First, let’s have a bit of recap of their journey by “Shark Tank.” Through the pitch, Guerra claimed the sneakers had a prime velocity of 8mph with a median experience time of 1 hour. The unique sale value was $299, they usually have been searching for $125,000 for a 20% stake within the firm to customized design their product.
In 2020, the worldwide hoverboard market was valued at $734.5 million and was anticipated to hit $1.3 billion by 2030. Moreover, it was anticipated to develop by $268.68 million between 2020-2024, so it undoubtedly made for a market phase worthy of funding.
Nonetheless, in the course of the Q&A session, the sharks found ZUUM would merely be a distributor of an already manufactured product from China. There was nothing proprietary about their product, they usually neither owned the expertise nor had unique rights to distribute that expertise in the US.
Mark Cuban bailed out first, as a result of they could not inform him how they’d be completely different from another person promoting a product with the identical expertise. When Barbara Corcoran requested them what their greatest impediment was, they mentioned cash, and she or he informed them they lacked the fervour and ended up turning them down. The opposite three sharks have been even tougher on the ZUUM duo, with Kevin O’Leary really saying their complete pitch sucked, and he hated it. Thus, no sharks discovered ZUUM’s bait engaging sufficient to take a position.