Stakt, a fitness startup, has made waves in the market with its innovative product – a yoga mat that is more than just a mat. Its unique design, coupled with its high-quality materials, has made it a favorite among fitness enthusiasts.
So what is the story behind Stakt, and how did it fare on the intense platform of Shark Tank? Let’s find out.
The Stakt Shark Tank Pitch and Deal
Stakt, co-founded by Millie Blumka and Taylor Borenstein, entered the Shark Tank in Season 14 with high hopes. The duo confidently asked for $100,000 in return for a 10% stake in their company. The unique selling point of Stakt, aside from its superior quality, is its strategic design that allows for a variety of exercises, making it more than just a yoga mat.
Their presentation impressed a certain shark – Lori Greiner. Known as the ‘Queen of QVC’, Lori has a knack for identifying promising consumer products. She offered $100,000 in exchange for a 15% stake in the company, with an addition of a $1 royalty per unit until she recovered her initial investment. After some negotiation, the royalty was brought down to $0.75 per unit.
At the time of their Shark Tank appearance, Stakt had already generated over $110,000 in sales within six and a half months, all without spending a dime on marketing. The cost to produce one mat was $14.90, while the selling price was a whopping $86. However, despite the promising offer and successful pitch, the deal with Lori did not materialize post the show.
Is Stakt Still in Business?
Despite the setback, Stakt did not let the unsuccessful deal dampen their spirits. Instead, the company continued to expand and thrive. They introduced new products to their line, including a branded mat cleaner, a carrying case, and grippy socks. These additions not only enhanced their product portfolio but also catered to the needs of their growing customer base.
Stakt’s perseverance and relentless efforts bore fruit when their product was recognized as one of TIME’s Best Inventions of 2023. This accolade undoubtedly brought more attention to the company and boosted its credibility in the competitive fitness market.
As of July 2024, Taylor Borenstein has committed himself full-time to Stakt, while Millie Blumka continues to balance her full-time job with her responsibilities at Stakt. Despite the challenges, the company has managed to make its products available on Faire, a popular online wholesale marketplace for smaller retail stores.
Besides its business growth, Stakt has also shown a commitment to social causes. It has undertaken charitable initiatives, such as donating a portion of their sales to support breast cancer research during Breast Cancer Awareness Month. This shows that Stakt is not merely a profit-driven company but one that cares about making a difference in society.
So, yes, Stakt is very much still in business and is making strides in the fitness industry. Despite the obstacles, the company continues to grow and innovate, proving that setbacks are indeed setups for comebacks.
The Current Updates
Stakt has proven that a setback is not an end, but rather a stepping stone to greater achievements. After the unsuccessful deal with Lori Greiner on Shark Tank, the Stakt team did not lose heart. Instead, they focused on their growth strategy and worked tirelessly to expand their product line.
They introduced products such as a branded mat cleaner, a carrying case, and grippy socks. These new additions not only diversified their offerings but also catered to the varying needs of their customers. Their efforts paid off when their product was recognized as one of TIME’s Best Inventions of 2023, a testament to their quality and innovation.
Recognizing the growing demand for online fitness routines, Stakt also ventured into digital offerings. They developed an online yoga class library, providing a comprehensive suite of exercises that users can perform on their Stakt mats. This move allowed the company to capitalize on the rise of home workouts, particularly during the lockdowns imposed due to the global pandemic.
Stakt’s Net Worth
When Millie Blumka and Taylor Borenstein pitched their company on Shark Tank, Stakt had already generated impressive sales. Within just six and a half months, they had made over $110,000 in sales, without spending anything on marketing. This was an impressive feat and spoke volumes about the potential of their product.
The cost of production per mat was $14.90, while they were selling each mat for $86. This marked a substantial profit margin, which undoubtedly contributed to the company’s net worth. While the exact net worth of Stakt is not publicly available, these figures indicate a strong financial position for the startup.
Impact of Stakt Appearance on Shark Tank
The exposure Stakt gained from their Shark Tank appearance cannot be overstated. Even though the deal with Lori Greiner did not materialize, the publicity generated from the show was priceless. Millions of viewers got to know about Stakt and its innovative product, leading to a surge in demand. This led to frequent restocking of inventory, a clear sign of the product’s popularity.
The company’s commitment to social causes also became widely known after their Shark Tank appearance. Their initiative of donating a portion of their sales to support breast cancer research during Breast Cancer Awareness Month garnered praise and admiration. This enhanced the company’s image as a socially responsible brand, adding another feather to their cap.
Stakt’s journey post Shark Tank is a classic example of how a company can turn challenges into opportunities. Their story is a motivating saga of perseverance, innovation, and success, inspiring countless other entrepreneurs to keep pushing forward, regardless of the hurdles they face.
Stakt Business Overview
Stakt is more than just a fitness company. It is a beacon of innovation and resilience in the realm of fitness products. Co-founded by Millie Blumka and Taylor Borenstein, Stakt has been making strides in the market with its unique yoga mat, which is more than just a mat. This innovative product has won the hearts of fitness enthusiasts with its high-quality materials and strategic design that allows for a variety of exercises.
When Stakt entered the Shark Tank, they were already a thriving business, with impressive sales to their credit. In six and a half months, the company had made over $110,000 in sales, all without spending a penny on marketing. The cost of production for each mat was $14.90, and it sold for $86, commanding a substantial profit margin.
Despite the initial setback of the deal with Lori Greiner not materializing, Stakt did not let this deter them. They continued to innovate and expand, introducing new products such as a branded mat cleaner, a carrying case, and grippy socks, thereby catering to the needs of their growing customer base.
The company’s commitment to social causes is also commendable. Stakt’s initiative of donating a portion of their sales to support breast cancer research during Breast Cancer Awareness Month underscores the fact that they are not just about profit. They are a brand that cares about making a difference in society.
Conclusion
Stakt’s journey is a shining example of how a company can turn challenges into opportunities. From their pitch on Shark Tank to their growth post the show, Stakt has displayed an impressive degree of resilience and innovation. Their products have not only been recognized for their quality and utility but also for their contribution to social causes.
The company’s commitment to providing value to their customers, both in terms of quality products and social responsibility, sets them apart in the industry. They have shown that they are not just another fitness product company but a brand that cares about its customers and the society they live in.
Stakt’s journey is not just about their unique yoga mat or their innovative product line. It is also about their vision, their commitment to their customers, and their drive to make a difference. Their story serves as an inspiration for other startups and entrepreneurs, showing that success is not just about profits, but also about creating value and making a positive impact.
As Stakt continues to grow and innovate, we can expect to see more exciting products and initiatives from them. They are a company to watch in the fitness industry, and their story is a testament to the power of innovation, resilience, and social responsibility.
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