What Happened to StretchLace After the Shark Tank Pitch?
What is StretchLace?
The Original Stretchlace are elastic shoelaces that look like lace-ups and can be used to turn any shoe into a slip-on, allowing you to wear any shoes you like.
The Original Stretchlace is suitable for everyone, from athletes to people with restricted mobility. It is intended for ease of usage, comfort, and support of all actions.
Who Founded StretchLace?
Jaime Montz is the owner and founder of The Original Stretchlace, which started in June 2015 in Boise, Idaho.
Montz formerly worked as a Director of Ecommerce on Amazon.com for Plant Therapy, as a Director of Category Management for Bodybuilding.com, as an MSN/Bing Manager for Aquent, as a Category/Site Planning Manager for drugstore.com, and as an assistant buyer for Macy’s.
She earned a Bachelor of Science in Business Marketing from the University of Idaho.
Jaime Montz is the family’s first college graduate and a first-generation Korean-American.
After 20 years in e-commerce, she took the entrepreneurial leap and turned her hobby into a business.
Having three sons in various stages of shoe-tying, together with her 17-year-old husband, led in the invention of Stretchlace, which was developed and tested at home.
She credits her difficult upbringing with moulding who she is now and thinks that hard work, patience, and devotion will eventually get you there.
The Original Stretchlace is a lucrative, ethical company in which customers are treated like family and given direct access to the owner and crew.
Montz also believes that flexibility and a thick skin are essential elements for success, and that for every skeptic, there are a thousand believers.
What Happened to StretchLace at Shark Tank Pitch?
The laces come in round or flat forms in a range of colours.
They are packaged and shipped using 100% recycled paper, printed with water-based inks, and are 100% recyclable, biodegradable, and compostable.
StretchLace costs $9.99. They may be purchased via the company’s website as well as Amazon.
Jamie and David appeared on Shark Tank in pursuit of $100,000 in return for a 15% share in her company. This gives in a total valuation of $666,666.66.
They give their pitch and story, and the Sharks then examine their samples.
Each item is manufactured for between $1.49 and $2.14 and retails for between $9.99 and $13.99. They only sell on the internet.
Revenues for the prior year totaled $221,000. Covid-19 had an impact on their suppliers, and they were left without inventory for several months.
She talks about how she created the product and her experience with e-commerce.
Daniel feels her statistics understate her experience.
“You’re a twenty-year Amazon goddess selling a $13 shoelace,” Robert observes. “I’m going.”
Mr. Wonderful calls them “shoelace bugs,” but he’s no longer there.
Daniel admires the product but feels she is unmotivated, so he leaves.
Lori thinks they’ll make it, but it’s not the proper product for her; she’s out.
Mark feels they do not need an investor and hence departs.
“I’ve got to believe there’s more to you than shoe laces,” Robert says as they walk away. He wishes to enlist their support in his other endeavours.
He offers $100,000 in return for a 33% stake. They answer with a quarter of a percent. He claims that he wants Jamie to be involved in the creation of new products. They respond once again with 30%, which Robert accepts, bringing the total valuation to $333,333.33.
What Happened to StretchLace After the Shark Tank Pitch?
The arrangement with Robert had not been concluded as of July 2021. Given that this program aired only two months ago, they may still be conducting due diligence.
The Stretchlace’s popularity has grown over time.
While they do not have sales data, they do know that their things have received over 3,000 evaluations on Amazon, with a 4.5 star average.
What is the Net Worth of StretchLace?
Jamie and David appeared on Shark Tank in pursuit of $100,000 in return for a 15% share in her company.
This gives in a total valuation of $666,666.66. They accepted Robert’s $100,000 offer for a 30% ownership, bringing the total valuation to $333,333.33.
Who are the Competitors of StretchLace?
Jaime has previously mentioned rivals such as Boostlaces, Braidlaces, and Laceclues.
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StretchLace FAQS
Who is the Founder of Stretchlace?
Stretchlace was founded and is owned by Jaime Montz in June 2015 in Boise, Idaho.
What is Stretchlace?
Stretchlaces are elastic shoelaces that look like lace-ups and can be used to transform any shoe into a slip-on, allowing users to wear whichever shoes they like.
The Stretchlace is perfect for anybody, from athletes to those with limited mobility. It is intended for ease of use, comfort, and to aid in all movements.
How much is Stretchlace?
The laces come in round or flat forms in a range of colours.
They are packaged and shipped using 100% recycled paper, printed with water-based inks, and are 100% recyclable, biodegradable, and compostable.
StretchLace costs $9.99. They may be purchased via the company’s website as well as Amazon.
When was Stretchlace aired on Shark Tank?
Stretchlace appeared on Season 12 Episode 24 on May 14, 2021.
What are the Strengths Stretchlace?
Stretchlace is a beautifully designed mobility aid that is soft and flexible, making it suitable for athletes or individuals with limited range of motion.
These high-quality laces are simple to use and can resist up to 550 pounds of strain.
How do they get Stretchlace?
They may purchase StretchLace through the company’s website or from Amazon by Googling “StretchLace.”
How do they make money?
Stretchlace generally sells to stores and small companies, although the company also allows direct sales through its website.
StretchLace is available on Amazon for $9.99 plus delivery
What is their weaknesses?
In addition to the shipping expenses, the consumer must pay an extra shipping price to return the unused lace
Furthermore, there is no indication on the website concerning how many laces are still available.
What are their goals?
Jaime’s goal is to develop a solution that would allow those who are limited by movement or ailments to feel as fantastic as they used to wearing shoes or heels.
How are StretchLace installed?
When tying their shoes for the first time, they should keep their foot in the shoe.
Lace your shoes higher. If this is not possible, make sure there is enough room for their foot to slip in and out.
Lace each end into the base and ensure that the lace lengths are equal before weaving the lace lengths through the lace holes.
Keep the laces level while lacing upward to prevent twisting.
How do they adjust for a comfortable fit?
Adjust them in the same way as conventional laces, but because their laces have a bit more staying power, they’ll need to go down or up one at a time for each strap.
To relax, start at the top, near the ankle, and to tighten, start at the bottom, near the toes.
Which size should they purchase?
The most accurate way (and the one that ensures the BEST fit) is to measure the laces that are being replaced and find the closest match to one of their sizes.
If their current laces are too long (decrease the length of their laces) or too short (lower the length of their laces) (size their laces up).
They can use their size chart if they are unable to measure.
