Hyde Wingman Shark Tank Update| What Happened to Hyde Wingman after Shark Tank?
What is Wingman Life Jacket?
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.
Hyde Wingman offers a variety of life jackets using a carbon dioxide cartridge that inflates the bladder. The jacket is slim, and when the wearer dives into the water, a ripcord triggers the cartridge, which inflates the vest.
Triathletes, anglers, surfers, and kayakers may personalize the jacket to meet their specific demands. Extra hydration bladders are also included in the jackets for storing drinking water.
Michael Fox and Pat Hughes, two long-time friends, created the firm. Michael graduated from the University of Saint Thomas with a bachelor’s degree in financial management.
Pat worked as a Real Estate Accountant for the Roaring Fork Restaurant Group after graduating from the University of Wisconsin-Madison with a degree in Accounting and Entrepreneurship. Pat is currently the Product Manager of Ridgeline, where he is in charge of Portfolio Construction and Trading.
Who is the founder of Hyde Wingman?
Michael Fox and Pat Hughes, two long-time friends, founded the firm. When a triathlete drowned in Hughes’ first triathlon in 2012, they developed the idea for The Wingman.
Hughes and Fox set out to create the lightest life jacket possible, allowing triathletes, surfers, fishers, boaters, and kayakers to customize and optimize it for their specific activities.
Because of an inflated bladder actuated by a CO2 cartridge, their US Coast Guard certified jackets have a stylish appearance. The bladder is deflated when you wear it.
A rip rope activates the CO2 cartridge and inflates the vest when you go in the water. The Wingman, unlike bulky foam life vests, fits almost like a shirt – until it’s triggered.
CO2 cartridge replacements are typical 23 gram 1/2 inch threaded CO2 cylinders that are suitable for use in a marine environment. There’s also a hydration bladder that can be added to the life vest to hold drinking water.
Hughes and Fox built the first batch of life vests using funding from a successful Kickstarter campaign that earned $67,529 in the fall of 2015, after nearly three years of inventing and patenting their device.
Since then, they’ve sold a lot of life vests for $249 apiece, which is far cheaper than the cost of other commercially available inflated life jackets.
Hyde also produces compression wear for water sports fans in addition to vests. The product is now available on Amazon, after previously being available on SwimOutlet.com.
What Happened to Hyde Wingman at Shark Tank pitch?
In Shark Tank episode 913, Mike Fox and Pat Hughes look for a backer for The Wingman, a multi-purpose life jacket. They’re looking for a Shark to assist them expand their online and offline distribution platforms.
Mike and Pat went to Shark Tank seeking $200,000 for a 12.5 percent stake in their company, which worth $1.6 million.
They present a pitch and then distribute samples. The Sharks are encouraged to try them on and inflate them. Sara pulls her cable before fully buckling it, causing her to be unable to remove it! It must be correctly buckled in order for the zipper to have enough resistance.
The jackets have been certified by the US Coast Guard. Each unit costs $65 to produce and costs $249 to sell. They will be able to lower the price once they begin purchasing in larger quantities. They’ve made $120,000 in sales in the previous ten months.
Lori declares that it is too early for her and exits. Sara isn’t interested in becoming engaged in anything that may lead to liability concerns; she’s out.
Daymond believes that it was a saturated niche market, thus he has bowed out. Mark went out because he believes it will take a lot of money to make it succeed.
Kevin offers $200,000 in exchange for 50% of the company’s equity. They counter with $200,000 in exchange for 20% equity shares, but Kevin declines.
They counter with $200,000 for 25% equity shares, but Kevin declines once more. They depart the pitch without a deal because they don’t want to give up half their firm.
What Happened to Hyde Wingman after Shark Tank?
Since the show aired, the price has been reduced to $199. The firm does not have any physical locations; instead, they sell through their website and Amazon.
The company is still in business 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.
