HydroMax Shark Tank Update| HydroMax after Shark Tank
What is HydroMax?
HydroMax is a unique patented portable water system suitable for use on any pair of football pads. It also functions while playing volleyball, soccer, hockey and other sports.
The device is designed to be mounted on any shoulder pad and carries 16 ounces of water.
Chris launched HydroMax in 2007 in Houston, Texas, but got married and raised a family shortly after.
In order to provide the greatest possible support for his family, he gave up his ambition of bringing HydroMax to market and entered the corporate business sector.
Fast forward to 2011, and Chris is still as determined as ever to find a distributor for his product.
He realizes he needs to take action to get this product out there, despite the fact that he is still working full-time in the corporate business sector.
Who is the founder of HydroMax?
Chris founded HydroMax in 2007, but got married and raised a family shortly after.
In order to provide the greatest possible support for his family, he gave up his ambition of bringing HydroMax to market and entered the corporate business sector.
Fast forward to 2011, and Chris is still as determined as ever to find a distributor for his product. He realizes he needs to take action to get this product out there, despite the fact that he is still working full-time in the corporate business sector.
He realizes he needs to take action to get this product out there, despite the fact that he is still working full-time in the corporate business sector.
Chris is enthusiastic about his product because children are dying on the football field due to dehydration. He had launched the company a few years before he earned $100,000 in a year.
What Happened to HydroMax at Shark Tank Pitch?
Chris opted to pitch his product to Shark Tank investors after inventing HydroMax, to help him for financial assistance, a business partner, and, most importantly, a business partner.
Chris approaches the Sharks with a $50,000 offer in return for a 25% stake in his firm, which is valued at $200,000.
He explains that youngsters are dying as a result of dehydration while participating in minor league football.
Chris shows the invention in action, describing how the shell protects the liquid-holding bladder from collisions and how the drinking tube is stored beneath the jersey when not in use.
The HydroMax system is intended to attach to any pair of football pads, providing it a diverse market position. The Sharks are interested and want to know the cost and sale price.
The HydroMax costs about $8 to make and retails for $49.95. Chris sold $100,000 worth of HydroMax systems during the year he was selling his product, but after starting a family, he returned to the security of his corporate job.
Barbara Corcoran wants to know how Chris plans to devote time to the product. Chris also thinks that a Shark will help him establish a production and distribution network, allowing him to focus on sales.
Kevin O’Leary prefers to work with entrepreneurs that seek out their own licensing arrangements. He claims that licensing the product is difficult, thus he does not want to engage with them.
Daymond John feels that the company’s valuation is exaggerated, and he has withdrawn from the deal.
Barbara Corcoran believes she lacks the necessary relationships for this sort of business and, as a result, she is out of the business.
There are only two Sharks left on the field: Robert Herjavec and Jeff Foxworthy.
Robert Herjavec feels the idea is brilliant, but he believes the only person capable of doing it is Chris, whom he urges to make sales calls and he exit out of the deal.
Jeff Foxworthy is curious about Chris’ growth intentions. Chris has sound ideas and adds that HydroMax has been tested by collegiate players as well as in the Hulu bowl. Foxworthy is taken aback.
He is willing to make the offer of $50,000 for 50% ownership of the company at valuation of $100,000. Finally Chris accepts the offer and the deal was closed.
What Happened to HydroMax after Shark Tank?
Following the celebrations of the deal on the pitch, the Foxworthy deal never concluded, although the firm continues to operate.
Professional players on teams like as the Dallas Cowboys and the San Diego Chargers, as well as Pop Warner, high school, and college teams, are now using the method.
Chris Spencer is now the CEO of his firm, and the system has taken off. Chris obtained venture capital investment in 2011 to support continuous operations and the expansion of 13 staff and day-to-day operations with a nationwide presence.
He is a Senior Business Account Executive with T-Mobile as of November 2021, and HydroMax sales are estimated to be $2 million per year.
Competitors of HydroMax
The company competes with the following companies; UniTek Global Services, Wachs Water Services, ORI, Holland Board of Public Works, H&MV Engineering, Botcode, Roof Management and Gewalt Hamilton Associates.
Net Worth of HydroMax
During the pitch the company valuation was $200,000 and they had makes several sales of around $2 million. The company valuation has also increase in 2021.
HydroMax FAQs
What is the HydroMax?
The HydroMax is a unique patented portable water system suitable for use on any pair of football pads. It also functions while playing volleyball, soccer, hockey and other sports.
Who invented the HydroMax?
Chris Spencer invented the HydroMax in 2007.
What is his offer on Shark Tank?
Chris was seeking for $50,000 for 25% equity stake in his company which was estimated to be worth $200,000.
Did he get the offer?
Yes, he got the offer from Jeff Foxworthy.
What is the offer?
Foxworthy offered $50,000 for 50% ownership in the company at a valuation of $100,000. Chris agreed to the offer.
Did they close the deal?
No, they did not close the deal.
How much did he earn from his company?
The sales of the company are $2 million per year.
How much does the HydroMax cost?
The HydroMax costs around $8. The system retails for $49.95, and the company has sold over a 100,000 units since it began its operations.
How does it work?
The HydroMax attaches to any pair of football pads or protective sports gear, providing a portable supply of water that is easily accessible during competition.
How do I find them?
One can find them on HydroMax.com or MyHydromax.com
Is safe to buy online?
Yes, HydroMax is safe buy online.
Where can you find reviews?
One can find reviews on Amazon.com, YouTube, Pinterest and MyHydromax.com.
How much does it weigh?
It weighs around 4 ounces.
Is it legal?
Yes, the HydroMax is legal because it uses FDA approved material for the bladder and the tubing system.
How is business model?
The HydroMax is sold on the site MyHydromax.com.
What is their target market?
The target market of HydroMax is athletes and teams that participate in various sports.
How many employees does the company have?
HydroMax has 13 employees as of November 2018.
Why do you need investors to start the business?
Chris wanted to expand his business by taking advantage of his experience, knowledge and contacts to establish a large scale production plant for this product.
What is the net worth of Chris Spencer?
The net worth of Chris is estimated at $100 million.
