FoHawx Shark Tank Net Worth
FoHawx’s net worth was $500,000 when it appeared on Shark Tank, but the company is now out of business as of 2023.
The estimated net worth of FoHawx is unknown, as it closed a year after the show aired. Before appearing on the show, FoHawx had sold $50,000 worth of its product through 80 specialty retailers in a year.
What is FoHawx and Who is the founder of FoHawx?
FoHawx is a line of helmet accessories designed for children that transform ordinary safety helmets into fun and stylish headgear. The product is easy to attach and remove from any type of safety helmet.
The idea for FoHawx came from Maya, the daughter of Jocelyn, one of the founders. Maya created a paper Mohawk and stuck it on Jocelyn’s son’s helmet to make him want to wear it.
When he wore the helmet without complaint, Jocelyn realized that the idea had potential and teamed up with a friend to create a collection of colorful and entertaining helmet accessories.
FoHawx comes in various designs and is not only for children but also for adults. They have become popular because they provide extra protection to the head and help prevent injuries, as they are made of materials that are more flexible and less brittle.
Jocelyn, who previously worked as a business development consultant, and Kelly, a former member of the visual merchandising management team at Toys R Us, are the founders of FoHawx.
The product is available for purchase on Amazon, at several small toy stores, as well as at Walmart and Toys R Us.
What Happened to FoHawx at the Shark Tank pitch?
Jocelyn and Kelly presented their concept to the Sharks on episode 11 of season 5 of Shark Tank with the goal of expanding their company. They requested a $150,000 investment for a 30% stake in FoHawx, valued at $500,000.
Accompanied by a group of children wearing helmets adorned with brightly colored foam fringed embellishments, the women pitched their product to the Sharks. The FoHawx is a decorative accessory that can be affixed to any helmet using an adhesive Velcro strip.
Despite generating $50,000 in sales through 80 niche retailers in one year, the Sharks felt that their sales figures were too low to justify a year’s worth of effort. Additionally, they believed that the price point of $19.99 was too high and recommended a lower price of $9.99.
Although there was some debate about lowering the price, the Sharks ultimately felt that the sales figures were insufficient and advised the women to reconsider their distribution strategy. After receiving no deal, FoHawx collapsed about a year later, effectively ending the helmet accessory industry.
While it is disappointing to see entrepreneurs miss out on opportunities for success, it is important to note that more than half of all new businesses started each year ultimately fail. Despite this setback, Jocelyn and Kelly’s dedication and perseverance suggest that they will likely continue to make waves in the business world.
Competitors of FoHawx
FoHawx has one major competitor in the market space selling helmet accessories like Skateboard helmets.
Net Worth of FoHawx
The company was valued at $500,000 during the pitch, since then the company is no longer in business.
FoHawx Shark Tank Updates
FoHawx is a company that appeared on Shark Tank seeking an investment of $150,000 for 30% equity in exchange.
The company was founded by Jocelyn and Dineen, two moms from New Jersey who created helmet accessories for children. The accessories, called FoHawx, were brightly colored foam fringed decorations that attached to helmets with an adhesive.
The founders came on the show with a group of young kids riding bikes and trikes, all wearing helmets featuring various decorations attached.
During the pitch, the founders of FoHawx came up with a valuation of $500,000, but they were selling for so high that they disappointed all the sharks and the offered valuation was offered.
Although the company enjoyed a boost from the Shark Tank effect for about a month, it soon became clear that their price point was offering a serious barrier to sales and their company was just not working. FoHawx closed its business about a year after appearing on Shark Tank.
In 2023, FoHawx still exists, but purchasing their products is quite challenging. The company effectively ended the helmet accessory sector after its appearance on Shark Tank. FoHawx appears to be more popular learning about them than purchasing their products.
FoHawx Shark Tank Table Summary:
|A line of helmet accessories that transform safety helmets
|Jocelyn and Kelly
|Sales before Shark Tank
|$50,000 worth of product through 80 specialty retailers in a year
|Shark Tank Pitch
|Asked for $150,000 investment for a 30% stake
|Valuation at Pitch
|Outcome of Pitch
|No deal from the Sharks and the company closed in 2022
|One major competitor in the market space
|Estimated Net Worth
|Unknown as the company closed a year after the show aired
|Sharks advised the women to reconsider their distribution strategy
|Sharks believed the price point of $19.99 was too high and recommended a lower price of $9.99
What Is FoHawx And How Does It Work?
FoHawx is a line of children’s bicycle helmets with colorful, interchangeable, decorative mohawks. The product was invented by Jocelyn Fine’s daughter, Maya, who cut out a paper mohawk and glued it to her brother’s helmet to encourage him to wear it.
The FoHawx mohawks are attached and removed using a velcro strip, allowing kids to collect styles and swap them with their friends. The product is designed to make safety exciting for kids and encourage them to wear helmets.
FoHawx was featured on Shark Tank in 2013, where Jocelyn and her business partner Kelly Dineen pitched the product to the Sharks.
They asked for a $150,000 investment in return for a 30% stake in the company1. However, none of the Sharks made a deal with them, and the company went out of business in 2022.
FoHawx was sold on Amazon, at dozens of small toy shops, and at Walmart. The product cost $5 per unit to manufacture and was sold for $19.99 to retailers. The Sharks suggested lowering the cost to $9.995. FoHawx targeted children between the ages of 4 and 10.
Maya, Jocelyn’s daughter, “created” the FoHawx. Maya made out a paper Mohawk and pasted it to Jocelyn’s son’s bike helmet since he didn’t want to wear his helmet. FoHawx wore bright blue elbow and knee pads with a hideous tie-dye design.
What Happened To FoHawx After Their Appearance At Shark Tank?
FoHawx did not secure a deal with any of the Sharks on Shark Tank. However, the company saw a boost in sales after the episode aired.
Unfortunately, this increase in sales was short-lived and the company struggled to maintain momentum. FoHawx was still in business for some time after its appearance on Shark Tank, but it became increasingly difficult to purchase its products.
FoHawx eventually closed its business about a year after its appearance on Shark Tank. Despite their struggles, FoHawx remains an interesting and unique product that aimed to make helmets more fun and appealing to children.
Did FoHawx Get A Deal On Shark Tank?
FoHawx did not receive any investment from the Sharks on Shark Tank. The founders of FoHawx, Jocelyn Fine and Harley Denine, were seeking $150,000 in exchange for 30% equity in their business.
Although the company saw a boost in sales after the episode aired, it only lasted for about a month. The Sharks did not see the potential in the product and were concerned about the high price point.
Despite not receiving a deal, the exposure from Shark Tank helped FoHawx gain customers and traffic on its website.
However, the company struggled to maintain sales due to the high price of its product. FoHawx eventually closed its business in 2014, one year after its appearance on Shark Tank.
How much were asking on Shark Tank?
Jocelyn and Kelly were asking for $150,000 for 30% stake of their company.
Is FoHawx still in business?
No, FoHawx is not in business anymore.
Was FoHawx a scam?
No, FoHawx is not a scam.
Do they have products?
No, they have no any product at the moment.
Do they have inventory?
No, they don’t have any inventory at the moment.
Was FoHawx profitable?
No, they were not profitable.
Is FoHawx still making product?
No, they are no longer making FoHawx product.
Are there any products similar to FoHawx?
Competition of FoHawx is in the market space selling helmet accessories like skateboard helmets with foam fringing on.
What is FoHawx headquarters?
FoHawx headquarters is located at Jersey City, New Jersey.
Does FoHawx have a clearance sale?
No, they don’t have any clearance sale at the moment.
Does FoHawx have a real address?
No, they don’t have a real address available on the internet at the moment.
Was FoHawx having return policy?
No, FoHawx does not have a return policy.
What is the price of FoHawx?
The price of FoHawx is $39.99 at the moment.
What is the phone number for FoHawx?
The phone number for FoHawx is unavailable at the moment.
How to contact them?
There is no any information about contact method available at the moment.
Was FoHawx accepting PayPal?
No PayPal at the moment.
How did FoHawx make money?
FoHawx makes money by selling their product.
What is the latest of FoHawx?
There is no any information about latest update of FoHawx available at the moment.
How long did it take before they went under?
The company went under more than a year after it was put on Shark Tank.
Is FoHawx plan to resume?
No, FoHawx does not plan to resume at the moment.
Was FoHawx safe for investment?
No, FoHawx is not safe for investment.
What were the weaknesses of FoHawx?
The weaknesses of FoHawx are the product is not selling; they are not able to expand their sales.
What were the strengths of FoHawx?
FoHawx has strengths in their market size and the marketing.
How many employees does FoHawx have?
There is no information of employees at the moment
What is the net worth of Jocelyn Fine?
Jocelyn Fine net worth is unknown.
What is the net worth of Kelly Dineen?
Kelly Dineen net worth is unknown.