Tie-Not Shark Tank Update

Tie-Not Shark Tank Pitch

Wayne Sikorcin was tasked with tying water balloons for a party in 2008. It took him forever to tie 50, and the kids ripped through them instantly. Wayne sketched out solutions and eventually created the Tie-Not water balloon tying aid. Wayne got the patent and launched it at the toy fair in 2010. Wayne partnered with Scott Smith along the way.

In the first year, Tie-Not did $112k in revenue. Scott and Wayne did a licensing deal that gave them 6% royalties, which Kevin finds low compared to the typical range of 7-11%. Last year's sales were $385k, with $45k coming from the licensing deal resulting in a $40k profit without paying themselves. Scott and Wayne are not locked into the licensing deal long-term. They want to use the investment to build inventory.

The sharks find Tie-Not's valuation to be a bit high. Barbara considers herself the go-to mom in the neighborhood for filling water balloons. Barbara held firm to her offer, and while Wayne and Scott were close to closing a deal, they stuck to the number they had in mind and turned Barbara down.

Tie-Not After Shark Tank

According to a 2014 article by democratandchronicle.com

Wayne and Scott typically focused on Tie-Not in the summer and their manufacturing jobs the rest of the year. They sold licensing rights to Imperial Toy in California, which had the product in 2k stores. Wayne and Scott enjoyed watching their Shark Tank episode with their family and friends.

Tie-Not's website, tie-not.com, went down in 2015. Their last post on their Twitter, @tienotwaterbtie

According to moldmakingtechnology.com