What Happened to PolarPro After Shark Tank? PolarPro Shark Tank Update 2022

 

PolarPro is a business with a relatively straightforward business model. Action sports fans and filmmakers all around the globe can benefit from the products offered by this California-based firm.

Jeff Overall’s goal was to create, manufacture, and distribute accessories that could be compatible with cameras such as GoPro. Jeff had a couple of exceptional items that he was particularly impressed with when he entered the tank.

PolarPro CEO received a million-dollar offer from the Sharks and assures the business will enter the smartphone accessories market.

Afterwards, PolarPro subsequently collaborated with OtterBox to produce seven more accessories for the case manufacturer’s new modular architecture.

Company Overview in Shark Tank

Company Name PolarPro
Website        https://www.polarprofilters.com/
Episode          Season 7 Episode 8
Product Offering       Accessories for GoPro and other cameras
Founded 2011
Founder Jeff Overall
Required Investment $500,000 for the sake of 10% stake
Closing Deal $1 million for the sake of 20% stake
 Offered Sharks         Robert Herjavec and Mark Cuban
Current Business Status In Business

What is PolarPro?

In addition to GoPro cameras, drones and smartphones, PolarPro also produces the finest accessories, including tripods,  microphones, cameras, extension poles, mounts, cases and filters.

There are action sports enthusiasts and filmmakers all around the globe who use PolarPro’s products. Furthermore, PolarPro must adhere to a simplified business strategy to efficiently function.

How Does PolarPro Work?

Jeff Overall started the company because he wanted to make gadgets for famous cameras like the GoPro. He wanted to design, produce and sell them on the market.

Possessing a camera may not be enough if you are going deeper in photography. Accessories are essential for every photographer who cares about their craft! As a one-stop solution, all of your photographic needs may be fulfilled at PolarPro.

On top of that, PolarPro provides a variety of creative accessories, such as a camera-battery-charged selfie stick, the lens filters used for both drones and GoPro cameras that set them apart according to the indication from their worldwide website.

Action sports photographers are PolarPro’s primary customers. Accessories for GoPros are designed to enhance the quality of the photographs captured.

Who Founded PolarPro? Founder Backgrounds

Jeff, who founded a PolarPro business, was once a student at the University of California, majoring in accounting and economics. As a teenager, he built and established a business that was a joint venture for selling hermit crabs online to other aquariums.

In addition, he was a photo shooter who enjoyed seeing new places before converting his passion into a successful business.

During his college time, Jeff used a GoPro camera that was his primary method of documenting his university skiing team’s activities.

However, the video recording was too bright, which was unfortunate. Most of the students in the classroom had problems with their GoPros being too bright. The beer-soaked optical filters would probably fit snugly between the GoPro shell and lens.

With his experience, Jeff was making filters for his GoPro, and he discovered that they could help other people who used the camera. After that, he attempted to film the ski roster again, which was a triumph. He was pleased to realize that he had solved the lighting issue from that moment on.

PolarPro Business Before Shark Tank

A large number of GoPro attachments are already available from PolarPro, most of which have garnered a plethora of interesting (and overwhelmingly good) evaluations.

In prior evaluations, PolarPro exterior mics were noted to have connection difficulties; however, the firm acknowledged and reacted quickly. Moreover, the business features Phantom Drone filters.

Jeff started the business with a polarizer that made GoPro cameras look more professional, colorful, and contrast if used outside. This filter was the first thing he made.

PolarPro During Shark Tank Pitch

Jeff made an appearance on a shark tank show in 2015 with the hopes of receiving a $500,000 investment in return for a 10% stake in his firm. The investment equates to a value of $5 million. Then, the shark was surprised by shouting ‘Dude’. Then Jeff explains the products he has to offer.

Jeff continued to explain that his business features a Polar Pole, a selfie stick with a battery, enabling consumers to charge the battery for several devices. In addition, the done photo filters are among the most well-known products.

Then, he asks the shark whether they would like to have a try.

Jeff said the Polar Pro has produced and acquired 31 types of products at the moment. Each product has profit margins of at least 70%, and the maximum is 300%.

As Robert was curious, he asked what the filter’s price was. Then, the founder told the shark that this product’s price is different depending on its size. He continued, the filters with 6-pack would cost $149.99, and the 3-pack would cost $69.99.

Meanwhile, the production cost is only $12 per item.

In 2011, the business generated roughly 8 thousand dollars. It went on to earn $2.8 million in later years.

The company anticipates revenue of virtually $5.5 million by 2015. However, the business has not gained many profits as they continually spend on product design to stay ahead of the competitors.

Polar Pro started when Jeff was filming ski squad videos at the University of California.

He did not understand how his films did not have a clear ending. He found out that he did not use good filters. As a result, Jeff researched filters and started developing his own with the assistance of a $2,000 student loan from there.

Despite spending over a million dollars on R&D, they only made $300,000 in the year of presenting on Shark Tank.

Each of their small photographic and scuba diving shops, totaling 1,200 shops to serve the local community. The business is ranked 3rd in the world for specializing in the aftermarket for drones.

In the future, the founder thinks his company could be worth at least $40 million because of the Drone filter potential market.

Having determined that the electronic goods sector has become too saturated, Mr. Wonderful has chosen to exit the business. For the sake of making the finest bid achievable while minimizing time spent on the process, Mark gives $500K in exchange for 10% equity of the company. To show respect, Jeff says he would be interested in hearing additional ideas from everyone.

Then, another shark, Daymond, came in and gave the same financing threshold to the business, yet he would exchange for a 15% equity of the company. Also, he agreed to support the company with licences.

The two other sharks, Lori and Robert, seeing the potential in the business, came and offered financing of $500,000 with 10% stake.

Finally, Jeff came up with an idea, so he proposed the deal to the two sharks to finance $1 million for his business. He would give each shark a 10% share of the company in return.

PolarPro Closing Deal in Shark Tank

Final Deal: Jeff agreed to seal the transaction with Mark and Robert after their concessions, providing each with a 10% shareholding stake in return for $500,000 per invested shark.

PolarPro After Shark Tank

Jeff Overall was successful in securing a significant agreement with Shark Tank.

However, the Shark Tank transaction is only the starter page for the firm. Following this business pitch, some company strategies may not work out as planned.

Despite this, Polar Pro has established itself as a leading firm to emerge following the pitch in Shark Tank.

PolarPro has reaped several rewards as a result of the Shark Tank investors’ support. Their merchandises is accessible on the internet and in hobby stores.

The company’s annual revenue is anticipated to be $4.7 million. The firm has around 26 people responsible for operating the company in technological hardware.

Moreover, its headquarter is situated in Costa Mesa, which is in California.

PolarPro increased its drone stock thanks to the financing and getting in supplies at a cheaper cost. Mobile phone accessories were also made possible by this development.

Since Jeff has been featured on Shark Tank, the company has stayed dedicated to growing in the smartphone industry.

PolarPro has teamed up with Otterbox to create a line of snap-on and stylish accessories for smartphones, including an additional card reader, battery, a pair of speakers, and a fish-eye lens attached to the bottom of the phone.

For example, a 3.5-pound Bluetooth speaker from PolarPro is priced at $60 and even double if you get a call speaker used in the conference.

If you look at the net worth of the company, it appears that this organization will be able to stay up with the ever-changing digital business environment.

Current Update: Is PolarPro Still In Business?

In other words, Jeff, as a wise founder, received an enormous deal after his successful pitch on the Shark Tank. What’s going on in his firm right now?

PolarPro lovers should rest assured that the company seems to be doing rather well for itself.

The company continuously introduces new merchandise, and they have sizable followers on social media platforms such as Facebook and Instagram.

Despite the lack of effective partnerships with significant retailers, PolarPro is still performing effectively in digital selling and certain hobby/surf stores. Thanks to their product offerings, Jeff and his team seem to be on the cusp of a great future in the drone and action sports industries.