Season 5 | Episode 507| EP507
In Season 5, Episode 7 of Shark Tank, James Woods approached the Sharks seeking an investment of $250,000 in exchange for 20% equity in the ‘Kymera Body Board’. The company is currently based in Novato, California.
The Kymera Body Board is, in essence at least, an electric surf board or motorized bodyboard. It has been designed to be a cost-effective solution for those who wish for a Jet Ski but simply do not have the funds at their disposal. The Kymera Body Board currently retails for $3,500 with Jet Skis retailing for $20,000. The Surf Board is powered by a Solar Charger (an optional accessory).
James announces that he had attempted a KickStarter campaign in the past. He was unable to secure an investment there though. His campaign only reached $165,000 when he requested $250,000. This means that he did not receive any funds. At the time of the pitch James had yet to make any sales of his product. The ones he brought along were nothing more than prototypes. The investors balked at this. They understood that companies do take some time to develop but the Kymera had been developed over ten years. James had yet to make a single sale. This instantly causes investors such as Lori Greiner and Daymond John to withdraw from proceedings with the latter claiming that it was one of the worst pitches he had ever seen. The rest of the investors left in quick succession after that.
The Kymera Body Board was unable to attract any offers from the Sharks. This meant that James Woods had very little option but to leave the Shark Tank empty-handed.
The Kymera Body Board was unable to attract an investment from the Sharks. They simply did not believe that this was a viable business opportunity. James Woods had been unable to demonstrate that the Kymera Body Board had true mass market appeal. The lack of sales did not help at all. In addition to this the fact that he wished to sell direct to the consumer and avoid other methods of distribution meant that the chances of actually making sales were relatively slim.