Revolutionary footwear manufacturer Islide debuted its distinctive product range in Season 8 of the hit reality TV program Shark Tank, episode 1 of season 8. They are experts in producing unique and premium slides.
After approaching the Sharks, the company has raised its popularity. The entrepreneurs did offer a deal, but they stood high and rejected them. With extreme confidence, they left the Tank and received exposure from the audience. Let us talk about their journey and struggle behind the success.
Quick Facts
| Founders name: | Justin Kittredge |
| Business details: | Custom slide sandals |
| Founded in: | 2013 |
| Location : | Boston, Massachusetts, USA |
| Asking of Company: | $500,000 for 5% equity |
| Accepted Deals: | No Deal |
| Shark on board (Investors): | None |
| Shark Tank Episode: | Season 08 Episode 01 |
| Net Worth: | $20 million |
| Business Status: | Active |
| Last Updated: | Mar 14, 2024 |
| Social Media | Facebook |
About the Founder
Justin Kittredge serves as the creator of Islide, and he has put a lot of effort into developing his vision for the company. He had the concept to produce a unique brand of slide-one footwear in the year 2013, and that is how I slide emerged. They released their product to nearly instant popularity after extensive effort in manufacturing and market research.
Justin chose to test his luck by encountering the sharks in 2016. He had already developed his company by that time. His handcrafted footwear has been worn by some of the personalities and stars.
Founding the Islides
Islide was marketed by Justin Kittredge as a collection of footwear that aimed to be both cozy and individualized.
Islide originally offered footwear that customers could personalize adding unique photos, emblems, written content, and more.
The cushioned foot of the insole was advertised, as they are extremely pleasant and comforting. There are numerous slipper footbed and strap designs available nowadays.
Islide has expanded its product line in recent years to include comfortable socks with a focus on arch stability. The business has agreements for licensing with both commercial and collegiate athletic groups.
Shark Tank Appearance
With a high estimate Justin had set up his firm which spooked a lot of sharks, however, they valued the product’s distinctiveness and fineness. For a 5% share in Islide, no one was prepared to sign up for an investment of $500,000. The valuation of the company was $10 million.
Given his association with the NBA, Mark Cuban especially sounded interested in the prospect. He thought the price that he offered was a bit overpriced.
However, Robert Herjavec raised worries regarding the price tag even if he recognized the possibility of the item in the marketing marketplace. He was the lone shark to propose. It included a larger share than Justin had anticipated – $500,000 for a 20% ownership stake.
Kittredge failed to get the financial backing he wanted on the program, albeit making an excellent pitch. He exited the Tank without a transaction because he was unwilling to reduce the valuation of the business.
After Shark Tank
Islide has expanded despite the rejection of Robert’s proposal. The organization is currently thought to be valued at more than $10 million.
Several prominent individuals, including the singer Justin Bieber, the rapper DJ Khaled, and the whole USA Basketball Men’s National Team, have become fans of their merchandise. They have also developed a prominent online identity and growing the collection of their product.
The current estimated value of the company is over $20 million.