First, let’s have a little recap of their journey through “Shark Tank.” During the pitch, Guerra claimed the shoes had a top speed of 8mph with an average ride time of one hour. The original sale price was $299, and they were seeking $125,000 for a 20% stake in the company to custom design their product.
In 2020, the global hoverboard market was valued at $734.5 million and was expected to hit $1.3 billion by 2030. Furthermore, it was expected to grow by $268.68 million between 2020-2024, so it definitely made for a market segment worthy of investment.
However, during the Q&A session, the sharks discovered ZUUM would merely be a distributor of an already manufactured product from China. There was nothing proprietary about their product, and they neither owned the technology nor had exclusive rights to distribute that technology in the United States.
Mark Cuban bailed out first, because they couldn’t tell him how they would be different from someone else selling a product with the same technology. When Barbara Corcoran asked them what their biggest obstacle was, they said money, and she told them they lacked the passion and ended up turning them down. The other three sharks were even harder on the ZUUM duo, with Kevin O’Leary actually saying their whole pitch sucked, and he hated it. Thus, no sharks found ZUUM’s bait enticing enough to invest.
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