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DrumPants: A Musical Revolution from Kickstarter Triumph to Shark Tank Debut
DrumPants co-founders Lei Yu and Tyler Freeman appeared on season 06, episode 03 of Shark Tank, hoping to captivate the Sharks with their innovative product.
DrumPants is a revolutionary wearable technology that allows you to make beats anytime, anywhere. With MIDI compatibility and wireless connectivity, DrumPants lets you create music on the go, whether you’re into dance, hip-hop, rock, or any other genre.
It offers a unique way to play drums with wearable triggers, foot pedals, and customizable sounds. This is an excellent tool for musicians, gamers, and anyone who wants to unleash a spontaneous stream of creativity.
DrumPants, a unique musical device, gained significant attention by raising an impressive $74,236 on Kickstarter, double the initial funding goal.
DrumPants is a wearable music device that features ‘foot pedals’ inside shoes and ‘drum pads’ in pockets. The headphones and HDMI ports are connected via Bluetooth to a control box.
With DrumPants, users can create beats and rhythms effortlessly, with the flexibility to upload custom sound effects through an accompanying app.
Beyond music, the product’s versatility extends to controlling various applications and devices, from games to Google Glass.
Tyler Freeman initially conceived DrumPants as a playful prank, eventually evolving the idea over six years to perfect the technology and design two models: a standard version for $99 and a Bluetooth-enabled Pro model for $139.
Both co-founders, Yu and Freeman, bring valuable tech expertise from their backgrounds at Google and other tech companies.
Lei Yu, currently a Director of Product Management at CaaStle, excels in revenue growth strategies, while Tyler Freeman, a skilled drummer, envisions DrumPants as a tool to foster social connections through music creation.
The Kickstarter success of DrumPants, backed by 720 sales and a solid prototype, laid the foundation for their Shark Tank pitch, showcasing the product’s potential in the ever-evolving realm of wearable music technology.
In a landscape where drummers break stereotypes and embrace innovation, DrumPants emerges as a trailblazer in merging music and technology seamlessly.
Tyler Freeman’s expertise in digital art and Lei Yu’s marketing prowess combined to bring DrumPants to life, emphasizing durability and comfort through meticulous development over six years.
The Kickstarter campaign not only validated the concept but also exceeded expectations, highlighting the growing interest in wearable musical devices among enthusiasts and backers alike.
DrumPants on Shark Tank: The Journey of Lei Yu and Tyler Freeman in Wearable Technology
Lei Yu and Tyler Freeman, the innovative minds behind Drum Pants, stepped into the spotlight on Shark Tank Season 6, showcasing their groundbreaking wearable audio technology.
They were seeking an investment of $150,000 For 5% equity in Drumpants. They caught the attention of the sharks with their captivating presentation, which included a musical demonstration.
Despite the Sharks’ initial interest sparked by the unique performance, Lei and Tyler faced challenges as they disclosed being pre-revenue during the filming.
They highlighted their successful Kickstarter campaign that raised over $75,000 and the range of products available for pre-order, priced between $99 and $229.
As the discussion delved deeper into the business aspects, concerns arose among the Sharks.
Robert Herjavec found their $3 million valuation off-putting, while Lori Greiner and Kevin O’Leary raised doubts about the niche appeal and market potential of Drum Pants, causing them to opt-out of the deal.
Amidst the negotiation process, Mark Cuban chose not to engage further due to lingering uncertainties.
Daymond John stepped in with an offer of $250,000 for a 20% stake, contingent on licensing the technology.
In a strategic move, Tyler counteroffered Robert’s proposal with $150,000 for a 15% share.
Ultimately, disagreements in negotiation styles led Daymond to withdraw his offer, followed by Robert, expressing dissatisfaction with the negotiation dynamics.
Consequently, Lei and Tyler left the Tank without securing a deal but left a lasting impression with their innovative wearable audio technology.
Final Deal: No deal between Drumpants and Sharks.
DrumPants After Shark Tank: Navigating Decisions and Its Downfall
Lei Yu and Tyler Freeman faced a challenging decision on Shark Tank when presented with Robert Herjavec’s long-term investment offer for their product, which seemed more appealing than a potential licensing deal with Daymond.
Unfortunately, the team’s inability to collaborate and reach a decision resulted in losing the opportunity.
Following the show, DrumPants experienced high sales volume and garnered positive media coverage.
Despite the setback, DrumPants successfully entered the market and is now accessible to drummers and wearable tech enthusiasts.
Lei’s business acumen and guidance played a crucial role in DrumPants attaining profitability in its first year of sales, driven by increasing demand after the Shark Tank event.
DrumPants’ laid-back approach turned off the Sharks, although their product has made a significant impact on the music industry.
DrumPants is expanding its product line with the development of an app called Tappur, which is set to revolutionize smartphone usage despite the lack of endorsements from prominent musicians.
Being at the forefront of technology and design, it’s understandable why Robert Herjavec may ponder whether he missed out on a valuable opportunity by not being more receptive to DrumPants.
While Lei and Tyler would have considered accepting the offer if given the chance to assess its benefits fully, they have chosen to pursue their path for now.
DrumPants was initially marketed as an innovative and creative outlet for underprivileged children, but it failed because of the absence of strong leadership.
DrumPants entrepreneurs Lei and Tyler are both currently employed by Chariot as Senior Product Managers, and Tyler works at Google as a UX Designer/Engineer.
DrumPants is out of business, and its net worth is effectively $0.
