We wear shoes all the time. They make up 80% of our daily routine but after running and jumping we all feel pain in our feet. Shoes are designed to protect our feet from touching the ground but it is unable to save us from daily foot aches.
Bryan Scott, the representative of Noene USA, has the perfect insoles for us. The product is designed to absorb shocks from our bodies whenever we walk, jump, or run. It is a viscose-elastic rubber that absorbs body shock and disperses it. Apart from insoles, the company is also working on other sports products like gloves to ensure safety on the ground.
Bryan came on the show to request $100K for 10% of his company. He also demonstrated how the product works in comparison to a normal insole to highlight its no or very little re-bound effect. Let’s see if he got the deal or not.
Noene Insoles Net Worth Shark Tank Update
Bryan was looking for an investment of $100k in exchange for 10% equity in the company. At the time of the episode, he valued his company at $1 million. Bryan successfully secured a deal with Mark and Daymond for an investment of $200k for 30% equity in the company. The investment adjusted the company’s net worth to around $667k. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Noene USA in 2024 is around $2.5 million.
Shark(s) name
Offer & Demand
Counteroffer
Accepted?
Kevin O’Leary
Out
N\A
N\A
Mark Cuban + John Daymond
$100K for 10% equity
$200K for 30% equity
Yes
Robert Herjavec
Out
N\A
N\A
Lori Greiner
Out
N\A
N\A
Richard Branson
Out
N\A
N\A
The Owner’s Backstory
Bryan comes from an NFL background and he has played there for 10 whole years. His experience in the field makes him fit to be a representative of Noene in the USA and Canada. The company provides a product that is not only thin but also absorbs all the body shock because of its no or very little rebounding effect.
The company has two phases. The first phase has focused on insoles because it has been selling in Europe while the second phase will focus on different sports applications like baseball bat grips, basketball gloves, tennis rackets, etc.
Initial Pitch
Bryan came on the show to seek $100K for a 10% equity stake. The product is different from other insoles as they have a high rebound effect. The owner also claimed the product to be thinner than a dime. It is designed as an under-insole to replace the original rebounding insoles. Moreover, he also demonstrated the company’s prototype insoles for women’s high heels.
Queries about the Product
Noene is a product that has already been selling in Europe for a long period of time
Lori wanted to know about the Noene sales all over Europe. Bryan replied that it is $1.2M sales yearly on insoles only.
Herjavec then inquired about his agreement with Noene. He answered that he had signed an exclusive distribution agreement with them for the U.S.A. and Canada’s sports insoles.
Daymond asked about the cost of a single unit. Bryan highlighted that it is for about $6 a pair and it is selling for $29.99 in retail.
He also asked about the company’s sales last year. They have no sales currently because it has not been to market yet. He was introduced into the company in January and he owns 25% of the company. He also shared that he and his partners have committed to invest $250K in the company too.
Shark’s Response and Final Decision
After listening to the whole story, Herjavec was not interested in the deal and so backed out.
Kevin then dropped out of the deal due to no sales and the $6 cost to make a single pair of insoles.
Lori praised the idea and even wanted to test the insoles but investment in it is not a good idea for her.
Cuban made it clear that he would invest in it after confirming its diligence and functionality. Then he offered Bryan $100K for 20% equity only if Daymond agreed to get in the deal too.
Daymond agreed to make a partnership with Cuban only if Bryan agreed to a collective $200K for a 40% equity stake.
Bryan then counter-offered them $200K for 25% of his company. The sharks then lowered the equity to 30%.
Finally, Bryan accepted the deal of $200K for a 30% equity stake.
Product’s Availability
Exciting developments have emerged regarding Noene Insoles! While it appeared that a deal between Bryan and investors Mark and Daymond was on the horizon, the agreement ultimately was not finalized. However, the brand experienced a significant transition in 2020 when the company was reportedly sold. Since then, Noene Insoles have expanded their reach, becoming available in numerous shoe retailers across North America. Customers can also conveniently purchase these products online, through platforms like Amazon and the official Noene Insoles website.
Conclusion
So, it’s not necessary to get a final deal from sharks even if they agree to invest in the show. Daymond and Cuban were both in a partnership with Bryan on $200K for a 30% equity stake but according to the reports they were not of any help to the company. Fortunately for Bray, the company still thrived in the retail and online market.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
