TIK PIK Net Worth Shark Tank Update

Music has been a necessary part of human civilization that not only gives a satisfactory effect but also provides entertainment. The musical effects are even more highlighted through the use of different instruments specifically through guitars. The guitar has been an all-time favorite instrument and it is accompanied by a pick also known as a plectrum to be used as a pick for the guitar strings. However, they always get lost, and every time a guitarist has to buy another.

Nicholas George and Kevin Mac, the owners of TIK PIK, have the perfect picks for all guitar lovers. They have introduced a type of plectrum that is made up of silicone and easily gets attached to the guitar. This helps in easy carrying and instant grabbing of the pick whenever a guitarist needs it. The product comes in the form of six units in one packet.

The owners came on Shark Tank to request $75K in exchange for 10% of their company. They presented their product in the form of a song and even asked Kevin to play the guitar with the help of their Tik Pik. Let’s see if they got the deal or not.

TIK PIK Net Worth Shark Tank Update

Nicholas and Kevin were looking for an investment of $75K in exchange for 10% equity in their company, TIK PIK. At the time of the episode, they valued their company at $750K. Nicholas and Kevin successfully secured a deal with Mark Cuban for an investment of $75K for 16% equity in the company. The investment adjusted the company’s net worth to around $467K. After the show aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of TIK PIK in 2024 is around $2 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N\A	N\A
Mark Cuban	$75K for 10% equity	$75K for 16% equity	Yes
Lori Greiner	Out	N\A	N\A
Robert Herjavec	Out	N\A	N\A
John Daymond	Out	N\A	N\A

The Owners’ Backstory

Kevin has been a guitarist for almost 25 years. So, he has been a professional musician for all his life. He used to work at Virginia Beach with a lot of hip-hop artists. Then he met a big producer who really liked his talent and made a publishing deal with him. He then went to Nashville and slept on a couch for a whole two years. He then made a career in the music industry and now has a three-year-old kid.

Nicholas was from Cayman Island. His father was a musician himself and he was called The Brae-Foot man. Nicholas was not a musician but a songwriter at that time. During Covid, he wrote a whole album of songs and then met Kevin through Keith Stegall, an American Musical Artist, and joined hands in Tik Pik.

One of Kevin’s partners showed him the plectrum that easily gets attached to the guitar without any residues and adhesives. Moreover, the picks can be rinsed and used again in case of any dirt sticking on them. This caught his mind.

Initial Pitch

The owners came on the show to seek $75K for a 10% equity stake. Their products are silicone and triangular guitar picks that easily get attached to a guitar which helps guitarists to find them whenever they need it.

Queries about the Product

Kevin asked the first question about the generator of the idea of using a silicone pad for a plectrum. Nicholas replied that actually they are five partners in the business. One of them was searching for a grip on picks and came across a nano-suction for the picks. Then he discussed the idea with Kevin and Nicholas in the first place and they really liked it.

Herjavec inquired about their sales. The co-owner highlighted that they have been in sales since October of last year, nearly eight months, and they made a total of $60K in sales lifetime. Moreover, the main product is the pack of six picks that has either one of each gauge including the thin, medium, and heavy ones. They also have a multipack which consists of two of each gauge in it.

Herjavec was also curious to know about the cost of the product and the selling price. He replied that it costs them $2.44 landed to make for the six of them. They then retail it for $29.95 and $15 for wholesale. 

The shark also asked about their profit on the lifetime’s sales. Nicholas pointed out that their expected sales for this year will be about $120K and they would then either break even or get a $20K profit from it. 

He also added that primarily they sell their product on their own website or on Amazon. They also have four music shops as a wholesaler for the product. Their estimated splits for this year are about 85% for direct-to-customers and the rest 15% will go to wholesales.

Cuban inquired about the scalability of the business. Kevin Mac replied that already one of the biggest pick sellers sells millions of pick packs a year.

Daymond wanted to know the average cost of a pack of six picks in the market. Mr. Wonderful actually replied to this by highlighting that they came in only $0.50.

Cuban was curious to know if they contacted any guitar centers. Nicholas confirmed that they have contacted big-box stores and they assured them about an order from the Tik Pik after getting demands from their customers.

Shark’s Response and Final Decision

Cuban, without letting Lori finish her statement, pitched an offer to Nicholas and Kevin. He offered $75K but for 16% of their company.

Then the owners of Tik Pik wanted to offer other sharks offers but immediately Cuban gave them a five-second countdown which led them to accept his deal readily. Thus, they walk away from the set happily with a deal from Cuba.

Product’s Availability

The company saw a great increase in sales after being featured on Shark Tank. Moreover, they got their product in front of millions of viewers, which could lead to many new opportunities.

The TIK PIK website has received positive reviews from professional musicians, and their social media is filled with happy fans. For now, the guitar picks are mostly sold online.

Conclusion

Thus, TIK PIK’s journey from start to securing a deal on Shark Tank reflects innovation in the music industry. With a simple yet practical solution to a common problem faced by guitarists, Nicholas and Kevin have introduced a product that not only solves the issue of misplaced picks but also adds convenience with its silicone-based design.

Their partnership with Cuban promises to grow the brand to new heights, and the exposure on national television has already made an impression on the company.