In a world where sitting at a desk for hours is commonplace, maintaining good posture is crucial. Poor posture can lead to chronic pain, discomfort, and even long-term health issues. One company, Posture Now, emerged to tackle this problem head-on. Founded by Mike Lane and Matt Franklin, Posture Now introduced a simple yet effective posture correction device. This company grabbed attention when it appeared on the popular television show *Shark Tank*. Let’s explore the fascinating journey of Posture Now, from its *Shark Tank* pitch to its current status and successes.
Posture Now Pitch and Deal at Shark Tank
Posture Now’s appearance on *Shark Tank* was a pivotal moment for the company. Mike Lane and Matt Franklin stood before the sharks, passionately presenting their posture correction device. They were not alone — they enlisted the help of *Dancing with the Stars* pairs Anna Trebunskaya and Jonathan Roberts. Their dance partners demonstrated the importance and benefits of good posture, making their pitch even more compelling.
Their product, a non-intrusive brace, was designed to be worn for about half an hour a day. It aimed to improve posture by training the body’s muscles through muscle memory. The entrepreneurs sought $100,000 for 15% equity in their company. In the end, Mark Cuban, one of the prominent sharks, offered the requested $100,000, but for a 30% equity stake and a $5 royalty per unit until the initial investment was recouped. Mike and Matt accepted this deal, marking the beginning of a transformative phase for their business.
Is Posture Now Still in Business?
Yes, Posture Now is still very much in business! The company has grown significantly since its *Shark Tank* debut. Posture Now continues to serve its customers with effective posture correction solutions. The demand for its product remains high, reflecting the effectiveness and popularity of the device among consumers. Although they faced occasional stock shortages, primarily due to global supply chain challenges, the company has stayed committed to meeting customer needs. Their presence online, with active social media engagement and continuous customer interaction, showcases their ongoing efforts to keep improving and innovating.
Posture Now Net Worth
Since its appearance on *Shark Tank*, Posture Now has achieved impressive financial milestones. By August 2021, the company boasted an annual revenue of approximately $6 million. This figure speaks volumes about the product’s success and the brand’s robustness in the market. The net worth is likely influenced by several factors beyond revenue, such as assets, liabilities, and market presence. Nevertheless, the $6 million annual revenue underscores the company’s profitable standing. It highlights how the combination of a unique product, strategic marketing, and a strong customer base has fueled its financial success.
What’s Happened Since Shark Tank?
Following *Shark Tank*, Posture Now experienced a substantial surge in sales. In the first week after the episode aired, they generated over $100,000 in revenue. This remarkable boost allowed the founders to transition fully into running their business, with Mike quitting his job immediately after the show and Matt by the end of 2012. By March 2013, they were visiting factories to enhance their production capabilities and exploring new product developments. The national exposure and Mark Cuban’s investment galvanized their growth trajectory.
The company’s marketing efforts flourished, leading to endorsements from chiropractors and notable mentions on networks like CNBC, ABC, Lifetime, and CNN. Customer reviews have remained overwhelmingly positive, attesting to the quality and effectiveness of the Posture Now brace. Amidst the occasional logistical hiccup due to supply chain issues, the company’s reputation and demand for its product have remained consistently strong.
Posture Now Business Overview
Posture Now started as a solution to a problem many people face due to sedentary lifestyles. Their primary product, a straightforward posture correction device, is designed to promote better posture among individuals with desk jobs. Priced at $40 and accompanied by a 30-day money-back guarantee, it offers both affordability and assurance to its customers.
The device is easy to use and effective, as testimonials from users and endorsements from professionals, including chiropractors, suggest. The company’s focus on simplicity has resonated with a wide audience, further cementing its market position. Through savvy marketing strategies targeting HR departments and leveraging media exposure, Posture Now has elevated its brand recognition.
How Shark Tank Helped Shape Posture Now’s Future
*Shark Tank* played an instrumental role in shaping Posture Now’s trajectory. The appearance on the show provided invaluable exposure, reaching millions of potential customers. The product demonstration by dancers added a fun and relatable touch, enhancing viewer engagement. The immediate surge in sales post-airing demonstrated the power of the platform.
Mark Cuban’s investment allowed Posture Now to scale its operations. The financial backing facilitated improvements in manufacturing capabilities and supported product innovation. The credibility gained from Cuban’s involvement and national television exposure contributed significantly to the company’s continued success and visibility.
Conclusion
Posture Now’s journey from inception to success story is inspiring. The company, founded by Mike Lane and Matt Franklin, has proven that a simple, well-conceptualized product can make a significant impact. Their appearance on *Shark Tank* was a game-changer, significantly boosting sales and giving them the momentum to expand and innovate.
In today’s digital and desk-bound world, the demand for effective posture correction solutions remains strong. Posture Now has carved a niche for itself by addressing this need with a practical, easy-to-use product. Despite facing occasional challenges like supply chain hiccups, the company’s customer base continues to grow, affirming its effectiveness and relevance.
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