![]() Maybe there are people who won't or don't buy athletic wear from major companies, maybe that's important to some people. Wonderful might say, they could get crushed like the bugs they are. Projecting $6,300,000 by the end of the year may sound like big money but that's pocket change to either of the companies I've just named. One was made by Lululemon and two pair were made by a little company called Nike. But even the Stats Shark owns three pair of workout shorts that don't require underwear and not a single pair of them were made by Birddogs. ![]() And yet, the Stats Shark can't get over the product. In the history of Shark Tank, this is far from the worst deal presented even at the astronomical valuation. The product is selling in increasing numbers and merely has an inventory problem to overcome. This seems like an easy company to make a deal on. This, combined with the entrepreneurs constant claims to be doing things "the best" left the sharks cold and the entrepreneurs left the tank without a deal. When the sharks pressed the entrepreneurs on why they weren't acquiring enough inventory, they explained that they were making conservative orders and selling out to keep the risk low. They claimed that they would be doing even better if not for the fact that a third of the time they had no inventory to sell and that it takes six months lead time to acquire inventory. The entrepreneurs stated that Birddogs was already sitting on $600,000 in cash. In terms of fundraising, they have previously raised $560,000 from friends at a value of $3-9,000,000, representing 11% of the company's equity. The entrepreneurs estimate that they spend 20% of net sales on marketing. Each new customer costs $13 to acquire and shipping is an additional $6. The shorts retail for $55 per item and cost $18 per item to manufacture. The company grossed $200,000 in sales their first year, $2,100,000 in their second, and project grossing $6,300,000 in the year in which the episode was filmed. "Is a guy who can fit thirty-six beers into his parka and get into Fenway." The shorts are made from a dry fast material with pockets and a liner strong enough that it will (supposedly) survive a watermelon being smashed through (but didn't).īirddogs was started as a company three years ago. Birddogs is an athletic wear company from New York, NY, that makes gym shorts for men that don't require underwear.
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