What Happened To The Original Stretchlace After Shark Tank?
Sometimes, you just want to wear that cute pair of shoes without having to worry about the laces. Laces can help your shoes stay hugged tightly to your feet, but they can also be a bit of a nuisance. Getting them tangled up or having them come undone is a fast way to land flat on your face, and when you're in a rush, the last thing you want to slow you down is trying to tie your shoes.
The creators of The Original Stretchlace had something similar in mind. That's why they created their product, a versatile, stretchy shoelace that can turn any shoe into a slip-on. No mess, no fuss, and no more tying up unruly shoelaces. Sound like a dream come true? The creators, wife and husband team Jamie and David Montz, thought so, too. The business partners were totally invested in their product. Jamie believed enough in it that she stepped down from her job as Amazon's eCommerce Director to fully dedicate herself to running her and her husband's new business. Not only that, the Montz team was brave enough to dive into the Shark Tank to try and win the heart of the Sharks. It wasn't exactly smooth sailing on the TV show, but the couple did walk away with a deal that would have any aspiring entrepreneur feeling giddy.
They got a deal at the last second
Jamie Montz and her husband, David Montz, appeared in Season 12 of "Shark Tank" with their product, The Original Stretchlace. They launched their business in 2015 and were eager to get an investment to grow their company. Their proposal was $100,000 for 15% equity.
The couple explained that the idea first came to Jamie while she was tying their three children's shoelaces for the umpteenth time. "Getting ready in the mornings was crazy. I was tying three pairs of shoes. I was thinking to myself, 'What are they walking through at school that I'm touching these [laces] every morning?'" Jamie told the judges. Thus, the idea for The Original Stretchlace was born. The two went on to test the product, live and in front of the curious Sharks. David was tasked with slipping on his "Stretchlaced" boots in 10 seconds to show just how fast you can put on your shoes with The Original Stretchlace installed. David went just a little over the 10-second mark, but it was a fun moment that got everyone in the room laughing. Although the Sharks were impressed with the couple's tenacity, none of them seemed all too ready to invest.
Each of the "Shark Tank" stars said they were out. The dejected business owners were on their way out of the studio when one judge had a change of heart. Robert Herjavec offered the $100K for 33% equity, and after a little back and forth, they settled on a 30% equity deal.
The company seems to be doing well
You can imagine that Jamie and David Montz walked away with a skip in their step. Their deal with Robert Herjavec would give The Original Stretchlace a boost like never before. Their website boasts an impressive amount of lace types, shapes, and colors. The Original Stretchlace is available for athletic shoes, kids' shoes, casual dress, and elderly and mobility impaired shoes. Each type comes in a variety of fun shades that you can use to customize your footwear the way you want.
The couple had already made their way onto Amazon before appearing on "Shark Tank" and were selling their product there, but now they could add the golden seal of approval: "As Seen on Shark Tank." Their "Flat Stretch" lace currently has over 4,900 reviews and a whopping 4.5-star rating on Amazon, along with plenty of happy customers praising the product and how well they work for every type of shoe. The couple hasn't shared the company's net worth yet, but it appears The Original Stretchlace may just be one of the most successful products from "Shark Tank."