What Is Tie Not?
Water balloon wars are even more entertaining than balloon wars. While filling the balloon with water, and especially making the tiny knots, isn’t appealing, the hassle of filling the balloon with water is.
Tie Not manufactures two products that assist users in tying knots for miniature water balloons.
With Tie-Not, you can tie a knot with a filler or a tying stick. This means that you can complete the process in just a few seconds by attaching it to a garden hose.
However, it is also possible to tie off balloons blown up by air with the tying stick using the toys independently.
Tie Not are 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.
Water balloons can be made in less than six seconds by seasoned pros using this small equipment.
Water balloon warfare can turn victory into defeat with this time-saving device.
Additionally, the Tie-Not is available with an optional Portable Battle Pump, which facilitates the process of inflating balloons far more than a faucet.
The Battle Pump is loaded with 250 balloons, ensuring that you are prepared for battle.
|Company Name||Tie Not|
|Entrepreneur||Scott Smith and Wayne Sikorcin|
|Product||Tool for filling and tying water balloons|
|Investment Asking For||$125,000 For 10% equity in Tie Not|
|Final Deal||No Deal|
|Episode||Season 5 Episode 29|
|Business Status||In Business|
Who Is The Founder Of Tie Not?
Tie-Not was founded in 2010 by Wayne Sikorcin and Scott Smith to allow their invention to be commercialized.
Having been a craftsman his entire life, Wayne owns and operates Craftsman Tool and Mold, specializing in producing plastic bases, a company he has owned and managed for over 35 years.
Scott started his career in sales and was Director of Sales for Craftsman when he was appointed.
He now lives in Michigan and works for DME Company, a plastic molding company.
Wayne’s wife ordered 150 water balloons for a family picnic, which led to the idea for the company.
He finished 15 tasks before losing interest and asking his children for help.
However, he was troubled by this first-world problem. There must be an easier way to accomplish something so mundane, surely?
He drew out some possible solutions, and with some brilliant insight from his daughter, he came up with a feasible stick-like solution that allowed the balloon to bind itself.
They were able to start production with the help of Scott, a friend, business partner, and father. They were able to generate $112,000 in sales during his first year on the job.
In 2012, they also struck a licensing arrangement with Imperial Toy Company, a large toy manufacturing and packaging company with a long history.
The company received an increase of $385,000 in sales once the product was listed on Amazon but was unhappy with the number of royalties they received.
They began looking for new investors when the licensing contract expired, and the license contract was not renewed.
Tie Not Before Shark Tank
Wayne Sikorcin and Scott Smith are the entrepreneurs behind Tie-Not, who applied to the Shark Tank for $125,000 in exchange for a ten percent stake in their company.
Tie-Not was developed to combat an epidemic spreading around the world. Each year, individuals experience aching fingertips due to tying off tiny water balloon knots.
Scott and Wayne are looking forward to seeing the Tie-Not filler and Tie-Not tying stick demonstrated today to the Sharks.
You can fill and tie off water balloons in seconds using either of these items. Fill the balloon halfway with water, spin it around a small cylinder, then pull the balloon off the hose. You can create a completely self-contained water balloon by using water balloons!
How Was The Shark Tank Pitch Of Tie Not?
Wayne Sikorcin and Scott Smith attempt to convince the Shark to invest in their product, Tie Not, in episode 527 of Shark Tank. It’s a device that wraps up water balloons quickly and cleanly.
Wayne and Scott appeared on Shark Tank requesting an investment of $125,000 in exchange for a 10% interest in Tie Not with a valuation of $1.25 million.
Final Deal: No deal between Tie Not and Sharks.
What Happened To Tie Not After Shark Tank?
Tie-Nots are quite popular; however, there are mixed reviews on Amazon for the product.
Tie-Not has a 3.6-star rating based on 546 user reviews, lacking.
The Tie-Not Nozzle and Knotter stick and the Tie-Not stick are currently available on Amazon for about $5.39, minus free shipping for Prime members; however, competitors have emerged since Tie-debut. Not’s
Tie-Not’s competitors offer nearly the same technology but at a lower price and substantially more balloons than the standard 50 included with a Tie-Not purchase.
Tie Not appears to be doing well, as it appears that there is plenty of inventory to keep the company and product afloat for some time.
However, Tie-Not’s website is broken and out of date, and I couldn’t connect – I am not sure if this is a result of the company’s lack of technological ability or if the company has gone bankrupt been closed as a failure.
Tie Not Shark Tank Update
The Tie Not products quickly rose to fame after the founders appeared on Shark Tank.
However, the popularity was short-lived as Tie Not was not some major problem solver product for the customers.
The Tie Not products are still vaguely available on Amazon even after 8 years of their founders appearance on Shark Tank.
Tie Not has not yet extended its licensing agreement.
Sikorcin maintains ownership of the Aurora, Illinois-based Craftsman Tool & Mold, which is the family business.
According to Scott’s LinkedIn profile, in 2018 he resigned from his position as Director of Sales at Craftsman & Mold and moved to Madison Heights, Michigan, where he started working as Director of Sales for DME, an additional firm that specializes in the sales of molding machine parts.
Is Tie Not Still In Business?
Tie Not has ceased operations, with its website inactive, social media profiles inactive, and Amazon is showing out of stock, despite adding a balloon warfare pump, catapult, and launcher to its product line.
Tie Not has faced several competitors since its founding 11 years ago.
Furthermore, since the greatest share of plastic toys is being made in China nowadays, it is unlikely to remain profitable in a competitive market.
What Is the Net Worth Of Tie Not?
The valuation of Tie Not was $1.25 million when it appeared on Shark Tank.
The net worth of Tie Not is unknown as of 2022 since the company went out of business.