Polar Pro Shark Tank Updates 2022: What Happened to Polar Pro After the Shark Tank Pitch?

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polar pro shark tank

What Exactly Is Polar Pro?

Microphones, tripods, cameras, mounts, extension poles, filters, and cases are among the high-quality accessories made by PolarPro for GoPro cameras, smartphones, and drones.

Polar Pro Shark Tank

PolarPro is a company established in California that caters to action sports enthusiasts and filmmakers all over the world. PolarPro operates under a simple business model.

The company was founded by Jeff Overall with the goal of inventing, producing, and marketing accessories for popular cameras like the GoPro.

Polar Pro Quick Facts:

Name:

PolarPro

Net Worth (2022):

$15 Million

Pitch:

GoPro and camera accessories

Entrepreneur:

Jeff Overall

Asked for:

$500,000 for 10%

Deal:

$1 million for 20%

Shark:

Robert Herjavec and Mark Cuban

Who Is the Polar Pro Founder?

polar pro shark tank

Jeff Overall, the founder, and CEO of PolarPro earned his bachelor’s degree in economics and accounting from the University of California, Santa Barbara. As a teenager, his first business idea was collecting hermit crabs and selling them to aquarium owners online.

Overall is a thrill-seeking photojournalist who has turned his passion into a lucrative business. During college, I planned to utilize a GoPro to photograph the ski team in action. His video, however, was overexposed. He came with some polarised film and used it to cover the lens of his GoPro camera.

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On his second attempt at filming the ski team, he put it to the test and realized that he’d solved the exposure problem. Overall began cutting small circles out of polarised film sheets while his undergraduate pals drank around him. The improvised lens filters would fit snugly between the GoPro’s lens and casing if they weren’t saturated in beer.

Overall discovered he wasn’t the only one who experienced overexposure troubles with a GoPro during a class session. At the moment, he recognized that his polarised lens filter idea may be useful to other GoPro users. This discovery would form the foundation of PolarPro’s humble beginnings.

What Happened at The Shark Tank Pitch to Polar Pro?

Jeff makes an appearance on Shark Tank Season 7 Episode 8 with the hopes of receiving $500K in return for a 10% stake in his firm. This equates to a $5 million investment. Mark shouts, “DUDE!” He goes over his product range in detail.

PolarPro’s three most popular goods are the Polar Pole, the world’s only battery-powered selfie stick, a case that allows users to charge multiple devices, and picture filters for drones.

He inquires as to which Shark “wishes to surf this delectable wave?”

His profit margins are said to range from 71 to 300 percent. Polar Pro currently has 31 products, all of which they design and manufacture. “Can you tell me how much the fillers are worth?” Robert enquired further. Jeff told him that the filters came in a variety of sizes. The three-pack retailed for $69.99, while the six-pack sold for $149.99. It cost me around $12 to make it. In 2011, they earned $8,000. From there, they made $2.8 million.

The company intends to generate $5.6 million in sales in 2015. Since they reinvest in product development to stay up with the competition, they haven’t made much money. Jeff started Polar Pro while filming ski team videos for UC Santa Barbara.

He was concerned as to why his movies were lacking in resolution, and he discovered he lacked efficient filters. He looked into filters and started making his own using $2000 from his student loan.

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Since they spent more than $1 million on R&D at the time, the majority of the money went into tooling and product design, and profits this year are just $300,000. They have 1200 shops, all of them are small photography and diving shops. Polar Pro is the world’s third-largest drone aftermarket firm. Drone filters are a big seller, and Jeff thinks the company might be worth $40-$50 million if drones become more popular.

Because the consumer electronics business is overcrowded, Mr. Wonderful has chosen to depart. Mark claims he wants to make the greatest offer possible without wasting time, so he offers $500K for 10%. Jeff says he’d want to hear additional suggestions out of deference.

Daymond offers $500K in exchange for 15% stock and claims to be able to help PolarPro with all of their licenses. Lori states she requires a competent strategic partner and offers $500k in exchange for a 10% stake in the business. Robert says he’ll put up an extra $500K for a 10% share with Lori or Mark.

Jeff agrees to a $1 million deal with Mark and Robert in exchange for 20% of the company — 10% for each Shark. Deal for $1 million at a 20% discount with Mark and Robert.

After the Shark Tank Pitch, Polar Pro

The deal with Robert and Mark never came to fruition, but the company is still doing strong. In August 2021, annual revenue is estimated to reach $2 million.

Polar Pro’s Net Worth:

PolarPro’s net worth is believed to be in the millions of dollars.

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