Shark Tank Pitch
PostureNow Shark Tank Update
Published:
2m
Portland, OR
| Name | PostureNow |
|---|---|
| Main Presenters | Matt Franklin and Mike Lane |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 3/1/2020 |
| Main Location | Portland, OR Loading Map |
| Order Shown in Episode | 4 |
| Final Deal | Deal was made on the show with sharks Mark Cuban for $100k for 30% of company and $5 royalty to Mark until $100k rocouped. |
PostureNow Shark Tank Pitch
Mike Lane wanted a way to hide his belly fat without decreasing his alcohol consumption. When Mike realized proper posture made his belly appear smaller he partnered with Matt Franklin to bring PostureNow to the world.
PostureNow is a harness with a loop around each arm, and a connecting strap across one's back to maintain a proud chest posture. PostureNow can be worn all day long. It has found praise in markets such as dancing.
Mike and Matt put $5k into PostureNow which has done $300k in sales, all online, in the two years it existed. Mike and Matt have taken out over $100k in salaries.
The sharks seem particularly harsh to Mike and Matt for no apparent reason. Daymond claims that Matt and Mike are taking a pitch spot from an entrepreneur who needs the money.
I'm not begging for anything. I'm offering something.
Go Mike! Even the commentator uses the term arrogance to describe Mike. Barbara restores the viewers' sanity and levels the emotions in the tank.
The remaining sharks claim the valuation to be outrageous and make aggressive offers and are in disbelief when Matt and Mike are not jumping up and down in response.
Mark makes a more reasonable offer that Matt and Mike accept. Mike happily agrees to quit his day job and work on PostureNow full-time.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $100k for 15% of company | |
| Sharks | Offered | Kevin O'Leary | $100k for 50% of company and 10% royalty to Kevin |
| Sharks | Out | Daymond John | Out |
| Sharks | Out | Barbara Corcoran | Out |
| Sharks | Offered | Robert Herjavec | $100k for 40% of company |
| Sharks | Deal | Mark Cuban | $100k for 30% of company and $5 royalty to Mark until $100k rocouped |
Mark Cuban
Made Deal
Daymond John
Out
Kevin O'Leary
Offered
Barbara Corcoran
Out
Robert Herjavec
Offered
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
PostureNow After Shark Tank
Matt Franklin and Mike Lane gave Shark Tank Blog an update after airing that Mike left his job and was doing PostureNow full-time. Matt and Mike sold six figures of PostureNow the week following the show and went on a trip to Hong Kong and China to visit their manufacturing facilities.
Link Preview
Shark Tank Blog
https://www.sharktankblog.com/matt-franklin-posture-now-update
Matt Franklin continued to work on his video production company, Bottlerocket Labs and does so in 2022. In 2021 he also started the Rogue Retirement Lounge Podcast, which he runs in 2022 along with another podcast called 50 Shades Of Trade with Matt Franklin. Matt can be found at his LinkedIn .
Link Preview
LinkedIn
https://www.linkedin.com/in/bottlerocketlabs
PostureNow seems to have continued to have reliable sales over the years although in 2022 their Twitter hasn't Tweeted since 2017, Facebook since 2019, and website, posturenow.com , says due to supply chain issues they are sold out but intend to have more inventory in the future.
Link Preview
posturenow.com
https://posturenow.com/
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