Is the company still in business? Was appearing on Shark Tank helpful for the brand? Did it increase the sale margin for the product? What is the current net worth of the company? Are the products worth their price?
This kind of question arises in the mind of the audience when a new company appears on the Shark Tank platform. Did you guys ever think a company, even with the publicity gained by the famous Shark Tank platform, could fail terribly?
We are talking about the company that came up with the innovative idea to make safety gear for kids attractive that appeared in season 5, episode 11, on December 6. Bright colors have always been something that attracted kids toward themselves.
What was FoHawx? The product of the company is as unique as its name. FoHawx is a business owned and started by a pair of mothers, Jocelyn Finn, a business consultant and developer, and Kelly Dineen, that manufactured bright multi-colored interchangeable Mohawk for cycling safety helmets to make them more acceptable by kids than the normal ones.
The FoHawx are easily accessible and can be attached or removed anytime one wants, as they have Velcro and adhesive in them. Kids can also interchange the FoHawx among themselves if they get bored with theirs.
The FoHawx were made using hard colorful foam, with adhesive attached to it that attaches to the safety helmet whenever one wants without using drills and screws. The products of FoHawx were available on Amazon, Walmart, and other local stores, at the price range of $19 per piece.
The product interested the sharks for a minute, but none of the sharks offered a deal to the duo because of their stubbornness not to see the reality of their situation. Barbara even said the conversation and dealing with the pair was exhausting. The pair left all the sharks angry and frustrated with their rude and stubborn behavior.
How Did FoHawx get started? How did the business come into action? The idea of creating a beautiful, attractive accessory came to Jocelyn’s daughter. One day while out with her friend Kelly and their families, Jocelyn’s son refused to wear his safety helmet while the children were cycling.
Then her daughter ran to the garage and cut a paper Mohawk. She then attached the Mohawk to his brother’s helmet, which he wore without making an issue and fuss about it. This made Jocelyn realize that maybe there’s hope, and the birth of the business idea took place. She then teamed up with her friend Kelly and created a line of bike helmet accessories that were fun and colorful.
The accessory is wearable for adults, too, as Mohawk was something that was in trend when the business started. The product had been in business for only a year or two before getting dissolved.
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FoHawx’s Net Worth Before and After Shark Tank
According to the pair, the company was doing well before appearing on the reality show for an entrepreneur with a net worth of $5,00,000. The pair required only $5 for the whole manufacturing process of a FoHawx, while they sold the product for a high price of $19.95 per piece, which was a lot more than similar products that were available on the market.
The Pitch on Shark Tank
The mothers came to the show with a bunch of children sporting their products and pitched the idea behind the product together to the sharks and asked for $150,000 for a 30% equity.
The duo wanted to expand their market by having animations of cartoons on their helmet to attract more customers. The mothers explained to the sharks the struggles faced by parents in getting their kids ready to wear safety gear and how their product would negate the fuss caused by children.
The mothers were wearing rose-tinted glasses that didn’t let them see the faults in their business. The sharks gave the pair a wake-up call about the harsh reality of their situation.
All the sharks suggested the pair reduce their price to $9. The mothers protested and got defensive when the sharks broke down the numbers for them. The sharks told the mothers they have a very low amount of sales and a larger competition than they think. The mothers revealed they had earned $50,000 in a year by selling the accessory and were very happy with the sales.
This angered the sharks, and they told the mothers they were only selling products worth $625 per year in each store that they had a tie-up with. All the sharks backed out and didn’t offer a deal to the two mothers, which was the result of the low number of sales and their attitude towards the business and sharks.
The mothers had to return without a deal and had their hearts broken by the harsh reality of their business. The FoHawx did earn some publicity from appearing on the show and were able to increase their sales for a month or two, but ultimately their product’s high pricing became the reason for the business to fail completely.
As of 2023, the business has completely dissolved and lost a huge opportunity with the sharks because of their stubbornness. The company closed in April 2015 after a small period of time from there featuring. The company’s website has also disappeared along with its Instagram pages. It appears as if FoHawx never existed in real life.
The women have also moved on in their lives, with Jocelyn working as an Art Department Chair at the Montclair Kimberly Academy while Kelly is working as New Business Producer at Dayton.
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