PolarPro CEO Jeff Overall appeared on Shark Tank, where the Sharks offered a million-dollar on-air offer, promising the company would get into the smartphone accessory market. PolarPro later partnered with OtterBox to create seven accessories for the case maker’s new modular ecosystem.
What is PolarPro?
PolarPro manufactures high-quality accessories for GoPro cameras, smartphones, and drones, such as microphones, tripods, cameras, mounts, extension poles, filters, and cases.
PolarPro is a California-based company that caters to action sports enthusiasts and filmmakers worldwide. PolarPro follows a simple business model.
Jeff Overall founded the company to create, manufacture, and distribute accessories for popular cameras such as the GoPro.
Overall entered the tank with a few signature products that he was particularly proud of. He intended to demonstrate the GoPro extension pole that he created called the PowerPole.
The unique feature of this gadget is that users can charge their cameras while recording themselves from various angles while using it to record selfies.
PolarPro’s most popular product at that time, but he also wanted to showcase a few others.
Who is the Founder of PolarPro?
PolarPro was founded by Jeff Overall, a California surfer, and entrepreneur who began by manufacturing snap-on filters for GoPros and drones.
He pitched his lucrative firm to Shark Tank in 2015 and struck a deal with two sharks: Robert Herjavec and Mark Cuban contributed $500,000 each in exchange for a 10% stake.
PolarPro Before Shark Tank
PolarPro already offers a wide range of Go Pro accessories, all of which have received many fascinating (predominantly positive) reviews.
PolarPro external microphones were reported to have connectivity issues in previous reviews, but the company listened and responded promptly.
PolarPro also offers filters for the DJI Phantom Drone, which at the moment has a 4.5-star rating on Amazon.
All five-star reviews have been verified, but only two reviews give this product three stars that are unverified.
The PolarPro 3-Pack Polarizer Kits for the GoPro Hero4 and Hero3+ (the product I’m interested in) has an astounding 4.7 Stars, with all reviews rating it as a 4 or 5 star5-star product.
Jeff Overall founded the company with a polarizing filter that enhanced GoPro cameras’ sharpness, color, and contrast when they were used outdoors.
A new product line of gear designed specifically for shooting in extreme settings such as skydiving, scuba diving, snowboarding, hang gliding, and skiing has been introduced by the company since 2011.
PolarPro’s PowerVault, a built-in battery charging case, was another product he wanted to highlight. The GoPro carrying case allows users to charge multiple batteries or USB devices wherever they are without the need for traditional power outlets.
The PowerVault is, in essence, the ultimate portable charger. In addition, Overall wished to show a sampling of his drone filter sets to the sharks.
Customers can use this product to protect the lens mounted to their drone cameras while still recording bright and clear video.
PolarPro held a great deal of product demand when it entered the tank, and they believed that shark investments could propel their company to glory.
PolarPro on Shark Tank
Shark Tank show contestant Jeff offers a 10% equity stake in PolarPro in exchange for $500,000 from the Shark Tank hosts. He discusses his product line. Mark exclaims, “DUDE!”
PolarPro’s three most popular items at the moment are the Polar Pole – the world’s first battery-powered selfie stick – a case that charges several devices simultaneously, and camera filters for drones. He inquires as to which Shark “wants to ride this delectable wave?”
He reveals that he has profit margins ranging from 71 to 300 percent. PolarPro presently manufactures and designs 31 goods.
The company is on track to generate sales of $5.6 million in 2015. They have not made much money since they continually invest in product development to keep ahead of the competition.
PolarPro began when Jeff was filming ski team videos at UC Santa Barbara. He was perplexed as to why his movies lacked resolution and noticed he lacked filters.
He conducted a study on filters and began fabricating his own with $2000 from his student loan funds.
PolarPro is the third-largest aftermarket provider for drones. This year, profits are barely $300,000 due to a $1 million investment in tooling and product design.
They currently have 1200 retail outlets, all of which are located in tiny camera and dive shops.
Drone filters are a hot item, and Jeff believes the company may reach $40-$50 million in revenue due to the proliferation of drones.
Mr. Wonderful declares that consumer electronics are too crowded, and he exits. Mark states that he wants to make the RIGHT OFFER and is not interested in wasting time; he offers $500K for 10%. Jeff, out of deference, states that he wants to hear further offers.
Daymond offers $500K in exchange for 15% and declares, “SHARK FIGHT!” Lori asserts the importance of being an excellent strategic partner and offers $500k in exchange for 10%.
Robert says he’s willing to go in with Lori or Mark for an additional $500K in exchange for a 10% stake.
Jeff strikes a contract with Mark and Robert for $1 million in exchange for 20% – 10% for each Shark. Jeff exclaims, “I AM ASTONISHED!”
PolarPro After Shark Tank
Jeff Overall was able to secure an important deal in the tank. What is the current state of his business?
PolarPro product line fans might be pleased to learn that the company appears to be doing quite well for itself.
They are still introducing new products as of this writing, and they have a sizable social media following on Instagram and Facebook.
However, PolarPro is still selling well online and in a few other hobbies or surf shops, despite not striking a major deal with a major retailer.
Jeff Overall and his crew continue to enjoy great success in the action sports and drone communities, and there seems to be no end in sight for their endeavor.
The PolarPro brand has remained committed to expanding into the smartphone market since Overall appeared on Shark Tank.
PolarPro and Otterbox have collaborated to produce a series of elegant, snap-on accessories for smartphones that includes an extra battery, a card reader, a fish-eye lens, and a pair of speakers that clip onto the back of a phone.
PolarPro’s BeatPulsar Bluetooth speaker weighs 3.5 pounds, retails for $60, and doubles as a conference call speaker.
What are the Products of PolarPro?
New OtterBox uniVERSE Cases are designed to fit the latest iPhone 6, 6, and 7 models, enabling users to add interchangeable modules from a number of accessory manufacturers. There is a slotted rail on the back of the case that allows modules to attach quickly.
The PolarPro Business Bundle turns the iPhone into a business platform that boosts productivity. The package includes the following items:
PolarPro PowerPack (MSRP $49.99)
PolarPro PowerPack fits comfortably in hand or pocket when attached to OtterBox uniVERSE case. PowerPacks provide hours of additional battery power, and white LED lights monitor the remaining capacity.
PolarPro Beat Pulsar Wireless Mobile Speaker
PolarPro’s Beat Pulsar Wireless Mobile Speaker clips into OtterBox uniVERSE to deliver enhanced wireless audio performance.
Its two 40 mm speakers produce loud, booming tones, and the integrated microphone allows for optimal sound quality during conference calls on the go.
PolarPro Stash is a minimalist wallet that can hold three cards and cash. The OtterBox uniVERSE case was designed to complement it. The slim design is crafted from genuine leather. A genuine leather insert and an anti-slip insert provide security for valuable cards, identification, and cash.
Shark Tank Investors Views on PolarPro
- Mark Cuban inquires about the extent to which the company can grow in the drone market. Jeff estimates they will raise between $40 and $50 million in the next few years. A proposal of $500,000 for 10% is exactly what Mark wants.
- Daymond John wants them to increase to 15% and accept Mark’s offer, but Mark declines. Daymond is willing to do the transaction himself, but he wants a 15% commission. His counteroffer is one million to 17.5%.
- Kevin O’Leary says he is doing the same thing as the smartphone business and must expand faster.
- Lori Greiner appreciates having a stake in the game. She offers $500k for 10% ownership.
- Robert Herjavec is proud of his business, but he believes he needs funding to grow it further. He offers to take a 10% stake for $500,000 in return for joining.