Grind Basketball, a company that appeared in Shark Tank Season 12, has seen significant growth and success since its debut on the show. Grind Basketball, a unique product that solves a common problem for basketball players has attracted the attention of investors and customers alike. In this blog post, we’ll take a closer look at Grind Basketball’s net worth, its founder, its Shark Tank pitch, and what has happened since the show.
Who is Grind Basketball?
Grind Basketball is a company that produces a portable, collapsible, and affordable rebounding machine for basketball players. Grind Basketball designed the machine to simplify shot practice for players, eliminating the need for a partner to retrieve the ball. The mission of Grind Basketball is to develop interactive sports products that solve athletes’ problems, making it easier for them to train and improve their skills.
Who is the founder of Grind Basketball?
The founder of Grind Basketball is Thomas Fields, a former basketball player who had dreams of making it to the NBA. However, when injuries forced him to rethink his career path, he turned his attention to entrepreneurship. Fields used his basketball player experience to identify a common problem faced by many players: the difficulty of practicing shots without a partner to rebound the ball. This led him to create Grind Basketball’s flagship product, the rebounding machine.
How Was The Shark Tank Pitch Of Grind Basketball?
Thomas Fields appeared on Shark Tank Season 12, seeking $250,000 for 5% equity in his company. He showed the Sharks the rebounding machine, demonstrating how it automatically rebounds and throws the balls back to the shooter. Fields explained that while there are other rebounding machines on the market, Grind Basketball’s product is more affordable and accessible, with a retail price of $1,495 and a manufacturing cost of $977 per unit.
The Sharks were impressed with the product but had concerns about the low margins and price point. Kevin O’Leary, Lori Greiner, and Alex Rodriguez all declined to make an offer. However, Barbara Corcoran offered to invest $250,000 for 20% equity if Mark Cuban would join the deal. Cubans agreed but wanted 30% equity. After some negotiation, Fields accepted a deal from Corcoran and Cuban for $250,000 for 25% equity.
| Entrepreneur | Thomas Fields |
|---|---|
| Business | GRIND (Rebounding machine for basketball) |
| Ask | $250,000 for 5% equity |
| Result | Accepted $250,000 for 25% equity from Mark Cuban and Barbara Corcoran |
| Sharks | Mark Cuban, Barbara Corcoran |
| Other Sharks | Lori Greiner (No Offer), Kevin O’Leary (No Offer), Alex Rodriguez (No Offer) |
Grind Basketball Shark Tank Update:
Research reveals that despite the Shark Tank deal, the investment from Barbara Corcoran and Mark Cuban never closed. However, this did not stop Grind Basketball from moving forward with its plans. The company was able to fulfill over 1 million pre-orders for its rebounding machine, thanks in part to Fields’ appearance on the show.
| Update | Details |
|---|---|
| Investment Outcome | Deal with Mark Cuban and Barbara Corcoran did not close |
| Sales Performance | Over $1 million in pre-orders fulfilled |
| Customer Reception | Positive reviews, described as a worthwhile investment |
| Product Expansion | Added merchandise such as shirts, hoodies, and shorts |
| Availability | Available on the GRIND website and Amazon, price increase post-Shark Tank |
After Shark Tank, What Happened to Grind Basketball?
After Shark Tank, Grind Basketball continued to grow and expand its operations. The Techstars Sports Accelerator program in Indianapolis selected the company and gave Fields the chance to network with sports technology investors. Through this program and other funding efforts, Grind Basketball has raised a total of $1.6 million in funding since its Shark Tank appearance.
Grind Basketball Net Worth:
While the exact net worth of Grind Basketball is not publicly known, the company’s success and growth suggest that it is doing well financially. With over $1 million in pre-orders and $1.6 million in total funding, Grind Basketball has established itself as a major player in the sports equipment industry.
Grind Basketball Growth and Operations:
Since its Shark Tank appearance, Grind Basketball has focused on fulfilling its pre-orders and expanding its product line. The company now offers additional merchandise, such as shirts, hoodies, and shorts, in addition to its flagship rebounding machine. Grind Basketball has also increased the price of its rebounding machine, presumably to make up for the Sharks’ investment loss and improve its profit margins.
Grind Basketball Marketing and Sales:
Grind Basketball’s appearance on Shark Tank provided a significant boost to its marketing efforts, exposing the company and its product to a national audience. Since then, Grind Basketball has continued to market its products through its website and social media channels. The company’s rebounding machine is available for purchase on its website and on Amazon, and customer reviews have been overwhelmingly positive.
| Product | GRIND Rebounding Machine |
|---|---|
| Description | Portable, collapsible, affordable rebounding machine for basketball practice |
| Features | Automatically rebounds and throws back basketballs, easy installation |
| Price | Retails for $1,495 |
| Cost to Manufacture | $977 per unit |
| Sales | Sold over $215,000 in pre-sales within five months |
| Current Status | Over 1 million pre-ordered units shipped |
Grind Basketball Social Media Presence:
Grind Basketball maintains an active presence on social media, using platforms like Facebook, Instagram, and Twitter to engage with customers and promote its products. The company regularly posts updates about its products, as well as content related to basketball training and skill development. Through its social media efforts, Grind Basketball has built a strong community of followers and supporters.
Grind Basketball Interesting Facts:
- Grind Basketball’s founder, Thomas Fields was a basketball player himself before starting the company.
- A wide range of basketball players can use the company’s rebounding machine because it is portable, collapsible, and reasonably priced.
- The Techstars Sports Accelerator program selected Grind Basketball to participate, offering valuable networking opportunities with sports technology investors.
- Despite not receiving investment from the Sharks, Grind Basketball has still managed to raise $1.6 million in total funding.
What’s next for Grind Basketball?
With its successful product launch and strong financial position, Grind Basketball is well-positioned for continued growth and expansion. The company may look to develop additional products that solve problems for athletes or expand its reach into other sports beyond basketball. As the sports equipment industry evolves, Grind Basketball will need to stay innovative and adapt to changing customer needs and preferences.
Final Words:
Grind Basketball’s appearance on Shark Tank and subsequent success is a testament to the power of entrepreneurship and innovation. By identifying a common problem faced by basketball players and developing a solution, Thomas Fields was able to build a thriving business that has attracted the attention of investors and customers alike.
While the company’s exact net worth is not known, its strong sales, funding, and growth suggest that Grind Basketball is well on its way to becoming a major player in the sports equipment industry. As the company continues to evolve and expand, it will be exciting to see what new products and innovations it brings to the market.
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