Cheng Kue and Marc Herzberger pitched their footwear brand during Shark Tank Season 15 Episode 21. Known as The Hype Company, they specialize in custom and licensed slides.
Will their pitch help The Hype Company to secure a deal with a shark? or, What happened to The Hype Company after Shark Tank?
Find out the details in our in-depth analysis on The Hype Company Shark Tank Update and pitch recap…
Table of Contents
Quick Summary
Here’s a quick summary of what happened to The Hype Company after Shark Tank:
Entrepreneurs Cheng Kue and Marc Herzberger pitched their business on Shark Tank Season 15, where they secured a deal with Barbara Corcoran for $100,000 in exchange for 25% equity, along with a $250,000 line of credit. In terms of The Hype Company Shark Tank update, the business is still operational and saw a significant increase in sales following its appearance on the show.
The Hype Company On Shark Tank
| Shark | Result |
| Barbara Corcoran | Accepted deal of $100,000 as cash, $250,000 as a line of credit, for 25% equity |
| Kevin O’Leary | No Offer |
| Mark Cuban | No Offer |
| Lori Greiner | No Offer |
| Michael Rubin | No Offer |
The Hype Company Shark Tank Deal
- Business: Custom slides
- Entrepreneur: Cheng Kue and Marc Herzberger
- Asked For: $125,000 for 5% equity
- Shark Tank Deal: $100,000 cash, $250,000 line of credit for 25% equity
- Sharks: Barbara Corcoran
The Hype Company Info
| Brand Name | The Hype Company |
| Official Website | hype-company.com |
| @the_hype_company | |
| @believeinthehypeco/ | |
| Where To Buy | Buy Now |
Overview of The Hype Company
The Hype Company specializes in custom and licensed slides, aiming to revitalize the often stale world of fan gear. The founders, Cheng Kue and Marc Herzberger, identified a gap in the market: the need for comfortable, versatile footwear that allows fans to express their loyalty and personality.
Their slides are designed not only for comfort but also for customization. This innovative approach allows customers to swap out straps with different designs, logos, and team colors, offering endless possibilities for personal expression.
What sets The Hype Company apart is their utility patent, which Cheng states covers everything related to their interchangeable slide design. With backgrounds in shoe design and supply chain management, the duo has a wealth of experience to bring to their venture.
Cheng’s experience includes two decades designing for major brands like Fila, Adidas, Crocs, and Keen, while Marc has spent ten years at Crocs, specializing in supply chain and value chain analysis.
The Hype Company Shark Tank Pitch
In Shark Tank Season 15, Cheng and Marc introduced The Hype Company to the Sharks, hoping to secure an investment that would help them scale their operations. Their pitch highlighted the uniqueness of their customizable slides, which can transition seamlessly from sporting events to casual outings.
Cheng and Marc emphasized that the slides are not just for sports fans; anyone can create custom designs to hype up their personal interests.
During The Hype Company Shark Tank Pitch, the founders showcased their current sales figures, revealing that over the past five years, The Hype Company had generated approximately $500,000 in sales.
Although they faced challenges in customer acquisition and revenue growth—reporting only $60,000 in sales year-to-date at the time of filming—their vision for expansion included plans to increase licensing by 20+ teams in the NCAA and exploring new venues for licensing opportunities.
The retail price of their slides is $60, with wholesale costs at $30, and a manufacturing cost of around $10 per pair. Despite their creative product, the Sharks had mixed reactions to the pitch.
Lori Greiner, known for her keen interest in markets with minimal competition, opted out early. Kevin O’Leary raised concerns about customer acquisition costs and eventually withdrew as well.
Mark Cuban expressed his belief that The Hype Company was facing an identity crisis—struggling to define whether they were primarily a slide business or a customization business—ultimately deciding to pass on the investment.
However, guest shark Michael Rubin saw potential in the founders but felt it wouldn’t be a lucrative investment for him. This left Barbara Corcoran, who recognized the customization opportunities and was eager to invest. She offered $125,000 for 25% equity, with half the amount in cash and the other as a line of credit.
After some negotiation, Cheng and Marc countered with an offer of $350,000 for the same equity stake. Barbara countered back with a more favorable proposal: $100,000 in cash and $250,000 as a line of credit for 25% equity.
Excited by the offer, the duo quickly accepted, marking a pivotal moment in The Hype Company’s journey.
So, So, what happened to The Hype Company after Shark tank? Let’s find out in our in-depth analysis on The Hype Company Shark Tank Update.
The Hype Company Shark Tank Update
The aftermath of their Shark Tank appearance brought promising news for The Hype Company. Following their episode, the company saw a significant boost in sales. The increased visibility and validation from the Sharks contributed to heightened consumer interest in their product line.
As of now, The Hype Company has expanded its offerings on their website, showcasing an extensive range of customization options. Whether supporting a professional sports team, a local league, or expressing a personal flair, customers have the freedom to design their own unique slides. The incorporation of licensed designs allows fans to display their loyalty in a stylish and comfortable way.
The ability to customize slides has resonated well with consumers. This feature not only enhances the user experience but also encourages repeat purchases as customers seek to update their designs for various occasions.
As the company continues to innovate, it is expected that new collaborations and designs will emerge, further broadening their market appeal.
The Hype Company’s Marketing Strategy
The Hype Company has implemented an effective marketing strategy to capitalize on the exposure gained from Shark Tank. The founders have focused on building a strong online presence through social media platforms, engaging with their audience, and leveraging the power of influencer marketing.
By partnering with sports enthusiasts and lifestyle influencers, they can reach a broader audience and create authentic connections with potential customers.
Their direct-to-consumer sales model, combined with partnerships for wholesale distribution, allows them to maintain flexibility and responsiveness to market demands. Collaborations with established retailers like Fanatics, Finish Line, and Target further increase their visibility and accessibility to a wider audience.
Lessons Learned From The Hype Company Shark Tank Episode
The journey of The Hype Company on Shark Tank offers valuable insights for aspiring entrepreneurs.
Here are some key takeaways:
- Emphasize Unique Value Proposition: Highlighting what makes your product different is crucial. The Hype Company showcased their innovative design and customization options effectively, which captured the Sharks’ interest.
- Understand Your Market: It’s essential to have a clear understanding of your target audience and market trends. Identifying gaps in the market can lead to successful business opportunities.
- Be Prepared for Scrutiny: When pitching to investors, be ready for tough questions. Understanding your financials and customer acquisition costs is vital to instill confidence in potential investors.
- Flexibility in Negotiations: Being open to negotiation can lead to better opportunities. Cheng and Marc’s willingness to adjust their ask ultimately resulted in a partnership with Barbara Corcoran.
- Leverage Exposure: Utilize the exposure gained from platforms like Shark Tank to build brand awareness and drive sales. Engaging marketing strategies can help sustain momentum post-appearance.
FAQs On The Hype Company Shark Tank Update
Did The Hype Company Make A Deal On Shark Tank?
Yes, The Hype Company made a deal on Shark Tank. Founders Cheng Kue and Marc Herzberger accepted Barbara Corcoran’s offer of $100,000 in cash and a $250,000 line of credit for 25% equity in the company. This partnership aims to help them expand their custom slide business further.
Who Is The Owner of The Hype Company?
The Hype Company is co-owned by Cheng Kue and Marc Herzberger. Together, they founded the company to create customizable and licensed slides, aiming to revitalize fan gear and provide customers with unique, interchangeable footwear options.
What Happened To The Hype Company After Shark Tank?
After appearing on Shark Tank, The Hype Company experienced a significant boost in sales and brand visibility, thanks to their innovative custom slides. They secured an investment from Barbara Corcoran, which helped them expand their product offerings and licensing partnerships. The company continues to thrive by providing endless customization options for fans across various sports and interests.
Conclusion: The Hype Company After Shark Tank
The Hype Company has proven to be a promising player in the world of customizable fan gear, and their appearance on Shark Tank has only amplified their potential. With a unique product that allows for personalization and a solid marketing strategy, the company is well-positioned for continued growth.
As we await further developments, The Hype Company Shark Tank update showcases the power of innovation, creativity, and strategic partnerships in building a successful brand. For fans and consumers alike, the opportunity to design custom slides is just the beginning of an exciting journey.
If you’re curious to explore the endless customization options available, visit The Hype Company website today. Whether you’re supporting your favorite team or expressing your personal style, The Hype Company has the perfect slide for you!
Lastly, we may come up with all the latest news on The Hype Company Shark Tank update as soon as we receive an update.
In the meantime, you can check out more Company Updates on Shark Tank Season 15 Episode 21, by clicking on the links below:
- K3 Basketball Shooting Band Update
- Hood Hat Update
- RoboBurger Vending Machine Update
Before you go, make sure to visit our Season 15 Company Updates Page, All Company Updates Page and Shark Tank All Products Page for more information on various companies and products featured in the Show.
At the same time, you can FOLLOW our blog to get the latest updates on businesses featured in Shark Tank Show. And, if you have any questions, you can send us message at your convenience.
Lastly, you can check out more Company Updates for the businesses featured in Shark Tank Season 14 by visiting our Season 14 Company Updates Page.
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