'Shark Tank' founder pitched a game Kevin O’Leary hated — now it’s a hit with ESPN tournaments
Sometimes, even the 'Shark Tank' investors fail to see the potential in unconventional products, and they miss out on some great deals. During an episode of 'Shark Tank' Season 12, John Pruellage and Alex Van Allen introduced their new golf game, FlingGolf, to the esteemed Sharks Mark Cuban, Kevin O'Leary, Lori Greiner, Robert Herjavec, and Daniel Lubetzsky. However, Pruellage and Allen received some heavy criticism from O'Leary following their pitch. At one point, O'Leary referred to their product as "poopu on a stick." Despite that, Pruellage and Allen walked away from the ABC business program with a good deal.
In the episode, the founders of FlingGolf were seeking $300,000 for 10% of their company. During their pitch, Pruellage said, "Sharks, golf courses have a big problem; over 1,800 of them have closed in the last decade, and the average golfer gets older every year. You see, young people, they just think golf is too expensive. It's too hard to learn; there are too many clubs, it takes too long, and many just find it boring."
Soon after, Allen chimed in and shared, "So, we have developed the antidote for boring. It's called FlingGolf. It's the cool athletic alternative to regular golf. You play FlingGolf with a regular golf ball, but instead of lugging around a set of clubs and hitting the ball, you're using a single fling stick to throw the golf ball and shape every kind of shot. Yeah, you take long shots, flop shots, and bump and runs on the green, the color of money. You can even use it to putt. Most people can learn to play within 10 minutes; some are even out there bombing at 250 yards. So, just like snowboarders are welcome at ski resorts, FlingGolf can be played right alongside traditional golf. Best part is courses don't need to make any changes at all; they just let the people play FlingGolf."
The dynamic duo asked the Sharks to try it out, and Lubetzky showed his sporty side by joining them. Following the demo, the Sharks got down to business. When O'Leary asked about the sales, Pruellage shared, "Last year, we sold 142,000. This year, we are 142,000 through." Then, Pruellage revealed that the manufacturing cost of the FlingGolf Stick was $25-$35 and they sold for $119 to $179. Along with this, Pruellage also mentioned that he and Allen put in $1.5 million of their own money and raised another $500,000.
Cuban was the first Shark to back out, stating he wasn't keen on bringing a new sport to the market. Soon after, Greiner followed in Cuban's footsteps and dropped out, as she wasn't happy with the valuation of the company, meanwhile, O'Leary went out next because of the sales. "I didn't think it was poopu on a stick until I heard the sales. Now I think it's poopu on a stick, so nom, absolutely not, I'm out," O'Leary said, according to Market Realist.
On the other hand, Lubetzsky showed interest in FlingGolf and made an offer of $300,000 for 33% equity. Shortly afterward, Herjavec entered the conversation and matched Lubetzky's offer. Following that, Allen asked the two Sharks if any of them were willing to do $300,000 for 20% equity. Then, Lubetzky lowered his equity to 25% and gave the entrepreneurs an ultimatum of five seconds. Allen and Pruellage accepted Lubetzky's offer in the last second. At that moment, O'Leary said, "Congratulations! I can't believe it." Since its appearance on 'Shark Tank,' FlingGolf's sales have witnessed a boom, and the golf company has even teamed up with ESPN for a golf tournament.
