ZipString Valuation – Latest Update after Shark Tank!

ZipString is the new toy in town. It’s a long string that uses different forces to defy gravity and works like magic. You can create different shapes and it’s fun to play with. Founders Stephen Fazio and Austin Hillam pitched the product on Shark Tank and landed a deal with Kevin O’Leary and Robert Herjavec. ZipString is estimated to be worth $1 million by 2024.

About the Founder

Stephen Fazio and Austin Hiram are young entrepreneurs from Atlanta, Georgia. Fazio is an electrical engineering student at Georgia Tech, while Hiram is currently studying manufacturing engineering at Brigham Young University.

Although they grew up in the same area, they did not know each other as children. However, they were both members of The Church of Jesus Christ of Latter-day Saints. Their bishops introduced them to each other.

Fazio originally built the first version of the device for a student competition at Georgia Tech in 2021. It won the senior category, so Stephen was inspired to improve the device over winter break.

Creating ZipString

Stephen encountered many obstacles until he met Austin at a dinner. They discussed the device and soon began working together, using the basement of the Hiram family home as their studio.

The result is a string toy that appears to float in mid-air, but whose movement can be controlled in different ways by the user. ZipString can manipulate forces like tension, drag, and gravity to create mesmerizing stunts and tricks.

The founders put their college studies on hold and began production in late 2021, with help from Austin’s father. Due to the pandemic, transportation was a huge challenge, but friends and family helped them solve the problem.

Appeared on Shark Tank

The ZipString has become a social media sensation, with over 200 million views, and Dude Perfect has also been showcasing the device on tour.

This helped the company gain a huge head start. Because of this, Stephen and Austin launched a successful Kickstarter campaign in 2021. Their initial goal was $75,000, but they have now raised more than $90,000 from approximately 1,600 backers.

However, in order to realize the full potential of this startup, they needed to raise money and bring in the Sharks. The founders applied to be on Shark Tank and beat out thousands of applicants to get a chance to be on the show. The guys gave a great presentation and dressed up in black. The Sharks also had a lot of fun, playing with the samples.

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After Shark Tank

Their Shark Tank episode aired in December 2023, and the exposure that came with appearing on national television boosted sales significantly. Stephen and Austin should have made at least $100,000 from the publicity and struggled to manage inventory levels.

These guys are working on designing new versions of this product, but they currently have the glow-in-the-dark and mini ZipStrings. They are both available on Amazon and their website, Zipstring.com. At $24.99, this toy makes a great Christmas gift!

Since going viral online, the product has garnered 127 reviews on Amazon with an average rating of 3.7 stars. Hopefully, ZipString will be able to secure a patent to protect their invention, as ZipString has already had issues with other companies copying their product, which will hurt their sales.

Categories: Shark Tank
Source: svlsf.edu.vn