Tie-Not Shark Tank Net Worth

Tie-Not, which appeared in Season 5 of Shark Tank, is designed to simplify filling and tying water balloons. This device, designed by a father-daughter duo, revolutionizes how we play with water balloons, making it more efficient and less time-consuming.

The Tie-Not consists of two main components: a filling nozzle and a tying mechanism. The filling nozzle attaches to any standard hose, enabling easy and quick filling of water balloons.

Once the balloon is filled, the tying mechanism comes into play. This involves placing the end of the balloon through a slot, wrapping it around the top, and then pulling it through a second slot.

The result is a perfectly tied water balloon ready for use within seconds, eliminating the hassle and finger strain often associated with the traditional method of tying water balloons.

Tie-Not significantly reduces the time taken to prepare water balloons, making it possible to create a large supply in a short amount of time. This is a significant advantage during water balloon fights or parties, where having a large quantity of water balloons is often desirable.

Tie-Not is an incredibly user-friendly product that can be used by kids and adults, making it a great family-friendly choice.

The Tie-Not is also made with durable materials to ensure it can withstand regular use, so it’s an investment that can provide many summers’ worth of fun. It’s a simple yet innovative product that makes playing with water balloons more fun and less about preparation.

What Is Tie-Not?

Tie-Not is a product designed to make filling and tying water balloons easy and efficient. This tool, which is patented, allows you to fill and tie a water balloon in seconds. It’s ideal for parties, picnics, and other events where water balloon fights are part of the fun.

The Tie-Not tool is comprised of a filling nozzle and a tying mechanism. It’s designed to be used with a standard garden hose. One end of the Tie-Not attaches to the hose, allowing water to fill the balloon. Once the balloon is filled, the tool’s tying mechanism secures the balloon in just a few quick movements.

Tie-Not is among the quickest and easiest ways to blow up water balloons. You can attach the equipment to any garden hose, and anyone, including children, can tie the perfect balloon in seconds.

Tie-Not tools allow you to wrap a balloon around the nozzle, fill it with a plunger, wrap it around the tool, slide the balloon end through the notch, and pull off a properly tied balloon at every use.

Seasoned pros use this small equipment to make water balloons in less than six seconds. Water balloon warfare can turn victory into defeat with this time-saving device.

The Tie-Not is available with an optional Portable Battle Pump, which facilitates the inflating of balloons far more than a faucet. The Battle Pump is loaded with 250 balloons, ensuring you are prepared for battle.

Who Is The Founder Of Tie-Not?

Wayne Sikorcin and Scott Smith are the co-founders of Tie-Not. Wayne Sikorcin and Scott Smith, both experienced and creative entrepreneurs, saw a common problem in tying water balloons and sought to develop an innovative solution.

Their backgrounds in business and product development proved instrumental in creating Tie-Not. Inspired by personal experiences and the need for an efficient, user-friendly tool for water balloon games, they conceived the idea of Tie-Not.

Before appearing on Shark Tank, the Tie-Not had already started to make a name for itself. The product was introduced through various retail stores and online platforms. Sikorcin and Smith had made significant strides in marketing and distributing Tie-Not.

Despite the product’s initial success in physical retail stores and online platforms, they sought the strategic partnership and investment opportunities offered by the Sharks to scale their business further, increase product visibility, and expand their market reach.

Tie-Not quickly gained recognition for its simple yet effective solution to a common problem, and it garnered positive reviews from customers for its durability, ease of use, and the amount of time it saved during water balloon preparations.

Despite this initial success, Tim Walsh went on Shark Tank seeking a strategic partnership to expand the product’s reach and accelerate its growth.

How Was The Shark Tank Pitch Of Tie-Not?

The founders of Tie-Not, Wayne Sikorcin, and Scott Smith, entered the Shark Tank seeking an investment of $125,000 for 10% equity in their company, effectively valuing it at $1.25 million.

Their pitch started entertainingly, with Scott tossing a filled water balloon to Shark Mark Cuban, demonstrating the product’s effectiveness. Wayne further detailed the simplicity and efficiency of the product by demonstrating its usage.

However, during the question and answer session, the Sharks, particularly Kevin O’Leary, expressed concerns about the pricing and licensing agreement the founders had in place.

Kevin found their deal with a large packaging and producing company, in which they received about 7 to 11% royalties on total units sold, to be unfavorable. Wayne and Scott revealed that in the last year, Tie-Not had grossed about $385,000.

The founders also disclosed that their contract with the packaging company renews yearly, and they have a 90-day option to buy out of their contract.

This caught Kevin’s interest, but he was critical of the cash flows Tie-Not was receiving from the licensing deal and found the company’s valuation of $1.25 million to be overestimated.

Ultimately, Mark Cuban and Robert Herjavec dropped out first, expressing their concerns about the valuation and the product’s potential. Lori Greiner also found the product too inexpensive to sell profitably on QVC and dropped out due to the valuation.

Kevin O’Leary withdrew because he didn’t find the company big enough or profitable enough for his liking.

Having a personal interest in the product, Barbara Corcoran offered $125,000 for 25% equity in the company instead of the 10% initially proposed by the founders. She proposed this investment as a $50,000 cash offer and a $75,000 credit line.

However, after several counter-offers and negotiations, the founders and Barbara could not agree on equity shares, resulting in Tie-Not leaving the Shark Tank without a deal.

In the aftermath of their Shark Tank appearance, it appears that Tie-Not has faced some competition and lukewarm reviews on Amazon, but the company seems to have remained afloat, although the current status of its website raises some questions about the company’s ongoing operations.

Final Deal: No deal between Tie-Not and Sharks.

What Happened To Tie-Not After Shark Tank?

The founders of Tie-Not, Wayne Sikorcin and Scott Smith, appeared on Shark Tank seeking a $125,000 investment for a 10% stake in their company. Their invention was designed to make filling and tying water balloons quicker and more efficient.

Despite a lively demonstration and the clear practicality of their product, they failed to secure a deal with the Sharks due to disagreements over the company’s valuation and the equity on offer.

After their appearance on Shark Tank, the business saw mixed results. Tie-Not devices continued to be sold through third-party resellers on platforms such as Amazon and Walmart, but they faced fierce competition and lukewarm reviews. This seemed to dampen its overall market success.

A telling sign of their business trajectory post-Shark Tank is that the company’s website no longer exists, indicating that Tie-Not may have ceased operations.

Furthermore, according to Scott’s LinkedIn profile, he transitioned to Director of Sales at DME, a mold-making company, in 2018. On the other hand, Wayne continues to work in his family’s mold-manufacturing business, where he is listed as the owner.

Tie-Not’s journey post-Shark Tank seems to have been challenging. While the product had a clear market and a potential for success, various factors, including competition, product reviews, and possibly the lack of a Shark deal, have led to a decline in its business activities.

Tie-Not Shark Tank Update

Tie-Not, the company founded by Wayne Sikorcin and Scott Smith, offered a faster way to fill and tie water balloons. Despite initial success, the business faced challenges after its Shark Tank appearance.

Valued at $1.25 million, Tie-Not struggled due to market changes and licensing challenges. They sought $125,000 for 10% equity but didn’t secure a deal on the show.

After their appearance, Tie-Not entered a licensing deal with Imperial Toy Company, which later faced bankruptcy, impacting their agreement.

The company eventually closed down, leaving the founders’ net worth undisclosed. The product, known for its efficient water balloon filling and tying tools, is no longer available in the market.

While the product garnered interest and showcased potential, it ultimately faced economic and industry-related difficulties, leading to its closure.

Is Tie-Not Still In Business?

Our research shows that Tie-Not is out of business. Tie-Not faced economic challenges and market changes, leading to its closure shortly after the Shark Tank pitch. Founded by Wayne Sikorcin and Scott Smith, Tie-Not produced water balloon tying tools, including a patented tying stick.

They licensed the tool to Imperial Toy in 2012 and sold it on Amazon. Despite early success, the company shut down post-show. Wayne and Scott had sought $125,000 for 10% equity on Shark Tank, demonstrating profits and a licensing deal. However, Sharks questioned the valuation due to the license.

Ultimately, no deal was reached on the show. After the closure, Tie-Not’s status in recent years is not definitively documented, and the company’s net worth and business activity remain unknown.

What Is the Net Worth Of Tie-Not?

According to our research, the net worth of Tie-Not is $0 since the company is out of business. The valuation of Tie-Not was $1.25 million when it appeared on Shark Tank.