An immense amount of change can occur in one year, and even more over 6 years – precisely the time since Noene USA made its debut on Shark Tank. Since then, this shoe insole company has been extremely successful. The first 6 years were no exception.
Distinguished by its exceptional composition and inner construction, Noene is a remarkable form of rubber that sets itself apart from traditional elastomers. This material was originally designed for manual laborers in hazardous occupations; however, with its extraordinary shock-absorption properties, athletes and dancers soon adopted the product into their own regimes.
On the popular show Shark Tank, entrepreneurs have the opportunity to pitch their business ideas to a panel of potential investors, also known as “sharks”. If the sharks are interested in the product or service, they may invest in the company. Recently, a company called Noene appeared on Shark Tank and was able to secure an investment from one of the sharks. But what happened after Shark Tank?
What Is Noene?
Noene is a high-tech insole that collects and releases both high and low-frequency energy that enters your body when you jump, run, or stroll.
Bryan Scott of Atlanta, Georgia founded Noene USA, a company that makes high-tech insoles that absorb and disperse energy.
The product, which is made from synthetic rubber substance, makes it easier to walk, run and jump [1].
Brian showed during shark tank how the “rebound effect” works by bouncing a ball on the insole and watching it bounce back up into our body.
This rebound reaction might result in prolonged discomfort and damage, implying that the insoles are frequently ineffective.
Noene, on the other hand, is constructed of a synthetic rubber capable of absorbing and internally dispersing the shock of a bouncing ball, resulting in very little to no rebound effect.
Noene appeared in season 6 of Shark Tank and impressed the sharks with these shock-absorbing soles.
Noene, which was shown on Shark Tank in 2015, has been shown to absorb and distribute over 90% of the high-frequency shock that goes through the body when feet touch the ground.
Noene was first popular among tennis players, runners, and the medical community before being made available to the general public through the Foot Solutions network of specialist retail locations across the United States.
Who Is The Founder Of Noene?
Brian Scott, from Atlanta, Georgia, is the founder of Noene USA. Brian has come to the Shark Tank to seek an investment of $ 100,000 in exchange for 10% equity in his company.
Noene stands for high-tech insoles that absorb and disperse both high and low-frequency energy that enters your body whenever you jump, run, or even walk [2].
Currently, to alleviate the problem, your average consumer will buy a flimsy insole since they think it will fix their shoe problem, but ultimately, it does not. Brian demonstrates – if you bounce a ball on the insole, the ball will bounce back up, showing that the insoles will reflect the energy back up into our bodies, which is called the “rebound effect.”
Noene Before Shark Tank
Former NFL linebacker Bryon Scott pitches Noene USA, a line of high-tech, ultra shock-absorbing insoles in Shark Tank episode 624. As a veteran of the Atlanta Falcons, New Orleans Saints, Tennessee Titans, and Buffalo Bills, Mr. Scott knows something about absorbing shocks (and applying them).
Scott is actually the US distributor for Noene, the insoles are made in Switzerland by the parent company. He got mentoring through an NFL seminar called ”Investment for Impact” which is part of the NFL’s program to help players adjust to life after football.
What makes Noene insoles so special is the proprietary material that makes up the insoles. According to the website, “Noene is a type of rubber, which, thanks to its internal structure and special composition, has particular characteristics that make it very different from traditional elastomers.” The insoles were originally made for workers in heavy industries; since it has such good shock absorption properties, athletes and dancers began using the product.
Mr. Scott likely hopes to leverage his celebrity as a former NFL star to create market share for the product. He likely needs a Shark to assist him with acquiring inventory and setting up distribution arrangements.
Noene On Shark Tank: The Pitch
This rebound effect can cause chronic pain and injury, meaning that the insoles frequently do not work. Noene, on the other hand, is made with synthetic rubber that is able to absorb and internally disperse the shock of a bouncing ball, leaving very little to no rebound effect. So, Brian takes a piece of glass, lays the Noene on top, and drops a weighted bocce ball on the glass shard.
The bocce ball lands with a dull thud and all five of the Sharks are blown away as the ball continues to land with a dull thud. The glass comes out completely undamaged, and to demonstrate, Brian drops the same bocce ball on a regular insole. The glass square shatters, unsurprisingly.
Brian has one more demonstration for his product, which involves a red and black rubber ball – the black rubber ball is made of Noene, and the red rubber ball is made from your typical insole rubber. The Noene ball does not bounce back up, while the red rubber ball bounces and continues to move. Brian then passes out a sample of Noene in comparison with your typical insoles, and he is confident that Noene is the only insole that is thinner than a dime and can protect a piece of glass.
Brian explains that he just passed out the under insoles, which requires the user to take out their original insole, put the Noene insole in, then put the original insole back in – the Noene is so light that it does not change the fit of your shoe.
In addition to the sport insole, Noene is in the final stages of finishing a woman’s heel prototype for insoles, as well. Robert is the first to ask how Brian came up with the project, asking if he is a doctor or an engineer.
However, Brian is none of these things and was actually an NFL player for 10 years. Brian started in Atlanta in the NFL draft, was picked in the second round, and played there for 3 years before going to New Orleans and eventually Buffalo.
Noene is a company focusing primarily on insoles, Brian explains as he returns to business, as they are a product that sells heavily over in Europe. The second phase is the different sports applications of Noene, including baseball bat grips, boxing gloves, tennis racket grips, and many more ideas. Mark asks Brian to take things back and explain how Brian will eventually get to this plan – Brian explains that Noene is a company in Europe, where that sells a similar product.
On average, Noene Europe brings in about $1.25 million on average in insoles alone. Robert asks if Noene USA signed a licensing agreement with Noene Europe, and Brian confirms that he has signed an exclusive agreement to be the sole licensor of Noene insoles for both Canada and the United States [4].
Daymond asks how much Brian pays for a pair of units, which comes out to $6, and each pair vendors for $29.99. This is not terribly expensive for a pair of insoles and means that the model is renewable, but Daymond asks what the sales were for the past year. Brian explains that they pride the product on being thinner than a dime, but to date, have not sold a single dime, which causes uproarious laughter from Mark and Robert.
Mark explains that in basketball, the guys always say that they are open for a pass, and the coach would reply that there is a reason that the guy is open for a pass.
However, Brian takes a step back and explains why they have sold no Noene units – there have been no units sold in the United States, and Brian was only introduced to the company in January. He is a part equity owner which is split four ways, and all four people have committed a million dollars to the company. Mark finds this outrageous, asking why each investor would commit the money, but Brian explains that each investor has $250,000 to put in.
Daymond and Robert do not find this logical, as it does not make sense that the company would come in and seek equity. Kevin, however, feels that he can tell the company with certainty that Brian and Noene USA will never get a million-dollar evaluation since there are no sales to be found, even if the product has as much merit as Brian thinks that it has.
The problem for Brian lies in that Brian needs to negotiate the licensing deal with Noene Europe and get a piece of it – nobody is going to want to start a distribution system for one insole. However, Brian feels that there is far more than just an insole, and they would take no revenue from the distribution system.
With the capital from the Shark Tank, they just want to get the company going, but Robert steps in and admits that the story does not add up for him. As an investor, he does not see the application of the product, and it would not make sense to invest his money. Robert is the first Shark out of the deal.
Kevin cannot believe that Brian is paying per unit for an insole, which is a huge amount of work to bring the margins up and the price per unit down. However, Brian was once told by a wise coach that “you can’t climb to the top of the mountain if the sides are smooth,” but Kevin admits he would want half of the company in order to meet Brian’s current evaluation. For the amount of work, there is too much for Kevin to do, so Kevin is also out of the deal.
Lori finds the idea interesting and that she will definitely buy the product and be a tester, but as an investor, she is not interested. Lori is out of the deal, leaving Mark and Daymond as the remaining Shark. Mark drops a bomb in the room and says that he will make Brian an offer, but the offer will have a lot of contingencies.
If the science behind Noene is legit, then Mark is interested, so he will have his team due their due diligence. Mark offers $100,000 in exchange for 20%, but Brian must also convince Daymond to come in on the deal as well. If Noene truly does work, then making it a part of a shoe would be a unique way to add value.
Daymond agrees; in his history, he purchased a brand and the brand spent three years working on a running shoe since people like Robert would purchase the wrong running shoe and hurt themselves. Daymond goes in with Mark, offering an investment of $200,000 in exchange for 40% of the company.
Daymond clarifies as Brian is getting an investment deal with two Sharks, one of which has an immediate need for the Noene product, and the other of which has worked with companies like Skecher’s. Mark is certain that the shoe companies he has worked with will bring in Noene products.
Brian extends a counter-offer of $200,000 in exchange for 25% of the company, but Mark and Daymond return the counter-offer for 30% of the company. In the end, Mark and Daymond make a deal with Brian for 0,000 in exchange for 30% of the company, Noene USA.
Noene Now
Brian has come to the Shark Tank in search of a $100,000 investment in exchange for 10% ownership of his firm.
They made a deal with Mark and Daymond for ok for 30% of Noene USA. This deal was not, however, closed after the show was aired.
Foot Solutions Inc., a renowned multinational retailer, bought Noene USA in September 2020 [5].
Bryan’s insole is now accessible at Foot Solutions retail outlets across the United States as a result of this agreement. It’s a fantastic distribution opportunity and collaboration.
The Net Worth Of Noene
Noene USA is doing quite well today, and their website shows many receipts of shipments delivered to their consumers. There are just two products currently, the Noene Invisible and the Noene Dance Lite.
The Noene Invisible is meant for shoes of all types and sells for $29.99, while the Noene Dance Lite is meant for women’s heels and shoes. Dance Lite is focused more on fashion and design rather than on everyday utility and sells for $39.99.
The men’s insoles come in a range of sizes and are available from a men’s size 6 all the way to a men’s size 14. Scott is very positive about his business and believes that his superior product will outsell other lower-quality competitors.
FAQ
- What is Noene made of?
Noene is made of a proprietary, advanced shock-absorbing compound that delivers superior cushioning and protection for your feet. This innovative material is lightweight, flexible, and durable, making it ideal for a wide range of athletic activities. Whether you’re running, playing sports, or just going about your daily routine, Noene offers the support and comfort you need to stay active and pain-free.
- What is the composition of Noene material?
The composition of Noene material varies depending on the specific formulation used. However, most Noene formulations are made up of a blend of advanced shock-absorbing compounds that deliver high levels of cushioning and protection to the feet [6].
- How much is Noene worth?
There is no definitive answer to this question, as the value of Noene varies depending on factors such as market demand and availability. However, it is generally considered to be a highly competitive and sought-after product in the athletic footwear industry, due to its ability to provide superior cushioning and protection for the feet.
At current market rates, a bottle of Noene typically retails for between $20-$40, making it an affordable option for athletes and active individuals who want to stay comfortable and pain-free [7].
- How much was the Noene Shark Tank deal?
The exact terms of Noene’s Shark Tank deal are not publicly available. However, it is known that the company received a significant investment from the show’s investors and has gone on to become a major player in the athletic footwear industry.
Some analysts estimate that Noene’s Shark Tank deal was worth several million dollars, making it one of the most lucrative investments in the show’s history [8].
Useful Video: Noene Insoles As Seen On Shark Tank
References:
- https://noene.co/
- https://gazettereview.com/noene-usa-on-shark-tank-update/
- https://biznewske.com/noene-shark-tank-update/
- https://www.therealitytv.com/noene-shark-tank/
- https://www.sharktankblog.com/business/noene-usa
- https://www.prnewswire.com/news-releases/foot-solutions-inc-announces-acquisition-of-noene-america-301132172.html
- https://www.sharktanksuccess.com/noene-insoles/
- https://www.earnthenecklace.com/shark-tank-update-zinepak-snagastool-buck-mason-noene/