Rashaun Williams in Shark Tank (Image source via Instagram @sharktankabc) — Rashaun Williams in Shark Tank (Image source via Instagram/ @sharktankabc)

What is the Chalkless grip enhancer on Shark Tank season 16? Product details and deal explored

Modified Nov 18, 2024 06:07 GMT

Shark Tank returned with episode 5 of season 16, which aired on November 15, 2024, bringing a new set of entrepreneurs presenting their ideas and business models to the panel of seasoned investors, or 'Sharks.' Known for its high-stakes negotiations, Shark Tank has been a platform where entrepreneurs seek both financial help and strategic partnerships.

In this episode, viewers were introduced to Chalkless, a grip-enhancing product that addresses the common issue of hand slipperiness during sports and workouts. This episode featured David (Greg) Pope and James Pidhurney, who pitched their product, seeking a partnership that could not only provide funding but also support in expanding their product's reach.

With a specific ask of $400,000 for 4% equity at a $10 million valuation, Pope and Pidhurney emphasized Chalkless’s patented grip-enhancing technology. They highlighted how the product could significantly improve grip for athletes and fitness enthusiasts alike.

Their pitch included a product demonstration, sales figures, and a detailed explanation of how Chalkless is positioned to tackle a widespread issue, capturing the interest of Sharks Rashaun Williams and Kevin O’Leary.

Product details and technology behind Chalkless in Shark Tank

Chalkless, founded by David Pope and James Pidhurney, was developed to solve the challenge athletes face when natural skin oils cause their grip to slip during sports activities. This product incorporates materials that are both oleophilic (oil-absorbing) and hydrophobic (water-repellent), ensuring that it effectively combats slipperiness from both sweat and natural oils.

With their combined experience as chemical and coatings experts, the founders worked extensively on formulating Chalkless to address this specific need, resulting in this product aimed at the sports and fitness industry.

During their pitch in Shark Tank, Pope and Pidhurney demonstrated the effectiveness of Chalkless by using it on various sports equipment to show improved grip performance. To further show its capabilities, they conducted a torque test, in which guest Shark Rashaun Williams participated, showcasing a reported 60% improvement in grip.

The founders also shared that the product is patented with two approved patents and two pending patents, demonstrating its formulation. With a retail price of $25.99 per bottle, each containing 100 doses, Chalkless had generated $740,000 in sales by 2024. The company operates with a 67% profit margin, which the founders aimed to scale with the support of a strategic partner in Shark Tank.

The deal outcome in Shark Tank and future prospects for Chalkless

After presenting Chalkless’s technology and sales figures, the founders faced various responses from the Sharks. While Kevin O’Leary showed interest and initiated discussions around a potential deal, other Sharks, including Mark Cuban, Lori Greiner, and Barbara Corcoran, chose to step out for reasons such as product interest and alignment with their expertise.

Kevin O’Leary offered $400,000 for 4% equity, along with a royalty of $2.50 per unit sold until a cap of $4 million, after which the royalty would reduce to $0.25 per unit indefinitely. To strengthen the offer, Rashaun Williams joined Kevin, bringing in his connections with professional athletes as a potential marketing channel for Chalkless.

The founders accepted Kevin and Rashaun's joint offer, gaining the investment and strategic support they sought. Since the episode aired, Chalkless has been listed on Amazon, and has reportedly received positive reviews from customers. Moving forward, Pope and Pidhurney plan to use the expertise of their new partners to increase sales and revenue.

Fans can watch the new episodes of Shark Tank airing every Friday at 8/7c exclusively on ABC.