse operation.
If Hans manages to sell everything in his inventory by the time this year folds, he might be able to get rid of his debt immediately. With Daymond in his corner, the chances of Hans stabilizing his business model are quite high!