11-year-old founder with tiny skateboard and big dreams got 'Shark Tank' judges fighting for a deal
Over the last couple of years, many young entrepreneurs have appeared on 'Shark Tank' to pitch their innovative business ideas to the Sharks. During an episode of 'Shark Tank' Season 9, an 11-year-old boy named Carson Kropfl and his mother Carrie Kropfl introduced the investors to Locker Board, a company that designs a skateboard that fits not only in a school locker but also in a backpack. In the episode, Carson and Carrie were seeking $60,000 in exchange for a 15% stake in their company. Following their incredible pitch, the mother-son duo saw the Sharks fight to get a deal with them.
During the pitch, Carson told the Sharks, "You just saw my first invention, it's called Street Tubes. It lets you surf anywhere, anytime because it feels like you're totally gangtubed. My second invention was when I first started middle school, and it was the first time I ever had a locker. My locker was decked out and awesome, but none of my skateboards would fit in it, so I decided, what the heck, why not just make one of my own? This is a Locker Board."
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Soon after, Carrie chimed in, "Locker Boards are handmade and reshaped from recycled skateboard decks. At only 16 inches long, they fit easily inside backpacks and lockers, and they're good for the planet." Following that, Carson handed over the samples of the product to the judges, including Mark Cuban, Daymond John, Lori Greiner, Robert Herjavec, and Richard Branson. Later on, Carson stated that their company generated over $10,000 in revenue and sold 231 units.
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When asked about the price, Carson mentioned that initially the production cost of the deck was $3, but since Vans linked him up with their manufacturers, the cost went up to $13, and he sold it for $52 at wholesale and $99 retail. According to Market Realist, Greiner wasn't interested in the skateboard business, and she backed out. Shortly afterward, John also followed in Greiner's footsteps and dropped out. On the other hand, Cuban made an offer of $60,000 for 20% equity and also offered to help Carson build the social media channels of his company and enhance his manufacturing.
Before Carson could respond to Cuban, Branson entered the conversation and proposed a joint deal with his fellow investor, Cuban, which the latter declined. Then, Branson told the young entrepreneur, "I'll offer you the $65,000 for 20%." At last, Herjavec quipped, "So Carson, I'm Robert. I love things that are cool and fun. I really don't think you should sell any of your business at this point because it's just too soon. I don't want any of the equity. What I'll do is I'll give you $60,000 as a loan at an interest rate of 8%."
At that point, Carson asked Branson, "Richard, if you are going to invest, how would you help my company?" to which Branson responded, "When you said you wanted to do everything, I remembered the moment when I wanted to do everything, let me be honest. I see a young Richard Branson in you. You've got a wonderful story to tell, and you're very articulate. The product itself is great. We'd love you to give it a shot with us." In the end, Carson accepted Branson's offer.
