Kymera Body Board Before Shark Tank
Ever want to cruise through the water on perhaps say, a jet ski craft or perhaps another similar ride? Jason Woods, the founder of Kymera Body Board, a new way for users to ride on the waves. What is Kymera Body Board, and how might it differ from a jetski or any other watercraft? Read on to find out more…
Kymera Body Board on Shark Tank
Jason Woods is seeking $250,000 for a 20% stake in his business.
For some people, standing in the water can be easy to carry, but not so fun to ride on. On the other end of the spectrum is the jet ski, which is so fun to ride, but extremely unreliable to transport, as well as costing up to $15,000 and requiring gas to keep it running. Kymera serves as a niche to fill the first electric-powered bodyboard propel up to a 225 pound rider forward. Jason has his fiance, Elise, lies on the board to test the board. The operator lies flat on the board and pulls the trigger to propel the board forward, and leans in which direction they want to turn. Jeff then shows a video of the Kymera in action, shot from the perspective of a GoPro. The model does work and propels its riders forward at speeds of up to 15 miles per hour.
Lori starts by saying that the position looks unnatural and uncomfortable, and that Elise, who was demonstrating the position one would have to lay in to operate the board, looked awkward and like her neck was vulnerable. Jason says that due to the board not being in water, you are biased to sit in the back and actually account for the angle of the front of the board to rest comfortably. Even going over a wave that might launch you six feet, it’s designed to absorb impacts for a smooth ride and not displace the rider.
The battery lasts anywhere from 30 minutes to an hour on one charge with the current technology. The sharks want to know more about the founding of the business, which Jason says he founded 10 years ago and started with the first Kymera model as a gas-powered model, but then moved onto electricity once the technology became cheaper. He has been doing this full-time for 10 years. Lori asks if he has any units for sale, to which Jason says that he does not.
Jason then brings up that he initially went to Kickstarter and raised $116,000 in 30 days, but failed out of his $250,000 goal due to the rules where Kickstarter changed that only one person could purchase one sale. He insists that nobody only wanted to buy one, and that people were interested in purchasing several at once. This causes the Sharks to point out that he is making excuses, and Lori raises the point that people would not want to purchase that many at once and says that people would initially buy just one and test it out first before purchasing additional Kymeras.
John Paul DeJoria is the guest shark on this episode, and he wants to know how much Jason Woods has
invested of his own money. Jason says probably around $130,000 over the past 10 years. Daymond wants to know why he didn’t make sales first before expanding to electric-powered models or continuing with the venture further; Jason simply says that there is the potential for a top-end market of the luxury type that wants to invest in it by taking them on their yachts. He answers Kevin’s answer that he has a provisional patent, and that the money is what is keeping him from filing a real patent.
Daymond asks why Jason did not sell just one, which causes Mark to cry out that Jason is “so full of crap,” while Jason says that he wants to move first to large scale production. Kevin notes that every one of the sharks is completely “frying” (his words) Jason, and even Kevin is starting to feel bad for him. Kevin asks about the distribution, and Jason says that the business plan called for direct-to-consumer sales, relying on FedEx. His credibility for the model is that he has 6,000 Facebook fans (as a business major, this should laugh you out of any pitch).
Lori points out that he has no money and no strategy, and that he would require specially-crafted injection moulds which can cost tons of money due to the awkward size of the craft. Jason points out that this would cost between $40 to $50 thousand for just one mold. Mark then calls Jason a “Wantrepreneur,” pointing out his unrealistic possibilities and the fact that Jason has missed the mark on selling the idea so many times and losing out on so much money. Mark then says that Jason is the inventor, not the CEO type guy, and he needs to find someone else to run the company, as he is not interested in the deal.
Lori says that it is a good concept, but that the Kymera has not been tested with a lot of people, and about the liability of it. The liability of it could cause people to get hurt, but Lori does not want to be a part of it, and says Jason should keep trying; Mark says of course Jason will keep trying, it’s been over 10 years.
Daymond asks Jason how he thinks his pitch for Kymera went, to which Jason stammers and replies that he didn’t have enough sales backing it. Daymond says that it is his worst pitch he’s ever seen. Daymond folds. Kevin says that a million dollar valuation with no sales is insane, which Jason says that the Sharks have made deals before with people who had no sales prior to entering the Shark Tank (have they?). Kevin says not today, not for this episode, and he folds.
John Paul is the last potential investor, and he says that this seems to be more of a hobby for Jason than a full-time job, and he folds out of the deal as well; he is not interested in it.
Mark reinforces that Jason is an inventor, not an entrepreneur as Jason leaves, citing the Kickstarter thing to be “crap.”
Kymera Body Board Now in 2018 – After Shark Tank Update
Kymera still has no available market for consumers who wish to purchase at a whim. A rental program is available through Kymera’s website, but no products are available to purchase. Pre-orders are available for the Kymera bodyboard, but the website has been updated to reflect proper information. The Kymera is now being produced, however. The Kymera body board is available for $3999.99 and includes a 1 year warranty on the board and 9 month warranty on the battery. The purchase includes a pelican case, charger, and a padded carrying case for the board. There are five colors available including lime green, orange, yellow, red, and pink.