StretchLace Shark Tank Net Worth 2023
Jamie and David entered the Shark Tank in search of $100,000 in exchange for a 15% stake in her business, valuing The Original Stretchlace at $666,666.66.
After negotiating with Robert, they accepted an offer of $100,000 for 30% stake, valuing the company at $333,333.33.
This allowed them to further develop their product and increase the net worth of The Original Stretchlace to a million dollar value by 2023.
What is StretchLace?
The Original Stretchlace is a type of elastic shoelace that resembles traditional lace-up shoelaces. They can be used to convert any shoe into a slip-on, allowing wearers to use any shoe they prefer.
The Original Stretchlace is designed for simplicity of use, comfort, and support for all types of movement, making it suitable for athletes and those with limited mobility.
The founder and owner of The Original Stretchlace is Jaime Montz from Boise, Idaho. She opened the company in June 2015.
Prior to this, Montz worked for various companies including Plant Therapy, Bodybuilding.com, Aquent, drugstore.com, and Macy’s in different roles such as Director of Ecommerce, Director of Category Management, MSN/Bing Manager, Category/Site Planning Manager, and assistant buyer.
She graduated from the University of Idaho with a Bachelor of Science in Business Marketing. Jaime Montz is the family’s first college graduate and a first-generation Korean-American.
After spending 20 years in e-commerce, she decided to take the entrepreneurial leap and turn her side hobby into a business.
The idea for Stretchlace was born out of her personal experience of having three sons at different stages of learning to tie shoelaces, along with her husband. They developed and tested the product at home.
Montz credits her challenging background for shaping her into who she is today. She believes that hard work, patience, and dedication are key to achieving success. The Original Stretchlace is an ethical and profitable business that treats customers like family, with direct access to the owner and team.
Montz also emphasizes the importance of adaptability and resilience in achieving success, and believes that for every person who doubts you, there are many more who believe in you.
What happen to StretchLace at the Shark Tank Pitch?
The laces come in different shapes and colors, either round or flat. They are packaged in 100% recycled paper and printed using water-based inks. Furthermore, they are recyclable, biodegradable, and compostable. These laces, called StretchLace, cost $9.99 and are available for purchase on the company’s website and Amazon.
Jamie and David entered the Shark Tank with the intention of obtaining $100,000 for a 15% stake in their business, which would value it at $666,666.66. They presented their pitch and showcased their samples, revealing that each item cost between $1.49 and $2.14 to manufacture and retailed between $9.99 and $13.99.
They exclusively sell their products online and generated $221,000 in revenue the previous year. However, their suppliers were negatively affected by the Covid-19 pandemic, resulting in a lack of inventory for several months.
Jamie shared her expertise in ecommerce and how she developed the product. However, Daniel challenged her experience, causing Robert to exit.
Mr. Wonderful referred to them as “shoelace cockroaches,” but he also left. Although Lori believed in their potential, she didn’t think this product was the right fit for her and Mark didn’t believe they needed an investor.
Before leaving, Robert expressed that he was interested in their assistance with his other ventures. He offered $100,000 for a 33% stake, but Jamie and David negotiated for a 25% stake.
Robert desired Jamie’s involvement in the development of new products, so they reached an agreement for a 30% stake, bringing the value to $333,333.33.
StretchLace after the Shark Tank Pitch?
As of July 2021, the agreement with Robert has yet to be finalized. It’s only been two months since the episode aired, so they might still be conducting necessary checks.
Despite not having sales figures, the Stretchlace has been gaining more and more popularity. On Amazon, their products have received over 3,000 ratings with an average rating of 4.5 stars.
StretchLace Net Worth?
Jamie and David join the Shark Tank in search of $100,000 in exchange for a 15% stake in her business.
This results in a worth of $666,666.66. They accepted an offer from Robert of $100,000 for 30% stake, which brings valuation to be $333,333.33.
In the past, Jaime has named competitors such as Boostlaces, Braidlaces, and Laceclues.
Who is the Founder of Stretchlace?
Jaime Montz, established and owns Stretchlace in Boise, Idaho, in June 2015.
What is Stretchlace?
The Stretchlace are elastic shoelaces that resemble lace-ups and can be used to convert any shoe into a slip-on, allowing them to wear any shoes they like.
The Stretchlace is ideal for anybody, from athletes to mobility-impaired individuals. It is designed for simplicity of use, comfort, and to assist all movement.
How much is Stretchlace?
The laces are available in round or flat shapes in a variety of colours.
They are packaged and sent using 100% recycled paper, printed using water-based inks, and are 100% recyclable, biodegradable, and compostable.
StretchLace retail for $9.99. They are available for purchase on the company’s website and on Amazon.
When was Stretchlace aired on Shark Tank?
Stretchlace was on Season 12 Episode 24 on 14, May 2021.
What are the Strengths Stretchlace?
Stretchlace is cleverly designed to improve movement and is soft and flexible, making it ideal for athletes or those who suffer from limited range of motion.
These high-quality laces are easy to use and are strong enough to withstand up to 550 pounds of force.
How do they get Stretchlace?
They can shop for StretchLace on the company website – https://www.stretchlace.com/ and on Amazon by searching “StretchLace.”
How do they make money?
Stretchlace sells primarily to retailers and small businesses, but it also accepts direct sales on its website.
On Amazon, StretchLace are sold for $9.99 plus shipping.
What is their weaknesses?
In addition to the costs of shipping, a customer has to pay for an additional shipping charge to return the unused lace.
Also, there is no information on the website about how many laces are left in stock.
What are their goals?
In order to help people who are limited by mobility and injuries, Jaime aims to provide them with a solution that will allow them to feel as good as they used to with sneakers or heels.
How are StretchLace installed?
Maintain their foot in the shoe when tying their shoes for the first time.
Lace higher. If this is not feasible, ensure that there is sufficient space for their foot to glide in and out.
Before weaving the lace lengths through the lace holes, lace each end into the base and check that the lace lengths are equal.
While lacing upward, keep the laces level to ensure there are no twists.
How do they adjust for a comfortable fit?
Adjust them similarly to standard laces, but because their laces have a bit more staying power, they’ll need to make their way down or up one at a time for each strap.
To relax, begin at the top, closest to the ankle, and to tighten, begin at the bottom, closest to the toes.
How do they keep my laces from coming untied?
They had been incorrectly lacing their shoes.
It’s all about fitting. If the laces do not graze the ground when fastened, they know they have an excellent fit.
The more floppy the lace, the greater the likelihood that it may untie.
If their laces broke, they most likely had the incorrect fit.
They propose that the bow and loose ends make contact with the top of the foot. They become twisted and less likely to be knotted if they are any longer.
Which size should they purchase?
The most precise method (and the one that insures the BEST fit) is to measure the laces they’re replacing and discover the closest match to one of their sizes.
If their present laces are too lengthy (reduce the length of their laces) or too short (size their laces up).
If they are unable to measure, they may utilize their size chart.
What is net worth of Jamie Montz?