Slyde Handboards is an American water sports company that specializes in body surfing equipment. Founded by Steve Watts and Russell Ellers in 2010, Slyde handboards are used by surfers to ride the waves in a more comfortable manner. These handboards are designed to give users more acceleration and control when riding the waves headfirst. They also offer an extra soft grip top skin and a buttery slick bottom. This makes it possible for riders to experience the thrill of surfing without the expense of a traditional surfboard.
The Slyde company has had a lot of success since its debut on the Shark Tank show. In fact, it has earned a profit of over $1.4 million in the past two years. It has a distributor in Spain and in the United Kingdom and is available in more than 40 stores in the United States.
Slyde’s founder, Steve Watts, was born in South Africa and started to bodysurf while he was a kid. His goal was to create a hand plane with the same level of attention to detail that he put into designing surfboards. He first conceived the idea of creating a hand board while he was still at school.
When he grew older, Watts started to experiment with non-conventional materials. Among his efforts was the use of fast food trays for hand planes. After he was finished, he began to sell his first Slyde Handboards through a Shopify website. Later, he turned to Mark Cuban and Ashton Kutcher for help.
Mark Cuban invested $200,000 for a 22 percent stake in Slyde Handboards. Mark is also an investor in Tower Paddle Boards, which brings in a whopping $10 million in annual sales. However, he believes the target audience is too narrow. Hence, he offered a lower price for the Slyde boards, but the product has a high demand.
Before the Shark Tank appearance, the Slyde operation had been earning approximately one million dollars a year. It was looking to expand its market reach, so it raised money through Kickstarter. However, the offer was declined. As a result, the owners of the business are now in desperate need of investors.
The pair entered the Shark Tank with a video of a happy customer using their Slyde boards. In addition, they offered an in-depth introduction. Angela and Steve have all of their savings tied into their company. During the show, they asked for a $200,000 investment for a fifteen percent share of the business.
Despite the low numbers, the couple received a dual deal from Mark and Ashton. Their request was based on the notion that both investors would know how to best promote their innovation. While the company has sold about $356,000 in the past two years, it is projected to earn over $290,000 in the current year.
Currently, the Slyde Surfboards have a distributor in the United Kingdom and in the United States. Dick’s Sporting Goods was the first store to carry their product in 2018. With a great variety of patterns and colors, the Slyde surfboards are popular with surfers of all ages.