Remyxx, founded by entrepreneur Gary Gagnon, brings a line of sneakers made from 100% recycled materials into the Shark Tank on Friday for the season three finale. Remyxx calls its footwear “Sneakers with a purpose” and they are targeting the Green Market. The sneaks are made from a “special blend of lab certified, recyclable materials.”
The green concept is easy to embrace, especially for something as ubiquitous as sneakers. In a world where resources are being wasted and diminished, the increased awareness of using sustainable, or in this case recycled, resources has mass appeal. The sneakers themselves appear attractive, though they look like casual sneakers- not the cross trainer variety. Remyxx is in pre-launch right now, so the only place you can purchase them is from their KickStarter Campaign. The company is trying to raise $39,697 on KickStarter and is only about 20% of the way there.
The fact Remyxx is so heavily promoting on KickStarter so close to their air date leads me to believe no deal gets done on Friday's show. It would appear that Gary Gagnon is maximizing his company's exposure on Shark Tank as a vehicle to get funded on their own. Time after time this season we have seen examples of businesses that do not get funded in the Shark Tank, yet they go on to great success and millions in sales. Having a good product to begin with is important, but just appearing on Shark Tank can accelerate a business if they are prepared for the onslaught of interest, however fleeting it may be.
While other entrepreneurs have used KickStarter Campaigns, Remyxx is the first to do it, to my recollection, in conjunction with the airing of their segment. This could prove to be a grand experiment in crowdfunding- a growing online trend. This could result in Remyxx raising enough capital to get started on their own- without having to pay a percentage to a Shark.
I don't think Remyxx gets a deal, but I am officially very interested in what happens with this business.