Tuesday, February 7, 2023
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    Reason behind invention of interesting start up ‘Grypmat’  

    Tom Burden tries to get a hold of a shark in Shark Tank episode 912 so he can persuade him to buy Grypmat, a tool mat that sticks to almost any surface. No matter where you decide to store your tools and hardware, The Grypmat is a versatile device that will hold them in place. A high-performance rubber tool mat that is flexible, non-magnetic, non-slip, chemical resistant, and anti-static. The ideal pal for a mechanic. for any work surface, flexible

    Mark Cuban, Lori Greiner, and Richard Branson, a guest shark on the show, provided investment for Grypmat there. Branson paid $360,000 for a 30% interest in the company, valuing Grypmat at $1.2 million.

    Grypmat start up
    Grypmat start up

    Insights of Grypmat’s pitch in Sharktank

    In his Shark Tank presentation, Tom asked for two hundred thousand dollars in exchange for a 10% ownership in his $2 million company. He spoke on the genuine difficulties he had keeping his tools organized while working on the curves of the f-16s as a military technician. Grypmat was developed to solve this problem. The pitch indeed was attractive to some of the shark tank investors including Mark. 

    Tom starts his presentation in front of a plane’s nose, which is decorated with several Grypmat holding toolkits. He said that each mat can support tools and components at an angle of up to 70 degrees as he shows off the samples on the nose of his “plane.”

    The gadget is useful for everyone who works with numerous little tools and components, not only mechanics who work on airplanes.

    Read More – SENSATIONAL NE-YO HAS HAD CONTROVERSIES ALONG WITH SUCCESS

    Which investers showed interest in Grypmat on SharkTank ?

    With an impressed pitch of Grypmat, a few sharks had shown their great interest in Shark Tank. 

    Robert made the suggestion that Sir Richard and he both contribute $200,000 toward the $400,000 price tag for 40% equity shares. Daymond lowers his offer to $200,000 for 15% equity shares in response to Richard’s proposal to cut the price to $180,000. Mark enters the conversation and says that he and Lori will combine their funds to give $200,000 in return for 20% stock shares.

    Daymond had offered $200,000 in return for 25% of the company in exchange for his belief that the technology has many applications. As the Sharks discuss among themselves, Daymond drops his offer to $200,000 for 20% equity shares after sensing some hesitation.

    Grypmat start up
    Grypmat start up

    Richard, Mark, and Lori signed a contract. Shortly after the episode aired, Grypmat ran out of stock. Since that time, pre-Tank levels of sales have multiplied threefold. 

    Tom sold about 10,000 pieces, generating revenues of $400,000 in just ten months. The company offers its goods at trade shows, on Amazon, and through the company website. He has already sold to NASA and people in the aviation industry, but he now wants to concentrate on the care sector. Robert asks Tom what he plans to do with the money he wants to spend on inventory in order to lower his production costs after a series of questions about his background.

    Current status of Grypmat in the Market

    Grypmat start up
    Grypmat start up

    As of 2022, The company still does over $1 million in sales per year and is still in business. Grypmat has maintained her strength. Thanks to Tom Burden’s cooperation with the sharks, the business also started attempting to obtain distribution from other international locations. The actual product is available on their website and on Amazon.

    What recogonition was given to Tom on Shark tank ?

    In a Shark Tank update, Tom was highlighted and presented with the AFWERX Inspiring Innovation Award. Tom fixed the deal with Mark Cuban, Lori, and Richard. 

    Shreya Minocha
    Shreya Minocha
    I am Shreya Minocha, A wordsmith; extremely fond of cinematic versions and keen to write entertainment articles expressing my pov on the same.

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