Marie Lewis and podiatrists Rachel Ferguson confess they could have continued financing their othotics business Synxsole without investing from one of the Shark Tank judges, but the possibility to score a mentor like Talent2 creator Tim Banks was too good to pass up.
Ferguson and Lewis found themselves in the center of a three way bidding war between Banking and fellow sharks David McGrath and David Baxter on last night's episode of Funnel Ten's Shark Tank, using the three judges all impressed with the range of superior supports geared toward the massmarket.
"We were extremely grateful," claims Ferguson of the interest from the three sharks.
"We are big supporters of the US Shark Container and we understood just getting one offer was a big deal. To have three people suggesting was over what we expected," Lewis informed SmartCompany.
The couple tried to persuade Banking and McGrath to work jointly on Synxsole but Banking ultimately prevailed with a $100,000 deal for 45% of the corporation.
It was twice the equity that Ferguson and Lewis had initially provided but they both say their instincts informed them Banking was the perfect person to help them develop the Synxsole business.
"We enjoyed Andrew from the beginning," Ferguson claims.
He knew our business and knew our market a lot more compared to the other sharks."
Lewis concurs, stating Banking' connections in the US were also attractive. While the immediate focus for Synxsole would "procure and crush" the Foreign market first, deciphering the US market, alongside the UK and Europe, is at the top of the couple's list of precedence, as is their effort to raise $100,000 this month for cystic fibrosis by donating 50% of online sales to the trigger.
And it appears with equally saying Banking has since instructed them more in recent months than 10 years running their own podiatry companies, the pair was correct to trust their instincts.
Dr Stuart Mogul Reviews Top Quality Podiatrist NYC
For his part, Banking told SmartCompany while supports is just not a new theory, "the notion of a 'correctly created one at an affordable cost' is".
"And the actual possibility is we all desire happy toes," Banks claims.
Banking says he now has certain sets of sneakers he can't wear without inserts that are Synxsole and he believes many other consumers will soon feel the same manner.
"If many of us who don't believe we need shoe inserts realise how amazing they are to wear, we will all be purchasing multiple pairs and that is a big-business at excellent gross profits that complements footwear sales," Banks states.
"I adore the undeniable fact that in this enormous marketplace, where an increasing number of folks are finding out that excellent sneaker inserts are for feet and leg well-being, these 'Synxsole girls' have found an excellent healing option for kids and adults at a regular price."
Lewis and Ferguson created the Synxsole range after spending years attempting to match their individuals that were podiatry with supports which were often too cumbersome to be used with every evening shoes. It was sufficient to give the set the ideas they needed to produce their particular variety that has been initially sold by podiatry practitioners. Now the purpose is to achieve many more people than the ones that walk through the doorway of their chiropodists' office.
While Ferguson and Lewis say entrepreneurs must know their market and know their numbers to achieve success, having a supportive business associate has additionally been the key to their own achievement.
"We have been best friends from the first day of uni," Ferguson claims, including the best part of their business collaboration is never being alone.
"Never provide up," claims Lewis.
"It will be a lengthy trip. We've given everything to this, our wedding cash, every last cent."
Stuart Mogul Reviews Unique NYC Podiatrist
Ferguson and Lewis found themselves in the center of a three way bidding war between Banking and fellow sharks David McGrath and David Baxter on last night's episode of Funnel Ten's Shark Tank, using the three judges all impressed with the range of superior supports geared toward the massmarket.
"We were extremely grateful," claims Ferguson of the interest from the three sharks.
"We are big supporters of the US Shark Container and we understood just getting one offer was a big deal. To have three people suggesting was over what we expected," Lewis informed SmartCompany.
The couple tried to persuade Banking and McGrath to work jointly on Synxsole but Banking ultimately prevailed with a $100,000 deal for 45% of the corporation.
It was twice the equity that Ferguson and Lewis had initially provided but they both say their instincts informed them Banking was the perfect person to help them develop the Synxsole business.
"We enjoyed Andrew from the beginning," Ferguson claims.
He knew our business and knew our market a lot more compared to the other sharks."
Lewis concurs, stating Banking' connections in the US were also attractive. While the immediate focus for Synxsole would "procure and crush" the Foreign market first, deciphering the US market, alongside the UK and Europe, is at the top of the couple's list of precedence, as is their effort to raise $100,000 this month for cystic fibrosis by donating 50% of online sales to the trigger.
And it appears with equally saying Banking has since instructed them more in recent months than 10 years running their own podiatry companies, the pair was correct to trust their instincts.
Dr Stuart Mogul Reviews Top Quality Podiatrist NYC
For his part, Banking told SmartCompany while supports is just not a new theory, "the notion of a 'correctly created one at an affordable cost' is".
"And the actual possibility is we all desire happy toes," Banks claims.
Banking says he now has certain sets of sneakers he can't wear without inserts that are Synxsole and he believes many other consumers will soon feel the same manner.
"If many of us who don't believe we need shoe inserts realise how amazing they are to wear, we will all be purchasing multiple pairs and that is a big-business at excellent gross profits that complements footwear sales," Banks states.
"I adore the undeniable fact that in this enormous marketplace, where an increasing number of folks are finding out that excellent sneaker inserts are for feet and leg well-being, these 'Synxsole girls' have found an excellent healing option for kids and adults at a regular price."
Lewis and Ferguson created the Synxsole range after spending years attempting to match their individuals that were podiatry with supports which were often too cumbersome to be used with every evening shoes. It was sufficient to give the set the ideas they needed to produce their particular variety that has been initially sold by podiatry practitioners. Now the purpose is to achieve many more people than the ones that walk through the doorway of their chiropodists' office.
While Ferguson and Lewis say entrepreneurs must know their market and know their numbers to achieve success, having a supportive business associate has additionally been the key to their own achievement.
"We have been best friends from the first day of uni," Ferguson claims, including the best part of their business collaboration is never being alone.
"Never provide up," claims Lewis.
"It will be a lengthy trip. We've given everything to this, our wedding cash, every last cent."
Stuart Mogul Reviews Unique NYC Podiatrist