Grind – Shark Tank Season 12
Thomas Fields pitched Grind, a portable basketball shooting machine, on Shark Tank Season 12. He secured a deal with Mark and Barbara.
Thomas Fields seeks an investor for Grind, his portable basketball shooting machine, in Shark Tank Season 12 Episode 23.
Fields was an elite high school basketball player who was a Division 1 prospect as a freshman. Unfortunately, two torn ACLs in his sophomore and junior years and a torn meniscus in his senior year effectively ended his D-1 dreams. It was during his high school years that he envisioned what Grind would become and what made him determined to make it work.
Check out other Shark Tank Season 12 Episodes.
About Grind
| Category | Details |
|---|---|
| Business Name | Grind |
| Founder | Thomas Fields |
| Industry | Sports Equipment |
| Product | Portable basketball shooting machine |
| Deal Status | Deal secured with Mark and Barbara |
| Investment Asked | $250,000 for 5% equity |
| Deal Outcome | $250,000 for 25% equity |
| Valuation | $1 million |
Fields is a grinder—he was at his high school gym every morning at 5 a.m. to improve his game. When he realized playing basketball was out of the question, he dedicated himself to hard work and putting together a business. He originally thought about getting into real estate, but he wanted a business that would have an impact on the world. He read countless books and educated himself with the same passion he used to put into his basketball practices.
The product is basically a large net funnel that sits around and under a basketball net. When you shoot the ball, the machine “catches” it and returns it to a spot on the court (top of the key, free throw line extended, both corners). This lets the player shoot continuously with one ball while getting more reps in. It’s portable and fits in a large, wheeled duffle bag.
Fields is also working on an accompanying app that will calculate missed shots. With a price tag of $1595, it’s a lot less than comparable basketball shooting machines. While Fields seems capable of grinding it out independently, he’d love to have Shark’s help.
Video
Grind Shark Tank Pitch
Thomas enters the Shark Tank seeking $250,000 for 5% of his business. He tells his story and demos the product, and Mark comes onstage to try it out. It takes him 4 tries to sink a shot. Thomas retails the machine for $1495.00, and it costs $977 to make. He wanted to create an accessible machine.
He has $215,000 in pre-order sales in 5 months. The machines require power, but version 2 will be battery-powered.
Did Grind Get a Deal on Shark Tank?
Yes, it did. Kevin says it’s not the product for him; he’s out. Lori says she’s not a sporty girl; she’s out. Alex doesn’t like the margins; he’s out. Mark says the challenge is the margins and the valuation. Thomas thinks it can be a $10 million company.
Barbara thinks the product is ugly, but she wants to make an offer to one of the “sports guys.” She asks Mark to do $250,000 for 20%; Mark says he’ll do it for 30%.
Thomas counters with $300,000 for 25%. Mark counters with $250,000 for 25%, and Thomas agonizingly agrees.
Grind Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The deal with Mark and Barbara never closed. Even with some serious supply chain issues, Thomas had over $1 million in pre-orders in 2021.
As of December 2021, Thomas was named to the Forbes 30 Under 30 list for 2022. He says he’s delivered 80% of his pre-orders.
In December 2021 and June 2022, the company raised a total of $1.6 million in additional seed funding. Also in June 2022, he’s still a few months out on orders.
A note on the website says, “Orders Today Ship August 2022.” By August 2022, he’s more caught up with inventory. As of February 2023, customers may order “on demand,” and there are no more back-order issues. In October 2023, reliable revenue figures are unavailable.
The estimated net worth of Grind is between $1 million and $2 million.
Posts about Grind on Shark Tank Blog
Grind Basketball – Shooting Machine
Where Can You Buy It?
You can buy Grind Basketball shooting machine directly from their official website. Check out their social media pages for more updates: Facebook and Twitter.
Quick Summary
- Thomas Fields pitched Grind on Shark Tank, seeking $250,000 for 5% equity, and secured a deal with Mark Cuban and Barbara Corcoran for $250,000 for 25% equity.
- Grind is a portable basketball shooting machine designed to help players improve their game by returning the ball after each shot.
- As of February 2023, Grind raised $1.6 million in additional seed funding, overcame supply chain issues, and now ships orders “on demand.”
Curious to view other businesses featured in this episode? Check out their business updates!
