Everyone has a sports freak inside of us who really wants to spice things up with updated sports goods, especially hats. From the beginning, we all have been using simple hats to not only save ourselves from the scorching heat but also sports teams love to wear hats with their own signature style.
Gabe Cooper and Sean Starner, co-owners of Noggin Boss, have the perfect hats to level up our taste. Their product is a fully customizable hat, unlike commonly found hats in the market. They claim to have used high-quality material for their hats with sizes available for every head size on Earth. They also claim that their hats are in fact magnets which are truly attracting fans who want to take a selfie with the person wearing it. Apart from its common use, Noggin hats can also be used for promotional purposes.
The owners are on the show to ask for $50K for 25% of equity in their company. They also brought in their company’s hat for every judge to check and put on, rooting to get the deal they wanted. Let’s explore their presence on the show.
Noggin Boss Net Worth 2024 Shark Tank Update
Gabe and Sean were looking for an investment of $50K in exchange for 25% equity in the company. At the time of the episode, they valued their company at $200K. Gabe and Sean successfully secured a deal with Daymond for an investment of $50K for 30% equity in the company. The investment adjusted the company’s net worth to around $167K. After the show was aired, the company experienced a significant boost in exposure, including a 2,000% increase in sales. As per my rough estimate, the current net worth of Noggin Boss in 2024 is around $5 million.
Initially, the idea came to Gabe when he was attending a best-dressed golfer competition, where he wore a massive hat which was quickly getting positive responses from the attendants. He then created prototypes which led to this Hoggin Boss’ journey.
Gabe and Sean like every sports freak, have designed the hat to make possible every creative person’s dream. They started their business in 2020 in the largest golf tournament which truly accelerated their journey. Although then their entire company shut down for 1.5 years, they utilized the time to make connections with promotional teams and licensed teams. They even were paid regularly in the form of dividends. Now they have been featured in the NFL and the NBA finals, which is a huge success for them.
Initial Pitch
The owners came on Shark Tank with a deal of 25% equity for the investment of $50K. They also brought their unique hats for every judge on the set, which looked huge compared to other common hats on the market. They also tried to impress the sharks with their huge connections and social media presence due to promotional sports shows.
Queries about the Product
The first question was asked by Corcoran regarding their sales. Gabe highlighted that they have raised $30K in only a four-month period.
Daymond then pointed out that their sales are very low compared to their success and interest. To this Gabe answered that they came on the show for the same reason and interestingly they were not able to fulfill their 95% orders, which is very huge. They are still unable to get a licensed logo.
Daymond also asked about the cost of making a hat and the charges for the product. They basically invest $20 to make one hat and are selling it for $65. They also have sold hats for more than $100 and they also have arranged charities to auction their product for more than $1000.
Daymond was more curious at this point, so he further asked if they had approached any owners of sports businesses to sell their product for them. They were unfortunately unable to reach them individually.
Gabe even sneaks the hats into a stadium in Phoenix undercover in the form of two large trash bags. Which seems a very good strategy to grow a business.
To answer the question from Lori and Cuban about their manufacturing zone, Gabe highlighted that their product is locally made and excluding the embroidery it will cost $12.
Kevin asked about the patents and Gabe answered in the negative.
Shark’s Response and Final Decision
Daymond immediately pitched a deal of $50K but with 30% equity. Cuban also proposed to help them in selling their products in the Mavericks’ team store, if they accepted Daymond’s deal.
Lori highlighted her lack of experience in such a company so she backed out.
Daymond then urgently created a wall between the owners and other Sharks which pissed them off. Lucky for Daymond, the owners accepted the deal without hearing the other judges.
The company after making an appearance on the show and getting a deal from Daymond is progressing very quickly. Cuban also fulfilled his promise and landed them in the Mavericks’ team store. According to Google, when Commander RB Brian Robinson wore a Noggin Boss hat in a video, sales increased by 2,000%. You can find the hats on the company’s website.
Conclusion
The company is the best example of how promotional events and social media presence can help elevate a business. Initially, they were lagging behind in the supply mechanism but with the help of John Daymond, they are progressing day by day.
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.
