How Did PolarPro Become Successful?
The CEO of PolarPro, Jeff Overall, came up on Shark Tank and got a million-dollar on-air offer from the sharks along with the promises that the firm would get into the smartphone accessory market.
After that PolarPro made a partnership with OtterBox for creating seven accessories for the case maker’s new modular ecosystem.
In this article, we are going to help you learn how the company PolarPro became so successful. So, keep reading this article.
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PolarPro is a company that produces high-quality accessories for GoPro cameras, smartphones, and drones like microphones, tripods, cameras, extension poles, mounts, filters, and cases.
This California-based company attracts action sports lovers and filmmakers from all over the world. It follows a straightforward business model.
Jeff Overall set up the firm for creating, manufacturing, and distributing accessories for popular cameras like the GoPro. The founder of the company represented PolarPro on Shark with some signature products that he was especially proud of.
He wanted to describe the GoPro extension pole he manufactured named the PowerPole. The key feature of this product is that it allows the users to charge their cameras at the time of recording themselves from different angles while using it for recording selfies.
It was the most popular product of PolarPro but he wished to display a few others.
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Jeff Overall set up this firm with the aim of making gadgets for popular cameras like the GoPro. He wanted to design, manufacture and sell them on the market.
If you are going deeper in photography, it would not be enough for you to have only a camera. As a photographer, you will require various essential accessories if you care about your craft.
PolarPro has been therefore created to fulfil all of your photographic requirements. Moreover, the company offers a wide range of creative accessories like a camera-battery-charged selfie stick, the lens filters used for drones as well and GoPro cameras that set them apart according to the hint from their worldwide website.
The main consumers of the company are action sports photographers. Accessories for GoPros are manufactured to improve the quality of the clicked photographs.
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Jeff Overall is the inventor of PolarPro. He is a California surfer and entrepreneur who started by creating snap-on filters for GoPros and drones.
He walked away on the Shark Tank Stage with his innovative company in 2015 and managed to secure a deal with two sharks named Robert Herjavec and Mark Cuban. Both of the sharks invested $500,000 each in return for a 10% stake in the business.
PolarPro provides a variety of GoPro accessories which have got a lot of fascinating reviews. Some users complained that PolarPro external microphones have connectivity problems. The company listened and replied quickly to this.
PolarPro also provides filters for the DJI Phantom Drone which has now a 4.5-star rating on Amazon. Each of the five-star reviews has been checked but only two reviews give this product three unverified stars.
The PolarPro 3-Pack Polarizer Kits for the GoPro Hero4 and Hero3+ got 4.7 stars along with all reviews rating it as a 4 or 5-star product.
Jeff Overall set up this company with a polarizing filter that improved the sharpness, colour, and contrast of the GoPro cameras when used outdoors.
The firm launched a new product line of gear manufactured particularly for shooting in extreme settings like skydiving, scuba diving, snowboarding, hand gliding, and skiing in 2011. He wanted to highlight another product named the PowerVault of PolarPro which is a built-in battery charging case.
The GoPro carrying case enables users to charge multiple batteries or USB devices wherever they are without requiring conventional power outlets.
The PowerVault is the ultimate portable charger. Furthermore, Overall wanted to display a sampling of his drone filter sets in front of the sharks.
Consumers can utilize this product to protect the lens mounted to their drive cameras at the time of recording bright and clear video.
When PolarPro came up on Shark Tank, it had an incredible product demand and the founder was confident that the investment kg the sharks would help the company to drive towards success.
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What Occurred to PolarPro During Shark Tank Pitch?
Jeff Overall appeared on Shark Tank in 2015 intending to get an investment of $500,000 in exchange for a 10% stake in the business which equates to a valuation of $5 million. Then the shark was surprised by calling Dude.
After that, Jeff depicted the products he was going to offer. Jeff kept explaining that his business featured a Polar Pole, a selfie stick with a battery, facilitating consumers to charge the battery for multiple devices.
Moreover, the drone photo filters are also listed among the most popular products of the company. After that, he asked the shares if they wanted to have a try.
Jeff says that the Polar Pro had manufactured and developed 31 types of products at that time. Every product generated a profit margin of a minimum of 70% and a maximum of 300%.
Out of curiosity, Robert asked about the price of the filter. Jeff replied that the price of that product was different as per the size. He also added that the cost of the filter with a 6-pack was $149.99 and the cost of the 3-pack was $69.99.
He also said that the manufacturing cost of the product was $12 for each. The business was able to generate nearly 8 thousand dollars in 2011. In the following years, it started to generate $2.8 million.
The virtual revenue of the company was supposed to be $5.5 million by 2015. Nevertheless, the business has not acquired much profit as they had to spend on product designs continuously to stay ahead of the opponents.
Polar Pro began when Jeff was filming ski squad videos at the University of California. He did not realise how his films did not have an apparent ending.
He then saw that he did not use good filters. That is why Jeff did thorough research on filters and began to develop his filters by himself with the help of a $2,000 student loan from there.
Although he spent more than a million dollars on R&D they were able to make only $300,000 in the year when it appeared on Shark Tank.
Each of their small photographic and scuba diving stores, counting 1,200 shops, serves the local community. The business was ranked 3rd in the world for specializing in the aftermarket for drones.
The founder believes that his firm could be worth a minimum of $40 million in the future due to the Drone filter potential market.
Mr. Wonderful chose to leave the business as he believed that the electronic goods sector had become very much saturated.
Mark proposed to invest $500K in return for a 10% stake in the business. Jeff replied that he wanted to hear more ideas from the other sharks, only to show respect.
Another shark named Daymond John then came in and gave the same offer in exchange for a 15% stake in the business. He was also ready to support the company with licences.
Lori Grenier and Robert Herjavec found potential in the business and proposed to invest $500,000 in exchange for a 10% stake in the business.
Ultimately Jeff Overall came up with an idea and proposed the deal to the two sharks to invest $1 million for his business. He was ready to give up a 10% stake in the company for each shark.
In the end, Jeff agreed to make the deal with Mark Cuban and Robert Herjavec who were ready to invest $500,000 each in exchange for a 10% share per shark.
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Jeff Overall managed to get a deal from the sharks. Do you know the current status of PolarPro after Shark Tank?
The fans of the PolarPro product line would be glad to know that the firm is doing quite well for itself. They are still launching new products and they have a wide number of followers on their social media accounts like Instagram and Facebook.
Nonetheless, PolarPro is still selling well online and in several other hobbies or surf shops although it did not get a major deal with a major retailer.
Jeff Overall and his team continuously experienced outstanding success in the action sports and drive communities and they did not leave any scope in their effort.
The PolarPro company has been committed to expanding into the smartphone market since Overall came up on Shark Tank.
PolarPro and Otterbox have become partners for manufacturing a series of elegant, snap-on smartphone accessories that have an additional battery, a card reader, a fish-eye lens, and a pair of speakers that clip onto the back of a phone.
The weight of the BeatPulsar Bluetooth speaker of PolarPro is only 3.5 pounds. The retail price of the product is $60 and it doubles as a conference call speaker.
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- Mark Cuban asked about the extent to which the firm can develop in the drone market. Jeff thought that they were capable of developing between $40 and $50 million in the following few years. Mark proposed to invest $500,000 in exchange for a 10% stake in the company.
- Daymond John wanted them to increase to 15% and accept the proposal if Mark but Mark refused. Daymond wanted to make the deal but wanted a 15% share.
- Kevin O’Leary said that he would not make any transactions as the smartphone business was too saturated.
- Lori Grenier enjoys having a stake in the game. She was ready to invest $500k in exchange for a 10% share in the business.
- Robert Herjavec appreciated the business and he thought that the business required funding to grow further. That is why he proposed to invest $500,000 in return for a 10% stake in the business.
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Jeff Overall got a million dollars in return for a 20% stake in his business which was more than he anticipated.
That is why they were able to develop their business remarkably. They have never been needed to sign any deals with major retailers and have been featured in multiple online stores.
The products of the company have been selling well online. Nevertheless, their appearance on the Shark Tank show enabled the company to sell more products
They sell filters for phones and DSLR cameras, cables, lenses, and even card readers. They have added some new products in their product line such as the Ultralight Matte Box and the Litechaser Pro Mobile Lens & Filter System.
They provide Anamorphic Style Filters for Digital Cameras. They sell different items like rain jackets, fleece sweaters and shirts, and long-sleeved shirts and sweaters. The company delivers its products completely free of cost all over the United States but the purchase amount for this must be within $49.99 to $199.99.
Moreover, they have also made a partnership with Otterbox to create a line of smartphone snap-on accessories. They have also launched speakers, fisheye lenses, cards, and batteries.
They have also released a new camera bag named the Boreal 50L. It will have adequate space for 50 lbs. cameras and other equipment.
Boreal 50L is created from 600D polyester, and it has become ten times stronger than most other camera bags due to its DWR coating. The straps and stitching of the product have been checked against weight loads to make sure that it can carry even the heaviest equipment.
There is a large main compartment in the bag measuring 10 inches by 6.5 inches. So, you will be able to easily fit all your lenses and camera bodies inside the bag.
It comes with water bottle holders, a hip belt that can be easily adjusted to fit your equipment and more. If you place an order for a backpack from Boreal, you have to spend only $20.
The company is doing relatively well. They were able to earn $4.7 million from selling their products. If you want to stay updated about the company you have you keep your eyes on their official website.
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Jeff Overall is indeed a very wise person and he made his business successful. Jeff and his team seem to be on the verge of a great future in the drive and action sports industries.
What is the net worth of PolarPro?
When the company, PolarPro was represented on Shark Tank, the variation of the company was $5 million. As of 2022, the net worth of the company is $4 million.
Is PolarPro still in business?
Jeff was a very wise founder. He was able to secure a big deal from the sharks appearing in the popular television show Shark Tank. People want to know about the current status of the business.
The fans of Polarpro would be glad to know that the company is doing very well for itself. The company is launching new products continuously and they have a wide number of followers on social media platforms like Instagram and Facebook.
Although the company has not been able to make partnerships with major retailers it is still doing well in digital selling and certain hobby or surf shops.
Who is the founder of PolarPro?
Jeff Overall is the founder of PolarPro.