The journey of Kymera Body Board from its inception to becoming a notable name in the world of personal watercraft is nothing short of inspiring. Founded by Jason Woods, Kymera has experienced both criticism and success, with its appearances on the popular television show “Shark Tank” playing a crucial role in its development. Initially dismissed by the Sharks, Woods’ unwavering determination and innovative spirit have helped Kymera flourish into a thriving enterprise. Let’s delve into the story of Kymera, examining its evolution, milestones, and current status, as well as the pivotal moments that shaped its path to success.
Kymera Pitch and Deal at Shark Tank
Jason Woods made his first appearance on “Shark Tank” in Season 5, Episode 501, in 2013. His pitch was centered around the Kymera Body Board, an electric-powered watercraft designed to be both lightweight and affordable. Woods was seeking $250,000 for a 20% equity stake in his company. Unfortunately, his presentation was met with significant skepticism from the Sharks. They highlighted concerns about the product’s prototype stage, a failed Kickstarter campaign that did not meet its funding goal, and the absence of sales at the time. Critically, Daymond John labeled it one of the worst pitches he had seen. Despite lacking an investment, Woods did not deter, instead using the feedback to refine his product and business model.
Fast forward to Season 10, Episode 21, in 2019, Woods returned to “Shark Tank,” this time accompanied by COO Adam Majewski. The duo showcased the progress made over the years, presenting their improved business with a strong track record and plans for future growth. This time, they asked for $250,000 in exchange for 5% equity. Their pitch was well-received, with Robert Herjavec offering $500,000 for 10% equity, which Woods and Majewski gladly accepted. However, this deal did not materialize after the episode aired, yet Kymera continued to thrive beyond the disappointment.
Is Kymera Still in Business?
Yes, Kymera is very much in business and continues to grow stronger with each passing year. Even without the finalized deal with Robert Herjavec, the company has managed to expand its product range and improve its market presence. Kymera offers not only the original body boards but also electric kayaks, surfboards, and more. By 2023, the company had reached over $1 million in sales, and lifetime revenues were projected to surpass $6 million as of 2024. With a thriving network of 29 international distributors and robust direct sales, Kymera has established itself as a prominent player in the market of personal watercraft.
Kymera Net Worth
Recognizing the immense potential of its innovative products, Kymera has achieved substantial financial success. The company’s annual revenues are now exceeding $5 million, an impressive milestone for a business that faced early rejection on national television. This revenue growth is driven by the brand’s successful expansion into multiple markets, coupled with the consistent demand for electric watercraft across the globe. The current valuation of the company likely reflects its impressive sales figures and the continuous efforts to innovate and expand its product line.
What’s Happened Since Shark Tank?
Since its last appearance on “Shark Tank,” Kymera took actionable steps to cement its reputation as a leader in electric watercraft technology. The company broadened its offerings, introducing products such as electric kayaks and surfboards. The Kymera KX2, a compact electric-powered personal watercraft, represents their groundbreaking innovation. With a thriving distribution network spanning over 31 countries, Kymera’s reach extends far and wide. Over the years, Kymera has obtained coverage on prominent shows like “Boys Toys” and “Henry Ford’s Innovation Nation,” enhancing their visibility and reinforcing their brand’s credibility. The versatility and appeal of their electric watercraft continue to captivate watersports enthusiasts worldwide.
Kymera Business Overview
Kymera’s business model is built upon manufacturing and selling groundbreaking electric watercraft to a diverse customer base. Their sales channels include the company website, retail marine shops, and a vast network of international distributors. As an innovative brand, Kymera has consistently increased the value of its offerings. Initially priced at $3,500, their signature Body Board now sells for $4,999, with refurbished models available for $4,299. The strategic expansion of their product range has not only enhanced their market presence but also diversified their customer base, reaching adventure seekers around the globe who crave unique experiences on the water.
How Shark Tank Helped Shape Kymera’s Future
Kymera’s journey on “Shark Tank” taught the company valuable lessons that have been integral to its success. Although their initial pitch did not lead to an investment, the feedback provided by the Sharks helped refine their approach and improve their product’s appeal. The exposure from the show also played a significant role in increasing brand visibility and reaching a global audience. The experiences gained from engaging with industry leaders motivated Jason Woods and his team to continue innovating, ultimately leading to the impressive achievements seen today. The opportunity to showcase Kymera on such a prominent platform has undoubtedly contributed significantly to its growth and development.
Conclusion
The story of Kymera Body Board is one of resilience, innovation, and determination. From being criticized on “Shark Tank” to becoming a thriving business, Kymera has navigated numerous challenges with remarkable success. With Jason Woods at the helm, the company has expanded its product line, achieved substantial sales, and built a loyal customer base. The lessons learned from their “Shark Tank” experience have undoubtedly shaped Kymera into the brand it is today, showing how passion and persistence can transform adversity into a catalyst for growth. As Kymera continues to innovate and expand, it stands as a testament to the power of perseverance and vision in the world of entrepreneurship.
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