Tie Try Shark Tank Net Worth

Tie Try is a business venture that appeared on Season 4 of the popular television series Shark Tank. Founded by attorneys David Powers and Scott Tindel, Tie Try essentially positions itself as the “Netflix of ties,” offering a unique subscription service for delivering neckties to its members.

The main aim of this service is to provide a varied and novel selection of ties for professionals who want to spruce up their fashion sense without the hassle of shopping and maintaining a collection. 

This also included return packaging, hinting at a circular model where ties can be worn, returned, and rotated amongst subscribers. Looking forward, Tie Try expressed their plan to expand through a referral program and potentially add accessories such as cufflinks to their catalog. 

Tie Try offers a fresh approach to men’s fashion, offering convenience and variety at an affordable price point, which could make it an appealing choice for the right customer base.

Its success would heavily depend on effective marketing, a reliable supply of high-quality ties, and the ability to scale while maintaining customer satisfaction.

Company NameTie Try
EntrepreneurDavid Power and Scott Tindel
ProductTie rental service based on subscriptions
Investment Asking For$100,000 for 25% equity in Tie Try
Final DealNo Deal
SharkNo Shark
Episode Season 4, Episode 10
Business StatusAcquired
WebsiteTie Try Website
Estimated Net Worth$0

What Is Tie Try?

Tie Try is an innovative platform that lets users explore various neckties styles without the commitment to purchase them. Tie Try is an innovative platform that allows users to explore a wide range of necktie styles without needing to purchase.

Tie Try offers numerous necktie designs, patterns, and colors to suit various occasions and personal tastes. This platform revolutionizes how people shop for neckties by eliminating the commitment to buy.

Users can now experiment with different looks, creating the perfect ensemble for any event or outfit without the financial burden of purchasing the ties. This saves money and allows one to try out styles one may not have considered.

Tie Try makes it easy for users to discover and experiment with new necktie styles by offering a subscription-based service. Subscribers can choose from a carefully curated collection of necktie options each month, having them delivered straight to their door.

They can then try on the ties, mix and match them with their existing wardrobe, and ultimately decide which ones they love the most.

Tie Try’s convenience is one of its major advantages. Users no longer have to spend hours driving to stores or endlessly scrolling through online catalogs, unsure of how a particular necktie will look in person.

Tie Try allows individuals to experience the ties in the comfort of their own home, at their own pace, and with the option to try out different looks before committing.

Tie Try Shark Tank Net Worth

Additionally, Tie Try promotes sustainability by reducing waste. Instead of purchasing multiple ties that are rarely worn, users can now make more informed decisions about their necktie choices.

This leads to a more conscious consumption pattern, minimizing unnecessary purchases and contributing to a more sustainable fashion industry. Tie Try is an innovative platform that empowers users to explore various necktie styles without the pressure of purchasing them.

Tie Try redefines how individuals shop for neckties, catering to their evolving fashion needs without committing to a long-term relationship with the company. The service offers a subscription-based subscription service, convenient delivery, and promotes sustainability.

ProsCons
Vast selectionMonthly Fee
No need to purchase each tieLimited to ties only
Refresh your wardrobe frequentlyUsers may not find all designs appealing
Save time shoppingDelays in shipping

Who Is The Founder Of Tie Try?

Tie Try is the brainchild of founders David Powers and Scott Tindle. They are friends and professionals in the field of law, each serving as attorneys. Their professional lives required them to wear ties regularly, and they noticed they frequently found themselves repeating the same few ties.

Like many of their colleagues, they wanted a broader and more diverse selection of ties, but buying a new one every day wasn’t a feasible option considering high-quality ties cost up to $100 each.

Their shared experience and desire for variety sparked the idea to launch Tie Try, a subscription-based service that delivers neckties akin to Netflix’s model but for neckties instead of movies.

In 2011, the entrepreneurs launched the Tie Try business, cleverly addressing a niche in the market. They gradually built up a base of over one hundred monthly subscribers without spending on marketing or advertising.

Their customers could select a tie based on personal preferences for style, pattern, and width and then receive their chosen item in the post a few days later.

Despite their smart business model, Powers and Tindle acknowledged that they required more funds to expand their business model and increase their inventory, which led them to apply for Shark Tank, giving them a chance to pitch to the Sharks in November 2012.

Before their appearance on Shark Tank, they had diligently used the first six months of their venture as a proof of concept phase to ensure their business model was viable.

Despite their professional backgrounds, their passion for their concept was driven more by the practicality and necessity they felt, leading them to develop a unique solution for a common issue experienced in their professional community.

How Was The Shark Tank Pitch Of Tie Try?

The Shark Tank pitch for TieTry was made by co-founders David Powers and Scott Tindle. They introduced their subscription-based business model, which they likened to “Netflix for neckties,” where subscribers could rent an unlimited selection of ties for a monthly fee. They were seeking a $100,000 investment in exchange for 25% equity, valuing the company at $400,000.

The first shark to engage with the duo was Kevin O’Leary, who asked about the cost of customer acquisition. David and Scott could not provide a concrete answer, stating that they had spent no money on marketing thus far, instead relying on free press, publicity, and referrals.

Robert Herjavec inquired about their current subscriber base, which at the time, six months into operation, was 110 subscribers. The sharks were unimpressed by the figure, leading Robert to ask about their strategies to secure more subscriptions. The entrepreneurs mentioned the possibility of a referral program.

The resident fashion guru, Daymond John, proposed expanding the rental service to other fashion accessories like cufflinks, suspenders, and vests. Although David and Scott were open to the idea, they hadn’t made concrete plans for such an expansion.

Mark Cuban inquired about their subscriber retention, to which they revealed a 15% cancellation rate in the past six months.

Disappointed with the performance and plans for the company, Robert Herjavec opted out of the deal, indicating that the business required more testing.

Kevin O’Leary offered a unique challenge to entrepreneurs. He agreed to invest $50,000 of the requested $100,000 but refrained from setting his required equity percentage.

Instead, he tasked David and Scott with convincing another shark to match his $50,000 investment and set the equity percentage. However, when they approached Robert Herjavec again, he maintained his disinterest.

Barbara Corcoran withdrew from the potential deal, citing more proof of concept. On the other hand, Daymond John stepped out due to the entrepreneurs’ perceived lack of passion.

Unsatisfied with David and Scott’s inability to estimate future customer acquisition costs, Mark Cuban declined to invest.

Despite their best efforts, David and Scott could not secure a deal and left the tank without an investment. Their company, TieTry, was subsequently purchased by a competitor, Freshneck.com, in 2013, putting them out of business. The founders have since moved on to other ventures.

What Happened To Tie Try After Shark Tank?

After their unsuccessful pitch on Shark Tank, David Powers, and Scott Tindle continued to work on their business, TieTry, for the remainder of 2012. However, they faced tough competition in the market.

In 2013, a major competitor in the online tie rental space, Freshneck.com, bought out TieTry. This acquisition led to the end of TieTry as an independent business.

Despite the initial innovative idea of a “Netflix for neckties,” TieTry struggled with customer acquisition and retention, among the key concerns the sharks raised during their Shark Tank presentation.

The inability to convince the sharks of their business model’s viability and the challenges faced in the market eventually led to the company’s buyout and discontinuation.

As of the last update in 2013, TieTry was no longer operating. Following the end of TieTry, co-founders David and Scott have moved on to other ventures. No further updates have been provided about TieTry’s business since then.

Tie Try Shark Tank Update

After appearing on Shark Tank, Tie Try, a tie rental service, did not secure a deal with the sharks. Despite presenting expansion plans and offering additional accessories, the sharks expressed skepticism about the low number of subscribers and concerns about tie quality.

Daymond John found the entrepreneurs lacking passion, and Mark Cuban questioned the cost of customer acquisition. As a result, no deal was made on the show.

Following their appearance on Shark Tank, the founders of Tie Try, David Powers and Scott Tindle, sold the business to FreshNeck.com due to overwhelming demand.

FreshNeck.com aims to scale the business model nationwide and has over 500 paying customers. However, the business model’s long-term success remains to be seen.

Tie Try Shark Tank Net Worth

As for the founders, Scott Tindle went on to co-found Gulf Coast Ducks and became the Director of Athletic Partnerships at the University of Mobile.

David Powers founded Powers Compliance, PLLC, providing legal advice to nonprofit organizations and political committees. Both founders seemed to pursue different ventures after acquiring Tie Try.

In conclusion, Tie Try did not secure a deal on Shark Tank and was sold to FreshNeck.com. The founders, David Powers and Scott Tindle, moved on to pursue other endeavors.

Is Tie Try Still In Business?

According to our research, Tie Try, the tie rental service featured on Shark Tank, was acquired by FreshNeck.com after its appearance. The exact current status of Tie Try and whether it is still in business cannot be determined conclusively based on the information provided.

FreshNeck.com, the acquiring company, aimed to scale up the business model nationwide and had over 500 paying customers. However, the long-term success of the business remains uncertain.

What Is the Net Worth Of Tie Try?

According to our research, the net worth of Tie Try has been $0 since FreshNeck.com acquired the company. The valuation of Tie Try was $400,000 when it appeared on Shark Tank.

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