Additional Coverage:
- ‘Shark Tank’ contestants failed to get a deal just because judges thought they were ‘too indecisive’ (marketrealist.com)
Driftline founders make a splash on ‘Shark Tank,’ but leave without a deal
Entrepreneurs Wes Horbatuck and Greg Orfe, founders of the innovative swimwear brand Driftline, recently appeared on “Shark Tank” seeking a $100,000 investment for a 10% stake in their company. While their pitch highlighted impressive direct-to-consumer sales of $125,000 after a soft launch and a unique, chaff-free design geared towards watersports enthusiasts, the duo ultimately failed to secure a deal.
Horbatuck and Orfe explained their current business model, which focused almost exclusively on online sales, revealing a $10,000 marketing budget. They detailed their $89 retail price and $25 production cost, figures that piqued the Sharks’ interest. However, the founders also admitted to experimenting with multiple manufacturers before finalizing their product.
Despite praising the product’s innovation and the entrepreneurs’ creativity, the Sharks expressed concerns. Kevin O’Leary cited market uncertainty, while Lori Greiner and Daymond John had reservations about the brand’s scalability. Mark Cuban acknowledged the duo’s accomplishments but felt the company wasn’t a good fit for his portfolio.
Although they left the Tank without an investment, Horbatuck and Orfe leveraged the show’s exposure to boost their online sales. Horbatuck reported selling 80% of their summer inventory within 24 hours of the episode airing.
The company has since expanded its product line to include unisex shirts and a plant-based deodorizer spray. While a Shark Tank deal remained elusive, the founders successfully transformed their television appearance into a significant marketing opportunity.