What Is Tie-Not?
Water balloon battles are even more fun than balloon battles. While filling the balloon with water, especially the little knots, isn’t pleasant, the trouble of doing so is. Tie-Not makes two devices that make making knots for little water balloons easier. You may tie a knot with a filler or a tying stick using Tie-Not. By connecting it to a garden hose, you may complete the operation in a matter of seconds. However, the toys may be used separately to tie off balloons that have been blown up by air using the tying stick.
More Details on Product:
|Entrepreneur||Scott Smith and Wayne Sikorcin|
|Product||Tool for filling and tying water balloons|
|Investment Asking For||$125,000 For 10% equity in Tie-Not|
|Final Deal||No Deal|
|Episode||Season 5 Episode 29|
|Business Status||In Business|
Update on The Shark Tank:
Tie-Not is one of the simplest and fastest techniques to inflate water balloons. Anyone, including toddlers, can knot the ideal balloon in seconds with the equipment attached to any garden hose. Wrap a balloon over the nozzle, fill it with a plunger, wrap it around the tool, slip the balloon end through the notch, and draw off a properly tied balloon with every usage using Tie-Not tools.
Using this little equipment, seasoned experts can make water balloons in less than six seconds. With this time-saving gadget, water balloon warfare may transform victory into defeat. In addition, the Tie-Not comes with an optional Portable Battle Pump, which makes filling balloons considerably easier than using a faucet. The Combat Pump comes with 250 balloons, so you’ll be ready to go into battle.
Who Are the Brains Behind Tie-Not?
Wayne Sikorcin and Scott Smith launched Tie-Not in 2010 in order to market their technology. Wayne, a lifelong artisan, owns and maintains Craftsman Tool and Mold, a firm that specializes in creating plastic bases, which he has owned and managed for over 35 years.
Scott began his career in sales and was the Director of Sales at Craftsman at the time of his appointment. He presently works at DME Firm, a plastic molding company, in Michigan. The firm was founded after Wayne’s wife purchased 150 water balloons for a family gathering.
He completed 15 things before losing interest and seeking assistance from his children. However, this first-world problem bothered him. He sketched various alternative solutions, and with the help of his daughter’s remarkable idea, he came up with a workable stick-like method that allowed the balloon to self-bind. With the support of Scott, a friend, business partner, and father, they were able to begin production. During his first year on the job, they were able to produce $112,000 in sales.
They also signed a licensing deal with Imperial Toy Company, a prominent toy manufacturing and packaging firm with a long history, in 2012. The firm saw a $385,000 boost in sales once the product was listed on Amazon, but they were dissatisfied with the number of royalties they got. When their licensing deal ended and was not renewed, they started seeking new investors.
Before Shark Tank, Do Not Tie:
Tie-founders Not’s Wayne Sikorcin and Scott Smith appealed to the Shark Tank for $125,000 in return for a ten percent ownership in their firm. Tie-Not was created to tackle a pandemic that was sweeping the globe. Each year, people suffer from hurting fingertips as a result of tying off tiny water balloon knots.
Scott and Wayne are excited to see the Tie-Not filler and tying stick being displayed to the Sharks today. Water balloons may be filled and tied off in seconds with either of these materials. Fill the balloon halfway with water, then spin it around a tiny cylinder before removing it from the hose. Water balloons may be used to make a totally self-contained water balloon!
What Went Wrong with Tie’s Shark Tank Pitch?
In episode 527 of Shark Tank, Wayne Sikorcin and Scott Smith try to persuade the Shark to invest in their invention, Tie-Not. It’s a gadget that swiftly and neatly wraps water balloons. Tie-Not was looking for a Shark to assist them to gain more awareness, collecting money for orders, and securing large box shops.
Wayne and Scott came on Shark Tank in search of a $125,000 investment in return for a 10% stake in Tie-Not, which is valued at $1.25 million. Onstage, they discuss their company and show how to fill water balloons. After Scott throws his balloon, Mark successfully catches it.
While testing the balloon, Kevin returns to his chair and flicks the balloon toward Barbara. They sold $112,000 worth of merchandise in their first year, 2010. The goods cost $4.98 apiece and cost $1.50 to produce. They inform the Sharks of the Imperial Toy Company’s license arrangement. In 2012, royalties varied from 7% to 11%, and the corporation got $385,000 as a consequence.
Annual contracts govern licensing arrangements. The Sharks questioned the valuation after learning of the license deal. Mark claims that he is not a toy enthusiast and that he just walked away from the agreement. Robert adores toys but is unconcerned about the company’s value; he is also out.
Robert thinks it’ll sell well on QVC, but Lori thinks it’s too cheap; she, too, went out. Kevin decides that the firm is not profitable enough for him and leaves. Barbara offers $125,000 in exchange for a 25% ownership stake in the company. The first $50,000 will be paid in cash, with the remaining $75,000 funded through a line of credit.
Barbara replies with $50,000 cash and a $100,000 credit line in return for 17 percent equity, but Scott is adamant. Barbara remains unimpressed when he gives her 20% equity shares for the second time. The gentlemen declined to take 25% equity and departed the pitch without reaching an agreement.
After Shark Tank, What Happened to Tie-Not?
Although Tie-Nots are popular, the product has received conflicting ratings on Amazon. Based on 546 customer reviews, Tie-Not receives a 3.6-star rating. The Tie-Not Nozzle and Knotter stick, as well as the Tie-Not stick, are now available on Amazon for around $5.39, excluding free delivery for Prime members; however, since Tie’s introduction, competitors have developed.
Is Tie-Not Still in Business?
Despite adding a balloon warfare pump, catapult, and launcher to its product portfolio, Tie-Not has discontinued operations, with its website defunct, social network accounts dormant, and Amazon indicating out of stock.
Since its inception 11 years ago, it appears to have had multiple competitors. Furthermore, since China currently produces the majority of plastic toys, it is hard to remain viable in a competitive market.