Fitness Stride's Stacy Erwin Seeks Shark Tank Investment, Business Closes Without Deal
Stacy Erwin, inventor of Fitness Stride, sought investment on Shark Tank, asking for $140,000 for a 15% stake in his company. Despite his pitch, no deal was struck, leading to the business's closure.
Fitness Stride is a resistance band designed for busy individuals, allowing them to exercise while performing daily tasks. Erwin, the creator, aimed to make workouts accessible and affordable. The product, manufactured in China for $10 each, was priced at $49.95 for a set of two with varying resistances.
In the year prior to his appearance on Shark Tank, Erwin sold $150,000 worth of Fitness Stride bands, generating $60,000 in revenue. The product's unique selling point was its rubber straps that resisted leg muscles during movement, helping users burn calories even during simple tasks like walking or household chores. Erwin's company, Stride Fitness, also produced Fitness-Stride fitness towels.
Erwin pitched Fitness Stride on Shark Tank, hoping to secure funding to expand his business. However, the Sharks were unconvinced by the product's effectiveness and marketing potential, leading to no deal being made.
Despite Erwin's innovative idea and initial sales success, Fitness Stride failed to secure investment on Shark Tank, leading to the company's closure. The product's potential to revolutionize home workouts remains unfulfilled.
