If you want to succeed, you shouldn't make any excuses. With this mindset, Kobe Johnson became the first deaf entrepreneur to appear on Shark Tank. Together with his father, Ron, and his sister, Taylor, he sells the Tailgate N Go, an all-in-one outdoor kitchen appliance. The trio struck a deal with guest shark Matt Higgins. At the end of the show, Tailgate N Go was worth $2.5 million.
Founder
Ron Johnson, Tyler Johnson and Kobe Johnson are an entrepreneurial family from Grand Junction, Colorado. Ron was considered an inventor and encouraged his children to develop a love of the outdoors and camping.
Taylor studied mass communications at Colorado Mesa University. She started her business immediately after graduation and there is no record of her working for another company.
Kobe was the youngest of the group and was born deaf. He claims it's a unique way to experience life and is currently studying anthropology at the University of Northern Colorado.
Founded Tailgate N Go
While on a camping trip, Ron couldn't help but notice a group of nearby campers carrying a lot of stuff. Nothing was organized, which inspired a Colorado inventor to create a solution.
He made nine prototypes before ultimately designing the first Tailgate N Go box. It comes with almost everything you need for outdoor cooking, such as food compartments, cutting boards, storage nets, knife holders, and more.
Ron invested $250,000 of his savings and recruited his children to help launch the business in late 2018. They developed two more models and sold about 100 units within 18 months.
Shark Tank Appearance
In 2019, the Johnson family wanted to raise money to expand production and needed help with marketing. They want to reduce production costs. The trio appeared on Shark Tank Season 11 seeking $250,000 for a 10% stake.
Bryant made history as the first deaf entrepreneur to appear on the show. It's an impressive feat, but the main focus of the campaign is their outdoor products. They gave great speeches and demonstrated products. The Sharks were impressed but didn't like the valuation.
Kevin O'Leary was the first to make an offer, and it was another poor royalty offer. When the other Sharks backed out, all hope seemed lost, but Diamond convinced them to make a counteroffer. Guest shark Matt Higgins changed his mind and agreed to invest $250,000 for a 20% return and pay royalties of $50 per unit until the $250,000 was repaid.
After Shark Tank
According to Sharktankrecap.com, sales of “Tailgate N Go” reached $400,000 after the episode aired. After the deal with Matt was completed, the businessman helped the startup secure licensing deals with the NFL and NCAA.
They also now sell boxes with professional rugby and college sports club logos. Additionally, they have new kit accessories available for purchase on Amazon and their official website, TailgateNGo.com.
Despite strong sales, Tailgate N Go's momentum has been hampered by the pandemic. Even though their product was already expensive, they were forced to raise the price, with the NFL version now retailing for $1,995. Essentially, the company only needs to sell a little over 500 units per year to achieve $1 million in sales.
The family-owned business has an active Facebook page, where 11 users have given them an average rating of 4.1 stars. The company expects annual revenue of $800,000 to $1 million and is valued at $2.5 million.
Categories: Shark Tank
Source: svlsf.edu.vn