Jessica Haynes of Jeska Shoe Company took home the 2011 Donald W. Reynolds Governor’s Cup at Southern Arkansas University.
She received the annual Innovation Award from the Graduate Division. The Shark Tank episode 420 featured Jessica taking Jeska Shoe Company with its award-winning innovation, an interlocking, magnetic system that converts stiletto heels to flats.
The Donald W. Reynolds Governor’s Cup is an undergraduate and graduate business plan competition intended to encourage students throughout Arkansas, Nevada, and Oklahoma to pursue their ideas and abilities.”
This competition aims to simulate the real-world process entrepreneurs use to create a company proposal and raise funds from potential investors.
There was no website for Jeska Shoe Company, and no shoes had been produced for sale by the week before the air date. Jeska Shoe Company is a start-up that is not yet profitable.
What Is Jeska Shoe Company?
Jeska Shoe Company develops modular shoes that convert high heels into wedges with magnetic attachments.
Jeska Shoe Company’s business strategy envisions a replaceable high-heeled shoe.
The heels of shoes are the first part to wear out, so she found that a high-heel option that can be interchanged is the best solution for extending the life of high-quality shoes.
Jeska Shoes aims to provide its customers with stylish, comfortable shoes at a fraction of the cost.
The shoes of this brand are made from vegan leather, high-quality Italian leather, and other materials.
|Company Name||Jeska Shoe Company|
|Product||The Interchangeable Sole Women’s Shoes|
|Investment Asking For||$70,000 For 30% equity in Jeska Shoe Company|
|Final Deal||$70,000 For 70% equity in Jeska Shoe Company|
|Episode||Season 4 Episode 18|
|Business Status||Out Of Business|
Who Is The Founder Of Jeska Shoe Company?
Jessica Haynes is the founder of Jeska Shoe Company. Jessica Haynes is credited with inventing “modular” shoes.
A magnetic interlocking mechanism allows the wearer to change from a high heel to a wedge to a flat within seconds.
It doesn’t take many pairs of shoes for women to find shoes that complement their clothes. Traveling with shoes is a good way to minimize the amount of storage space.
Jessica had won the Innovation Award at Southern Arkansas University and thus was encouraged.
The sharks were surprised. The problem developed when they realized the shoes were a prototype, she didn’t have a business plan or sales, and the shoes were a prototype.
Jeska Shoe Company Before Shark Tank
Jessica Haynes started a small business in Emerson, Arkansas, called Jeska Shoe Company.
Jeska Shoe Company’s main product is heels, which provide comfort and versatility that most high heels cannot.
The idea behind the invention is simple: a shoe can be made into a wedge simply by removing one attachment and replacing it with another.
The idea of interchanging high heels is so brilliant it’s hard to believe no one has thought of it before.
The device allows women to switch up their shoes quickly and easily to wear shoes that match their outfits without carrying multiple pairs of shoes.
However, that doesn’t mean her product took off right away. Jeska Shoe Company did not yet exist before appearing on Shark Tank. It had no previous sales.
It was simply a start-up with only one prototype in the form of a replaceable heel. Indeed, Jessica Haynes had approached several other investors before appearing on the show and was turned down by each one.
She entered the Shark Tank hoping to close a deal with someone. She said that the sharks represent her last chance to bring her product to market and achieve her dreams.
How Was The Shark Tank Pitch Of Jeska Shoe Company?
Jessica appeared on the Shark Tank with a prototype shoe that replaces the stiletto heel with a wedge heel, asking $70,000 in exchange for a 30% stake in Jeska Shoe Company.
The business is largely funded by an unspent college fund from Jessica’s grandfather, who has provided her with around $63K of her own money.
Robert believes that women enjoy having a variety of shoes, and hence he is out. Kevin, who cannot support pre-revenue companies, does not see a plan in Jessica’s pitch; he is out.
Mark is out of the shoe company due to his lack of knowledge.
Barbara believes that women who can afford Jeska Shoes can also afford multiple pairs of shoes; she, too, is out.
An emotional Shark Tank episode featured Daymond recalling how his mother loaned him money for FUBU to get started.
Jessica learns that Daymond will have to make her a poor offer. He offers $70,000 for 70%.
The high proportion is that Daymond must do a lot of work to get the product up and running.
The young woman accepts, saying that a small amount of something would be better than a large amount of nothing.
Daymond offers $70,000 for a 70% stake in Jeska Shoe Company. Jessica accepted the offer after thinking for a while.
Final Deal: Daymond John agreed to invest $70,000 for a 70% stake in Jeska Shoe Company.
What Happened To Jeska Shoe Company After Shark Tank?
Jessica Haynes achieved some success following her exit from Shark Tank. What is the Jeska Shoe Company doing now?
On October 14, 2014, only a few years after appearing on Shark Tank, Jessica posted on Facebook that she was closing her business.
She admits she took longer than she should have and was past the point of hanging up her heels.
Haynes explained to her fans that she intended to continue pursuing entrepreneurial opportunities, as this was still her passion. Let’s hope she succeeds in her future endeavors!
Jeska Shoe Company Shark Tank Update
Shark Tank has not always translated into long-term success for every product.
Hayes announced her business’s closure on the Jeska Shoe Company’s Facebook page in October 2014.
She said that the company had simply reached a point of “diminishing returns,” and continuing further would not make any sense. She thanked clients, friends, family, and others who supported her ambition.
The product may be excellent, but not every product will sell, no matter how experienced the mentor is.
Hayes possesses an entrepreneurial mentality that should enable her to succeed even when Jeska Shoe Company fails.
Is Jeska Shoe Company Still In Business?
No, Jeska Shoe Company went out of business in 2014.
Shark Tank failed to bring success to the Jeska Shoe Company. Haynes said on Facebook, “While I will always cherish the experience and dream of the Jeska shoe, it has now reached the point where it is no longer worthwhile.”.
In closing, she expressed that the time has come to carry the lessons and experiences she has gained through this experience.
Haynes also expressed gratitude to Daymond John “for his support and mentorship during this endeavor.”