What Is MyoStorm?
Therapeutic advantages are offered by massage balls like the MyoStorm Meteor. The tool relieves joint and muscular symptoms by applying pressure, vibration, and heat. DiPeri came up with the idea while living in England, but it didn’t start to take shape until he enrolled at Brigham Young University and chose to major in mechanical engineering.
DiPeri participated in a study that investigated how mechanical vibrations affect the human body as a research assistant. He was inspired to build it because it was an outcome of one of his notions.
Who is the MyoStorm Founder?
Jonothan DiPeri, Shaquille Walker, and Jared Ward are the creators of the MyoStorm Meteor Massage Ball, which aims to massage the Sharks into funding MyoStorm. Walker and DiPeri founded the business at the beginning of 2018.
The two met while serving as missionaries in England prior to beginning college. They frequently traded invention ideas and often discussed working together in the future. The Meteor was one of their inventions.
MyoStorm Before Shark Tank:
Shaquille Walker and Jonathan “Jono” De Peri were missionaries for their respective religions and lived in Provo, Utah. Although they didn’t know what their final output would be, the two decided to collaborate eventually.
The following year, Jono attended Brigham Young University to study mechanical engineering. There, he researched the effects of vibration on the human body. According to his studies, some vibration amplitudes and frequencies have been more beneficial for treating muscle injuries.
Since Shaquille was training to run and wasn’t immune to injury, Jono was curious about his research. Shaquille and Jono saw that the current market for tools for treating pain and repairing injuries did not make use of this specific range of vibration frequencies.
As a result, they came up with the concept of developing an upscale massage “roller” that would be more successful at treating pain and promoting healing than present equipment. A research team helped DePeri construct a prototype known as the MyoStorm Meteor.
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Three vibration levels and two heat settings on the Meteor have been shown through research to improve outcomes. Soon after, Brigham Young University statistics professor and professional marathon runner Jared Ward joined the group. He went with DePere and Walker when they presented the Meteor to sharks.
MyoStorm’s Pitch in The Shark Tank:
Together, Jared, Shaquille, and Jono walked up to the platform. They were shown the Meteor by a woman who was also there. According to Shaquille, 100 million Americans experience chronic neck and back discomfort. Despite spending $6 billion on pain management, the majority of individuals do not get the relief they need in the United States. The group chanted in unison, “There must be a better way.”
The Meteor was created for this purpose. To encourage muscle repair and lessen discomfort, an FDA-approved medical massage device used unique technology, vibration, and heat therapy. It was small, straightforward, and operated by a mixture of pressure, vibration, and heat.
Although it was created with professional athletes in mind, anyone who experiences discomfort can use the Meteor. The team asked for $150,000 in exchange for 10% ownership. They asked, “Who’s up for rolling with us?” The balls were then given to the sharks for inspection after being pre-heated and activated. It seemed to be a hit with all the sharks, and Kevin thought it was amazing.
Mark rolled the Meteor under his back as he walked up to the stage. His groans were proof that it worked. Lori wanted to make sure that the massage ball’s use of vibration and heat set it apart from rival products.
In order to optimize the effectiveness of the massage ball, Jono said that he had researched the effects of vibration on the human body. He increased heat after that. The Meteor had just started a 1,000-unit Kickstarter campaign, Jono told the sharks. Although their goal was $20,000, they actually raised $70,000. The success of the advertising surprised the sharks.
Mark was curious to find out more information about cost and price. According to Shaquille, they experimented with price points between $130 and $175 before settling on $160. The $40 cost of manufacturing the item was incurred. The Meteor was valued by the sharks because it was distinct from other products in its category, despite the fact that they all considered the price was expensive. Shaquille claimed that rivals create inferior goods.
While a typical foam roller costs about $15, according to Jared, some items cost upwards of $600, and the Meteor is a better product at a lesser price than comparable high-end products.
The researcher added that plenty of people shell out a lot of cash for massage therapy. The price of a single massage might equal that of the Meteor. Mark thought that the fact that their product didn’t need to be utilized on the floor was what made it unique. Even when lying in bed, one may use it.
The guest shark, Matt Harrington, enquired as to the total number of products sold. According to Jono, they raised a total of $120,000 through Kickstarter and sold 900 units. This, according to Kevin, is a pittance. Lori thought that the product’s low sales were a result of its exorbitant pricing. Why was the markup so high considering that the items only cost $40?
According to Shaquille, their market research showed that customers were willing to pay a higher price. On the other hand, Lori questioned whether they had tried price points below $100. They hadn’t carried it out. If the price had been lower than $100, Lori thought they could have sold a lot more.
Mark objected, but Lori persisted. She described how prices were typically frozen between $50 and $100. You sell a lot more goods if you set your product prices between $50 and $100. Matt asked them what their goals were for the future. Did they plan to continue selling directly to consumers or were they thinking about retail? Jono claimed to be enthusiastic about retail sales.
Mark and Lori argued over pricing points and Mark explained why he thought a higher price may work. People who might buy this product are already familiar with subpar tools. Because they are already acquainted with the category, they can understand the perceived benefit of this new product. According to Shaquille, their manufacturer told them that if they sold 10,000 units, the price might drop to $20.
Mark was ready to make a proposal. If the group explored proposals from other sharks, he would withdraw his $250,000 offer in exchange for 20%. Mark declined Matt’s offer to become a partner after Matt asked. Mark withdrew just as he had promised after Kevin intervened and said he wanted to make an offer because Jono wanted to hear it.
In exchange for a 5% ownership part in the business, Kevin would give them $150,000 in exchange for a $1 per unit royalty. Matt also wanted to be admitted. When Matt said he could use his abilities to reach the sports demographic, Mark made fun of him for having a bad Instagram. Matt kept going because he was unafraid. He would provide the team with exactly what they had asked for: $150,000 for 10%.
Lori made a comment. If they intended to lower the price below $100, she wanted to know. She will make the same suggestion Kevin did if that is the case. The team needed a small break to think things over because they had received so many proposals.
They surprised the other sharks when they announced they wanted to do business with Lori after their encounter. Jono, however, loved Lori’s idea for reducing the cost and wished to work with her. In exchange for a 5 percent royalty plus a $1 royalty, he took Lori’s $150,000.
Final Agreement: $150,000 plus $5 for each unit sold until $500,000 is recovered in exchange for 5% equity.
Did Myo Storm Get a Deal on Shark Tank?
The MyoStorm offers Lori $150k in exchange for 5% of the company’s equity and a $1 per unit royalty until she recovers $500,000, and she accepts. The Shark Tank episode first aired in October 2019, and Lori thought the $160 price tag was exorbitant and suggested lowering it to $99.
A MyoStorm product called Meteor is currently on sale on Amazon for $149 and has earned remarks like “certainly, it is worth the price.”
What Happened to MyoStorm After Shark Tank?
The pitch for MyoStorm was delivered in October 2019. The original Meteor has been improved by Myostorm, which also offers a 2.0 version with USB-C charging and an additional heart function. The company employs ten employees and generates an average of $150,000 in monthly revenue. However, Lori Greiner is only paying $99 for the sculpture instead of the original $149 stated.
The CEO of the business, DePere, claimed that Meteor has a strong brand presence, which he attributed to the fact that it is medical equipment that has received FDA approval, setting it apart from its rivals. These occasions allow customers to try the company’s products, enhancing its brand. Relationships with athletes who support the brand are also very beneficial.
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As is common after a show airs, MyoStorm’s sales increased right away following its Shark Tank experience, but DePere is happy with the company’s present modest and steady expansion. 2020 is anticipated to see the introduction of numerous new items, boosting sales to $4 million. According to DePere, MyoStorm will expand at a rate close to 100% each year for the foreseeable future.
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