What Happened to GameFace After the Shark Tank Pitch?
What is GameFace?
The GameFace is a firm that makes peel-off full-face masks for sports enthusiasts who want to show off their team spirit on game day.
It comes with an adhesive face mask that easily peels off after use. Originally, the masks were designed for sports fans to show their support for their favourite team.
These fans would wear Gameface masks as part of their team paraphernalia. The mask progressively grew to encompass additional spheres.
For example, you may buy a Halloween-themed mask.
Who Founded GameFace?
Gameface was invented by Doug Marshall, a resident of Tyler, Texas. Prior to creating this one-of-a-kind product, he had a successful career as a salesperson in a range of companies.
He also worked for a Taiwanese corporation in Taiwan. Doug is currently the President and CEO of both Gameface and Dallas Commercial Roofing.
Dreams may sometimes ignite sparks of brilliance, as Doug experienced.
He had a dream involving two rival football fans coated in face paint and dressed in football uniforms.
He built Gameface in an attempt to complete his dream.
After recognizing he had hit gold, Doug sought and received patents for his concept. Through these patents, Doug controlled a complete market that covered football, hockey, basketball, and other sports.
What Happened to GameFace at the Shark Tank Pitch?
Doug comes in looking for $450,000 for a 25% ownership in his company. This equates to a $1.8 million valuation.
He adds that the business is a “part-time” endeavour and that he is working to expand it while supporting his family as a sales representative.
In its first year of business, the company earned $6,700. After five years, the previous year’s income amounted to $102,000.
His pitch and the money he’s asking include a three-year salary of $100,000 each year.
Mark Cuban enquired about the product’s price. Doug stated that he sold each item wholesale for $2.50 but retailed them for $5. Each item ranged in price from 25 to 60 cents.
Doug’s profit margin on $102,000 in sales the prior year was questioned by Robert Herjavec. Doug informed him that he had made $32,000 that day. The statistics, according to Robert, do not add up.
Daymond When John enquired about the company’s competitors, Doug stated that he had a patent for a full-face peel-able mask and that there would be none.
Both Robert and Daymond dislike the thought of a wage and quit.
Mr. Wonderful contributes $450,000, $300,000 of which is classified as a loan; he seeks a 25 cent royalty on each Gameface sold until he recoups his investment.
Lori offers $450,000 in exchange for 40% and encourages Mark to join her.
Mark then makes an offer of $1 million for the entire company, which includes Doug’s five-year salary of $80,000 a year.
Doug, who looked to be conflicted about the range of offers he had received, departed the tank to connect with his family at this point.
Doug wants to think about it and replies with $450,000 for 35% and a yearly income of $80,000.
Lori and Mark are willing to do so in exchange for a 10% royalty until their investment is repaid. Everyone shakes hands, finishes the deal, and puts on their Gameface.
What Happened to GameFace After the Shark Tank Pitch?
Mark, Lori, and the Gameface Company completed their deal, and the company has developed sufficiently to merit an update in episode 520 on February 21, 2014, a little more than a year after the original air date.
“Agreeing with Mark and Lori was the best thing I could have done for my business,” Marshall continues.
Mark Cuban provided The Gameface Company with a pre-existing fan base in the shape of Maverics fans.
“Showing your fan pride has flipped 180 degrees with game face,” Cuban adds.
Cuban’s supporters share his passion.
Sales reached $200,000 in the first ten months after the show’s premiere, with future projections ranging from $2-20 million as Gameface is picked up and licensed by other major league professional sports teams.
“There are so many people who want to start a small business or have an idea,” Marshall says. I created a concept, built a company, and proposed it to the Sharks, and it has changed our lives in ways we could never have anticipated.”
They are still in business as of November 2021, with annual revenues of $5 million.
What is the Net Worth of GameFace?
Doug entered Shark Tank looking for $450,000 for a 25% ownership in his company. This equates to a $1.8 million valuation.
He accepted an offer of $450,000 from Mark and Lori for a 35% ownership plus a 10% royalty, valuing the firm at $1,285,714.28.
Who are GameFace’s Competitors?
There is no competitor identified for GameFace.
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GameFace FAQS
Which modes of payment do they accept?
Accepted payment methods include PayPal, Apple Pay, Shop Pay, iDEAL, VISA, Master Card, Maestro, and American Express.
Is Gameface still operational?
Marshall With the help of Lori Greiner and Mark Cuban, he put on his game face and scored the game-winning goal with The Gameface Company.
They are still in business as of November 2021, with annual revenues of $5 million.
Who is The GameFace Company’s Founder?
GameFace was designed by Doug Marshall, a Tyler, Texas man. Prior to establishing this one-of-a-kind product, he had a long and illustrious career as a salesperson in a range of firms.
How much revenue has GameFace generated?
The first year brings in $6,700, while the second year brings in $102,000. GameFace has no competition because its peel-apart mask is the only one available.
How much does it costs?
He sold each item wholesale for $2.50, but retailed them for $5. Each item ranges in price from 25 to 60 cents.
What is the annual revenue of GameFace?
GameFace’s yearly revenue is $5 million.
What happen to GameFace at the Shark Tank?
GameFace secures a $450,000 investment from shark Mark Cuban and Lori Greiner in exchange for a 35% stake and a 10% royalty.
Where is GameFace headquartered?
Tyler, Texas, serves as the company’s headquarters.
What the strengths of GameFace?
The GameFace is the only mask of its kind, and it’s a terrific concept for fans to wear the face of their favourite player.
What are the weaknesses of GameFace?
The product has not yet been demonstrated to be sustainable.
Is GameFace a patented product?
GameFace is a registered trademark.
What did Gameface look like?
It was their favourite player’s face, ready for them to wear during games or anytime they felt like it.
What is Gameface’s revenue model?
GameFace earns money by selling each item wholesale for $2.50 while retailing it for $5. Each item ranges in price from 25 to 60 cents.
