Shark Tank Pitch

Kymera Body Board Shark Tank Update

Published:

4m

Pleasanton, CA

Kymera Body Board Shark Tank Update


Pitch Overview
NameKymera Body Board
Main PresentersJason Woods
Presenter Image
Kymera Body Board Entrepreneurs: Jason Woods
Product Image
Kymera Body Board Product Image
Last Known in Business12/8/2022
Main Location

Pleasanton, CA

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Order Shown in Episode3
Final DealAll Sharks went Out

Kymera Body Board Shark Tank Pitch

Jason Woods found jet skis too expensive and complicated to transport and stand-up paddle boards too slow, so he created Kymera Body Board. Kymera Body Boards are electric, jet-propelled body boards that move up to 15mph and last 30 minutes to an hour.

Jason started Kymera Body Board 10 years ago as a gas board. Jason estimates to have put in $130k over the lifetime of the company. He attempted to raise $250k on Kickstarter, but only received $116k in preorders, which because was short of his goal meant customers' money was returned. Jason claims the Kickstarter failed because people were only allowed to buy one, and Jason thinks nobody wanted to only buy one.

Jason hasn't sold a unit in 10 years. He aims to go straight to mass sales to lower the price but doesn't have the money to make that leap.

I'm going to give it to you straight. It's the worst pitch I've ever seen.

—Daymond John

The sharks thought Jason was dodgy at answering business questions and thought he would be a perpetual inventor and never sell anything. Jason was pissed and shocked that the sharks weren't onboard with Jason's vision.


Offers

Made ByLabelSharks Part of DealSummary
CompanyOffered$250k for 20% of company
SharksOutMark CubanOut
SharksOutLori GreinerOut
SharksOutDaymond JohnOut
SharksOutKevin O'LearyOut
SharksOutJohn Paul DeJoriaOut

Mark Cuban
Mark Cuban

Mark Cuban

Out

Daymond John
Daymond John

Daymond John

Out

Kevin O'Leary
Kevin O'Leary

Kevin O'Leary

Out

Lori Greiner
Lori Greiner

Lori Greiner

Out

John Paul DeJoria
John Paul DeJoria

John Paul DeJoria

Out


Updates in Shark Tank Episodes

Update SeasonUpdate Episode
No Episode Updates

Kymera Body Board After Shark Tank

Jason Woods went on the Ecommerce Uncensored

Link Preview

Ecommerce Uncensored

https://podcasts.apple.com/us/podcast/eu209-how-jason-woods-created-a-watercraft-business/id1132312535?i=1000514317480

podcast in 2021. Jason had gone to the Bill and Melinda Gates High School, which was a project-driven approach to learning. Jason joined a team to build and compete with robots in a battle-bots competition and grew a love for making things.

The gas-powered version was the only thing feasible at the beginning, which eventually got ruled out of possibility due to new laws being enforced. The electric version eventually got built and picked up some press. Jason launched his Kickstarter

Link Preview

Kickstarter

https://www.kickstarter.com/projects/kymerajet/kymera-electric-jet-board

for the Kymera Electric Jet Board in 2013, which raised $116k but failed to reach his goal.

Shark Tank called Jason a year later. Jason was the first person to pitch to the sharks during filming for season 5, so they spent an extra long time filming Jason before they started making Jason nervous, and the Sharks were eager to chomp down on entrepreneurs. After Jason got beaten down, he had to wait nine months for the show to air.

Jason found an outpouring of support after the show aired, and he had a dozen offers better than what he asked for on Shark Tank within a week. Jason accepted a deal from Adam Majewski, who he found brought a business plan in addition to money.

Jason was thankful for the Shark Tank beatdown because he learned many lessons that led him to success. Kymera began selling boards and was soon doing hundreds of thousands of dollars in annual revenue. Jason received the opportunity to return to Shark Tank to show them his progress and offer them another chance at Kymera Body Board in season 10, episode 20.

Jason struck a deal with Robert Herjavec in season 10, who was not on in Jason's first episode. He doesn't go into details about his process with Robert but said that eventually money does get put into the business and things were going well.

Kymera Body Board has never spent money on advertising because they are at their production capacity as of 2021. In 2021 80% of their business is international.

Jason got married to his fiancé, who filmed with him, and later had three daughters. Jason got back into Battle Bots in 2021 and utilized many of the parts and learnings from Kymera in the design.

In 2022, Kymera is attempting to raise money on wefunder.com

Link Preview

wefunder.com

https://wefunder.com/kymera

at a $15.75 million valuation. Kymera lists slow but steady revenue growth over the past few years, and in 2021, did $1 million in revenue with $5 million in lifetime revenue. The last two years were profitable. Kymera projected annual revenue of $10 million by 2027. They see potential in their jet propulsion system for other use cases.

As of 2022, Kymera Body Boards can be purchased on the companies website, kymera.com

Link Preview

kymera.com

https://kymera.com

, starting at $4,399.


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