What Happened to Hyde Wingman After Shark Tank?
What is Wingman Life Jacket?
Hyde Wingman is a life jacket that has been authorized by the Coast Guard. It promotes itself as the worlds smallest and most adjustable inflatable life jacket, which means it won’t interfere with fun sports like surfing, kayaking, paddle boarding, and swimming.
Hyde Wingman manufactures a number of life jackets that use a carbon dioxide cartridge to inflate the bladder. When the user dives into the water, a ripcord activates the cartridge, which inflates the vest.
Triathletes, fishermen, surfers, and kayakers may tailor the jacket to their unique needs. The jackets also have extra hydration bladders for storing drinking water.
The business was founded by Michael Fox and Pat Hughes, two long-time friends. Michael earned a bachelor’s degree in financial management from the University of Saint Thomas.
Pat worked for the Roaring Fork Restaurant Group as a Real Estate Accountant after graduating from the University of Wisconsin-Madison with a degree in Accounting and Entrepreneurship. Pat is presently the Ridgeline Product Manager, where he is in charge of Portfolio Construction and Trading.
Who is the founder of Hyde Wingman?
The business was established by Michael Fox and Pat Hughes, two long-time friends. When a triathlete drowned in Hughes’ first triathlon in 2012, the concept for The Wingman was born.
Hughes and Fox set out to design the lightest life jacket possible, one that triathletes, surfers, fishermen, boaters, and kayakers could modify and optimize for their unique activity.
Their US Coast Guard approved jackets offer a fashionable look due to an inflated bladder activated by a CO2 cartridge. When you wear it, the bladder deflates.
When you enter the water, a rip rope triggers the CO2 cartridge and inflates the vest. Unlike bulky foam life vests, the Wingman fits nearly like a shirt – until it’s triggered.
CO2 cartridge replacements are standard 23 gram 1/2 inch threaded CO2 cylinders appropriate for naval application. A hydration bladder that may be attached to the life vest to contain drinking water is also available.
After nearly three years of creating and patenting their invention, Hughes and Fox constructed the first batch of life vests using money from a successful Kickstarter campaign that collected $67,529 in the fall of 2015.
Since then, they’ve sold a large number of life vests for $249 each, which is far less than the price of other commercially available inflated life jackets.
In addition to vests, Hyde manufactures compression apparel for water sports enthusiasts. After formerly being offered on SwimOutlet.com, the product is now available on Amazon.
What Happened to Hyde Wingman at Shark Tank pitch?
Mike Fox and Pat Hughes hunt for a backer for The Wingman, a multi-purpose life jacket, in Shark Tank episode 913. They were seeking a Shark to help them develop their online and offline distribution networks.
Mike and Pat appeared on Shark Tank in seeking of $200,000 in exchange for a 12.5 percent ownership in their firm, which worth $1.6 million.
They make a pitch and then hand out samples. Sharks were urged to try them on and blow them up. Sara unbuckles her cable before fully buckling it, rendering her unable to remove it! It must be properly buckled in order for the zipper to provide enough resistance.
The US Coast Guard has approved the jackets. Each item costs $65 to manufacture and $249 to sell. When they start purchasing in bigger numbers, they will be able to cut the price. In the preceding 10 months, they generated $120,000 in sales.
Lori says it’s too early for her and walks out. Sara isn’t interested in becoming involved in anything that may result in liability issues; she’s out.
Daymond feels it was a saturated niche market, thus he has exited. Mark went out since he feels it will require a large sum of money to succeed.
Kevin offers $200,000 in return for 50 percent ownership of the firm. They respond with $200,000 in return for 20 percent stake, but Kevin declines.
They react with $200,000 for 25 percent equity shares, but Kevin declines again. They walk away from the pitch without a deal because they don’t want to give up half of their company.
What Happened to Hyde Wingman After Shark Tank?
The price has been decreased to $199 since the episode aired. The company has no physical facilities and only sells through their website and Amazon.
As of February 2022, the firm was still in operation, with annual revenues of $1 million.
Net Worth of Hyde Wingman
During and after the pitch, the firm was valued at $1.6 million. Since then, the company has continued to operate, and its net worth might have just surpassed that of pitch.
Hyde Wingman FAQs
What is Hyde Wingman?
The Coast Guard has authorized the Hyde Wingman life jacket. It promotes itself as the world’s smallest and most adjustable inflatable life jacket, which means it won’t interfere with fun sports like surfing, kayaking, paddle boarding, and swimming.
Who is the founder?
The firm was founded by Michael Fox and Pat Hughes, two long-time friends.
How much did they ask for on Shark Tank?
They were asking for $200,000 in exchange for a 12.5 percent share in their firm.
Were they able to close the deal?
No, they did not score a deal on Shark Tank.
Is Hyde Wingman still in operation?
Hyde Wingman is still in operation, despite widespread notion that the company went out of business due to a lack of funding. Customers may purchase the goods via Amazon.
How much does Hyde Wingman cost?
The Hyde wingman is available for $199 on Amazon. It comes with an inflated life jacket and an emergency ripcord in case the wearer falls into deep water.
Who would Hyde Wingman appeal to?
Individuals who participate in water sports. They suggest The Wingman to everyone who surfs, owns a boat, kayaks, or competes in triathlons.
How much do such coats cost?
They sell life jackets for as little as $199.
Where is Hyde Wingman manufactured?
The vests are both developed and manufactured in the United States.
What are the measurements of these vests?
They provide vests in sizes ranging from small to extra-large.
What Hyde Wingman colors are available?
They come in three different colors: green, red, and blue.
Is the Wingman available in a variety of sizes?
The Wingman is now available in a single adult size, which has been tested and approved by the USCG for individuals weighing more than 90 pounds and with chest sizes ranging from 30 to 50 inches. This is a broad range, and the Wingman has shown to be a good fit for men and women of many shapes and sizes.
Is there any buoyancy when the Wingman isn’t inflated?
Because of the neoprene coating, the Wingman is neutrally buoyant, which means it will float if dropped in water. When wearing the vest, buoyancy is essentially non-existent due to the small amount of buoyancy provided by the neoprene.
Are there any recommendations for using salt water?
The greatest thing users can do for their life jacket after each use is to rinse it in clean water. Remove the CO2 cylinder and thoroughly clean it, as well as the inflator’s metal components, using fresh water.
The metal components on the vest, CO2 cylinder, and inflator are industry standard and required for use on inflated life jackets by the USCG; however they can corrode over time if not properly maintained for. The simplest approach to avoid rust is for the user to completely clean and air dry their vest after each use.
What is the payment procedure for Hyde Wingman?
They have the option of paying with a credit card or a cheque.
What is the purpose of the emergency rip cord?
Simply pull the rip rope in any perilous scenario or emergency. The concealed CO2 cylinder in the vest will open, and the vest will immediately inflate to 100% to keep you safe in deep water until help comes.