Thanks to our technology, having good posture has become a thing of the past. In season 4 of Shark Tank, Mike Lane and Matt Franklin pitched their product, Posture Now, to the panel. They hoped they could solve the worldwide problem of bad posture. So, did they get a deal? Where’s the company now? Find out all that information below.
1) When Mike and Matt went into the tank, they asked for $100,000 for 15%. What they got was $100,000 for 30% from Mark Cuban. Mark also wanted a $5 royalty until it was repaid.
2) Ever since Mark’s been onboard, the company’s success has continued. While it’s still only the one product – a back brace to correct your body – it’s a bestselling product. It’s the #1 posture corrector! It’s essentially a band that goes around your arms. It will tighten (gently) to remind you if you start to slump or slouch your shoulders. Overtime, it builds up muscle memory, so even when you’re not wearing it, you can still correct your body position.
3) While their sales have been great, their social media presence isn’t as strong. They do have Facebook and Twitter, but their posts are few and far between. The company does not have Instagram, which is a main marketing tool for businesses nowadays.
4) Currently, they have many endorsements from chiropractors and other medical professionals. But, Matt and Mike have also had a goal of marketing it to departments like HR, for people that are on their computers all day long.
5) One condition of their deal with Mark was that one of the guys quit their day job to go full-time on Posture Now. Mike did end up leaving his job behind for this Shark Tank backed business. According to Matt’s LinkedIn, he’s still a partner with Mike, but he’s also got his own thing going on too. Matt runs Bottle Rocket Labs, and hosts an entrepreneurial podcast.
Where can you buy Posture Now? Try the “Seen on Shark Tank” product for yourself. You can get it right on their official website!
Tune in to Shark Tank Fridays at 8 PM ET on ABC for more success stories.
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