Hyde Wingman Shark Tank Net Worth
Mike Fox and Pat Hughes, the founders of The Wingman, have a combined net worth of 1 million USD as of 2022. The Wingman was featured on Shark Tank USA in January 2018 and had a business net worth of 1.6 million USD before appearing on the show.
The Wingman is a versatile life jacket for multiple uses that Mike and Pat sought an investor for in Shark Tank episode 913. They asked for $200,000 for 12.5% of their business but were unable to reach an agreement with the Sharks.
Kevin offered $200,000 for 50% of the company, which Mike and Pat declined. The Wingman is now available to be bought on Amazon at a price of 199 USD.
What is Wingman Life Jacket and Who is the founder of Hyde Wingman?
The Hyde Wingman is a type of life jacket that has been approved by the Coast Guard. It is marketed as the world’s smallest and most adaptable inflatable life jacket, making it ideal for activities like surfing, kayaking, paddle boarding, and swimming.
The life jacket utilizes a carbon dioxide cartridge to inflate the bladder, and it is designed to be slim and unobtrusive. When the wearer jumps into the water, a ripcord triggers the cartridge, causing the vest to inflate.
The jacket can be personalized to suit the specific needs of triathletes, anglers, surfers, and kayakers. The jackets also come with extra hydration bladders for storing drinking water.
Hyde Wingman was founded by Michael Fox and Pat Hughes, two longtime friends. Michael graduated from the University of Saint Thomas with a degree in financial management, while Pat earned a degree in Accounting and Entrepreneurship from the University of Wisconsin-Madison.
Pat is currently the Product Manager of Ridgeline, where he is responsible for Portfolio Construction and Trading.
The idea for the Wingman life jacket came about after a triathlete drowned during Hughes’ first triathlon in 2012. The two friends set out to create the lightest life jacket possible, one that could be customized and optimized for various activities.
Their US Coast Guard certified jackets have a sleek design and an inflatable bladder that is actuated by a CO2 cartridge. The bladder remains deflated until the wearer enters the water, at which point the rip rope activates the CO2 cartridge and inflates the vest.
Hyde Wingman initially funded the production of their life jackets through a successful Kickstarter campaign that raised $67,529 in the fall of 2015. Since then, they have sold many life jackets for $249 each, which is significantly less expensive than other commercially available inflatable life jackets.
In addition to life jackets, Hyde also produces compression wear for water sports enthusiasts. Their products are now available on Amazon, having previously been sold on SwimOutlet.com.
Hyde Wingman Shark Tank pitch?
In an episode of Shark Tank, Mike Fox and Pat Hughes pitched their multi-purpose life jacket called The Wingman and were seeking $200,000 for a 12.5% stake in their company. The Sharks tried on the life jackets, but ultimately, Lori, Sara, Daymond, and Mark all declined to invest, leaving Kevin as the only potential investor.
Kevin offered $200,000 for 50% equity, but the founders counter-offered with $200,000 for 20% equity. Kevin declined and they eventually offered $200,000 for 25% equity, but Kevin declined again. In the end, the founders left the show without a deal.
After the show, the price of The Wingman was reduced to $199, and the company continued to sell through their website and Amazon. Despite not securing a deal on Shark Tank, the company has been successful, with $1 million in yearly sales as of February 2022.
Net Worth of Hyde Wingman
The company valuation was $1.6 million during and after the pitch. Since then the company is still operating and hence the company net worth might have been higher than that of pitch.
Hyde Wingman FAQs
What is Hyde Wingman?
Hyde Wingman is a life jacket that has been authorized by the Coast Guard. It bills itself as the world’s smallest and most adaptable inflatable life jacket, which means it won’t get in the way of exciting activities like surfing, kayaking, paddle boarding, and swimming.
Who is the founder?
Michael Fox and Pat Hughes, two long-time friends are the founders of the company.
How much were they seeking on Shark Tank?
They were seeking for $200,000 for 12.5% stake of their company.
Did they have the deal?
No, they did not get any deal on shark Tank.
Is Hyde Wingman still in business?
Hyde Wingman is still in business contrary to popular belief that the company went out of business after failing to get investment. Customers can buy the product on Amazon.
How much is Hyde Wingman?
Hyde wingman is available on Amazon for $199. It includes an inflatable life vest and an emergency ripcord that can be used when the wearer falls into deep water.
Who would Hyde Wingman appeal to?
People who participate in water sports. They recommend The Wingman for anyone who surfs, has a boat, is a kayaker, or a triathlete.
What is the cost of such jackets?
They have life jackets starting from $199.
Where is Hyde Wingman made?
The vests are designed and produced in the United States.
What are the dimensions of these vests?
They have vests starting from small to extra-large sizes.
What colors are available of Hyde Wingman?
They have three colors available; green, red, and blue.
Is the Wingman available in different sizes?
The Wingman is now available in a single adult size that has been tested and authorized by the USCG for adults weighing more than 90 pounds and chest measurements ranging from 30 to 50 inches. This is a broad range, and the Wingman has been proved to suit men and women of various shapes and sizes well.
When the Wingman isn’t inflated, does it give any buoyancy?
The Wingman is neutrally buoyant, which means that if one drops it in the water, it will float because of the neoprene covering. Due to the little amount of buoyancy produced by the neoprene, buoyancy is almost non-existent when wearing the vest.
Are there any recommendations for using salt water?
After each usage, the best thing users can do for their life jacket is to rinse it in fresh water. Remove the CO2 cylinder and thoroughly clean it, as well as the metal components of the inflator, with fresh water.
The metal components on the vest, CO2 cylinder, and inflator are industry standard and required by the USCG for use on inflated life jackets, but they can corrode over time if not properly cared for. The easiest way to avoid rust is to thoroughly clean and air dries their vest after each usage.
How do I make payment for Hyde Wingman?
They can either pay with a credit card or by check.
How does the emergency rip cord work?
In any dangerous situation or emergency, simply pull the rip cord. The vest’s hidden CO2 cylinder will open and the vest will instantly inflate 100% to keep you safe in deep water until help arrives.
What is the net worth of Michael Fox?
Michael Fox is the founder of Hyde Wingman. His net worth is unknown.
What is net worth of Pat Hughes?
Pat Hughes, the business partner of Michael Fox is net worth $1.5 million.
