Daymond asked if Justin was getting his valuation for his business from just one influencer. He ended up selling 800 pairs of shoes during his first day with the company. The rapper came up with a bunch of different sayings to put on the shoe, and then he would drop ship them to customers. Lori wants to know who they were drop shipping to, and Justin informed her that it was mainly from one person – DJ Khalid. The bulk of the revenue was coming from sports teams and drop shipping. Robert asked how much of the sales come from that channel, and Justin explains that it was only 15%. Justin told the sharks that it costs iSlide $15 per pair of shoes to let the customer completely customize their product, and have it shipped to them in under a week. The first one was individual, where the customer comes on the site and purchases a pair of the slide shoes for $50 each. Justin explains that there are four different distribution channels. The looks on the Sharks faces said that they didn’t think that was a good enough excuse to value the company at $10 million. Justin told the Sharks that he had been in business for three years, and had done $1.5 million in sales so far. Kevin cut in and asked him to describe his business model since he was evaluating the company at almost $10 million. Daymond asked Justin if he works at Reebok since the entrepreneur lives in Boston, the home office of the major shoe company, and had a footwear business of his own. The iSlide was the most comfortable sandal he’s come across so far. He told Justin that every day when he wasn’t wearing a suit, he was wearing flip-flops. Robert walked around to try the shoes out.
Robert had to do with car racing, which he loved. Barbara’s had her name on them, and they were bright powder blue. Justin went around to give each shark their own version of the iSlide shoes. He finished his presentation by repeating the company motto and asking wanted to see their personalized gifts. Justin went on to say that it took him three years to get the business to where it is today. Mark Cuban is the owner of the Pittsburgh Steelers. Justin was smart to appeal to Mark Cuban by telling him that the Pittsburgh wide receiver, Antonio Brown, also wears the slide shoes. He went on to further post about how many sports they currently had relationships with. It also realizes that it’s a shoe company, and prioritizes comfort and wearability as well. The company doesn’t just concentrate on its customization. Justin claims that he has already been working with big names such as Madonna, Justin Bieber, LeBron James as well as several rappers. I slide offers different patterns and colors for team sports, brands, companies, as well as individuals. He insisted that I slide the only slide shoe company to offer as much customization as they did. Justin described his business in grandiose terms. This was becoming a new trend on the show, to ask for a very low valuation of your business.You could tell that Daymond John was very annoyed. He asked the shark for $500,000 in exchange for 5% of his company. Justin introduced himself as the CEO and founder of eyes, which was a custom wide shoe company. He was confident and ready for his presentation. Justin Kittredge walked out onto the stage to face the sharks. Clearly, the entrepreneur is great at basketball, but can he impress the Sharks with his business knowledge? Let’s take a look.
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While he was the President of that company, he taught young people from Boston how to play basketball. Justin apparently practiced while he was on duty at Reebok, and he also ran a nonprofit called Shooting Touch, Inc. That one is particularly impressive because the previous record was only 5 throws in 60 seconds.
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According to a 2009 Business Wire article, Justin won the award for shooting 64 unassisted free throws in two minutes, as well as making 16 blindfolded free throws in one minute. In 2009, he competed and accomplished getting two Guinness Book of World Records in basketball. Interestingly enough, Justin was quasi-famous long before he appeared on the Shark Tank. In addition to the knowledge, Justin was about to use his networking and contacts in his iSlide business. Justin stayed with Reebok for a good ten years before he was laid off in 2014, and says he learned a great deal from the experience. It all started after he got an internship there in college, and then snagged a job in product marketing and development.
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