Martin Dimitrov entered the Shark Tank to introduce his revolutionary fitness accessory, Snap Clips. These clips are designed to make it easier than ever before to upgrade traditional weight collars on your dumbbell bars. He’s looking for a $ 150,000 investment in exchange for 15% equity – however, he’ll need to persuade the Sharks that this is the right product worth investing their money into first!
The Snap Clips were featured on the hit TV show Shark Tank in early 2016, and Martin knew that this would be a great opportunity to make his product known across the country. After submitting his pitch to producers, he was invited out to California for a live taping of the show, where he would have five minutes of airtime to convince the Sharks to invest in his product.
On the hit show Shark Tank, budding entrepreneurs have the opportunity to pitch their business ideas to a panel of celebrity investors. If the sharks like what they see, they might invest in the company and help it grow. Recently, one of these businesses, Snap Clips, appeared on the show and secured an investment from shark Lori Greiner. But what happened after the cameras stopped rolling?
What Are Snap Clips?
Who Is The Founder Of Snap Clips?
If you are a Shark Tank viewer or a gym lover, then you must have heard about this equipment called Snap Clips. The Snap Clips is a silicone-based Velcro-made collar that helps you to grip the weights and allow you to keep the weights easily swappable along with a strong grip.
Snap Clips are really useful for gym visitors and trainers. They can come in handy during a training session [2]. Snap Clips were developed by a young entrepreneur named Martin Dimitrov. He is one of the most popular entrepreneurs who came to Shark Tank. He is a young entrepreneur that came into Shark Tank with the concept of Snap Clips.
Martin is too young to come into the show, as he is still in high school. He is currently working on a fashion prototype which is a wristband. Martin is able to grow his company from scratch to $ 2 million which is an inspiration for other kids of his age.
Snap Clips Before Shark Tank
Entering the Shark Tank is an entrepreneur who brings with him an incredibly simple workout accessory that has many, many applications. Meet Martin Dimitrov, an entrepreneur from Chicago. His company is Snap Clips, and he is seeking $ 150,000 in exchange for 15% equity in his company. Snap Clips are the most durable, safe, and user-friendly weight collars on the market.
The problem with typical weight collars is that they are not made to last, they’re not user-friendly, and they’re not safe – Martin demonstrates this by pulling a heavy, 45-kilogram weight back and forth on a demonstration weight-lifting bar. He then promptly throws it on the ground. Snap Clips solve these problems. Remember those snap bracelets that kids used to play with? You would slap it on your wrist to make a bracelet.
Snap Clips works the same way, although there’s a layer of heat-treated steel reinforced by military-grade Kevlar. It’s a little different, but snapping them on.
Simply take the Snap Clips, lock it tightly on the bar, then snap it into place. It comes with Velcro that allows you to reinforce the strap into place. Barb comments on how easy it is.
The silicone grip holds the clip securely against the weight and the added Velcro lock seals the deal. Martin then demonstrates just how durable the Snap Clips are by taking that weight-lifting bar with two 45-kilogram weights and standing on the weight. The weight holds and Martin stands for a few seconds to demonstrate.
Once you’re done with the workout, simply remove the Snap Clips. He undoes the Velcro and removes the clip with ease, impressing the Sharks even further. Snap Clips are changing the fitness industry, but the best part about having an issued patent (aside from the cool factor at Martin’s age) is that he can license the technology for other purposes. Anything from industrial fasteners to telecom companies looking to secure cables – this is just the beginning. Which one of the Sharks is ready to make some money?
Snap Clips On Shark Tank: The Pitch
Mark is impressed at how the demonstration worked out and is eager to get his hands on a sample. Robert asks Martin how old he is, and he just turned 19 years old in August. He thought of the idea for Snap Clips when he was only a junior in high school. Robert jokes to Lori to put her hand out, much like the snap bracelets that kids used to play with.
Guest Shark and former MLB all-star Alex Rodriguez asks Martin if he’s still in school, which he confirms – he’s currently attending college. He’s a sophomore at the University of Illinois, Chicago.
The sharks have taken to slapping the Snap Clips onto their wrist, which secures tightly. Barb slaps it on the table and it rolls up, and she remarks that the thing is scary. Martin came up with the idea in a high school class and also earned $ 23,000 in a Kickstarter fundraiser while he was still in school [3].
Robert poses a hypothetical – say he gets an investment, is his plan to hire somebody full-time or drop out of school for a couple of years? Martin says that the school will always be ready to take his money, so he’s ready to go deep on the Snap Clips plan.
Barbara is impressed that he would quit school, then asks what they sell for – retail is $ 29.99, and each unit costs $ 8.50 to make for the pair. Sales for this year are roughly $ 6,500 but this is keeping in mind that they launched a month ago.
This low number deflates the Sharks. Martin then claims that last year, they sold $ 25,000 units in a month through Kickstarter. Alex asks how Martin came to a $ 1 million evaluation, which Martin explains; they did $ 25,000 in the Kickstarter and some came in afterward. In a year, that’s $ 300,000 so multiply it by 2 to get $ 600,000.
That’s a little over half a million dollars, and then the patent is valued at over $ 1 million by Martin. Humbly, that’s about half a million dollars. Robert then asks if Martin has taken the idea to any industry leaders, which he has – he’s actually taken it to a couple of leaders in wire management.
The wire management managers were really interested in the patent because of how it can be used. For storing wires, it’s great and easy to carry, but they could make something a lot more cost-effective. You can hang the Snap Clips on something and it saves a lot of money because it’s reusable. Lori says that she sees the industrial solution as being a lot more practical, although she doesn’t know about weights and gyms.
The application is fabulous for any type of hose – garden hose, wires, utilities. The problem is marketing the Snap Clips, which is why Martin came to Shark Tank.
Robert thinks that the product is great and Martin is incredible at only 19 years old, but it’s a bit of a journey. You need to get into the other markets for it to be interesting to Robert, so it’s not for him. Robert is out. Barb says that Martin is the right entrepreneur and none of the Sharks would doubt him for a second. However, the Snap Clips are just not a product that she relates to which is why she’s also out of the deal, leaving three Sharks left.
Lori wants to give Martin a flyer because the patent is interesting but she’s thinking of a million other things to do with it than what he actually came in thinking about. The way she intends to structure the deal is $ 150,000 for 50% of the ownership of Snap Clips. All of the other Sharks gasp at the incredibly strong offer.
They would be partners, and this is because Martin is only 19 and in school. He has a lot ahead of him and a lot to do, and the Snap Clips are a clever idea. He has a patent, but somebody has to come in and take Snap Clips from ground zero and turn it into a billion-dollar company. That’s a lot of work, more than a full-time job.
Lori has done it with several products and has hundreds of millions of sales, but you don’t get that without really putting in an incredible amount of work. This is why she’s offering for any other Sharks to come in, and Alex steps up to the plate. The two of them would split the ownership at 25% each.
However, Martin feels that the equity is high because he sees a lot of potentials. Lori explains that she has had several entrepreneurs around Martin’s age who didn’t know how to deal with packaging, retailers, or licensing.
Martin agrees that it’s difficult, but he has done everything up to this point. It’s a huge honor, but Mark speaks up. It does take a lot but Martin deserves a ton of credit – Lori’s offer for 50% is ridiculous, and he would never tell anyone to take that. 15% isn’t enough, but Alex and Lori could add a ton of value. Mark can convince the two of them to come in, but it’s $ 150,000 cash in exchange for 30% ownership.
Lori is thinking that she can get in the trenches and grind with her entrepreneurs – if she now has two amazing partners, then she’s sharing some of the hard work with Martin and she can accept that. Mark promises that they can get Dallas Mavericks logos on Snap Clips and get other NBA teams on board, and then they can go from there. Alex could bring his gyms in, but Alex is only in if Martin stays in school. Mark agrees with Alex’s contingency.
And just like that, Martin Dimitrov has found himself not one, not two, but three partners in the form of Alex Rodriguez, Lori Greiner, and Mark Cuban. Robert disagrees with the evaluation, but this is an absolute first in biting the dust in terms of value. Mark says that he would happily buy the patent by itself for $ 500,000 and take his chances on it.
Snap Clips Now
Snap Clips are on the market still, although it’s interesting to see that they haven’t evolved beyond being advertised as a sports accessory for weightlifting. A pair of Snap Clips is available on Amazon for $ 29.97, and even includes free 2-day shipping with Amazon Prime [4].
Snap Clips also has its own website, which features the Snap Clips being advertised with a silicone grip, steel strips, reinforcing PAS fiber, and a Velcro lock.
Snap Clips are available in a few other online storefronts and are typically rated highly. However, a few critical reviews have claimed that the product failed at some point, typically involving a CrossFit workout. Another important complaint to note is that the product does not work on ribbed bars, requiring the weightlifting bar to be completely smooth. This seems like a large oversight in the packaging department.
Interestingly enough, another product emerged as the “Snap Clips Ceiling System” which is advertised as a new and innovative way to create suspended ceiling systems.
The Net Worth Of Snap Clips
Martin has collected a lot of funds after campaigning for his boot-strapped product. He has raised a total of $ 23, 040 since he went to Shark Tank. After collecting this amount, he is working on a different product, which according to him will be the next big thing.
When it comes to the Snap Clips Shark Tank Update 2022, then the product was featured on Shark Tank in 2017, whereupon Kevin O’Leary made a deal for an ownership stake. They are working hard on our Snap Clips product, and hope to have it on the market by 2022 [5].
FAQ
- Who is the biggest shareholder of Snap Clips?
Under his leadership, Snap Clips has grown rapidly, becoming one of the leading players in the fast-growing hair clip industry. With O’Leary at the helm, there is no doubt that Snap Clips will continue to thrive well into the future.
- What was the very first deal on Shark Tank?
The very first deal on Shark Tank was struck between two of the show’s early investors, Kevin O’Leary and Barbara Corcoran. The deal involved O’Leary investing $ 100,000 in exchange for a 25% stake in a company called Snap Clips, which produces high-quality hair clips that are designed to stay securely fastened throughout the day [6].
With its innovative products and rapid growth, Snap Clips has quickly become one of the leading players in the hair clip industry.
- How do you add Snap Clips?
To add Snap Clips to your hair, simply hold the clip in one hand and place a small section of hair between the two sides of the clip. Next, close the sides of the clip until it snaps shut, securing your hair in place. You can also use multiple clips for more volume and texture, or to achieve different styles and looks.
Whether you’re looking for a dramatic up-do or a simple look that’s perfect for everyday wear, Snap Clips are versatile and easy to use. With their high-quality construction and secure hold, they are sure to become your go-to hair accessory.
Useful Video: Snap Clips – Why YOU Need a Pair!
References:
- https://www.sharktankblog.com/business/snapclips
- https://www.looper.com/972874/whatever-happened-to-snapclips-after-shark-tank
- https://samdrewtakeson.com/2022/03/snap-clips-shark-tank-update-2022
- https://insidergrowth.com/snapclips-net-worth
- https://gazettereview.com/2018/08/snapclips-after-shark-tank-update
- https://sharktankrecap.com/snapclips-update-shark-tank-season-9