ODR Skis Before Shark Tank
Dashing through the snow in a one-horse open sleigh is something that everyone looks forward to and when that’s not being done then skiing is on the table. Skiing across mountain ranges and hills is a hobby for millions of people. It’s too bad that it’s only done for a few months each year in most places.
Kevin Greco grew up in Alaska and spent his time skiing across every inch of the state where skiing was possible. It was an unforgettable experience for him. The only problem that Greco had with his skiing memories was the equipment. The equipment that was available was bulky, hard to learn, and dangerous.
Years later somebody would find a solution to these problems and develop ODR Skis which were skis that were sleek, hassle-free, easy to transport, and a thrill to use. With ODR Skis you would enjoy your skiing experience without the risk of out-of-control skis or runaway speeds. You also don’t need to use out-of-control bindings or leverage points.
Kevin Greco was motivated to join ODR Skis the moment he saw them and after a few years, he was the one running the company. Although Greco was experiencing a lot of growth he wanted some help with funding and expanding across the globe. This made him reach out to the Shark Tank. Greco was on the 7th episode of season 12.
ODR Skis on Shark Tank
When Kevin Greco went to the Shark Tank he sought $350,000 for 10% of his business ODR skis giving it a valuation of $3,500,000. He started by telling the sharks where he grew up and how he got to learn so much about skiing. He then told the sharks about the problems a person had with equipment when they went skiing. He then showed the sharks the benefits that ODR skis presented as they were easy to use and hassle-free.
Greco then showed the sharks a video of people using ODR skis. He, however, did not give the sharks any samples to review since there was no place to test them. Once the presentation was finished, Lori had to ask Greco if there were other skis like his in the market. Greco said that there had been none for a while but they had started to get some competition. However, their skis were unique because they had a fully integrated system.
The integrated system meant that even though they looked like ski boots, they were flexible like tennis shoes. They were the only ones in the industry using a system known as liquid steel injection molding which really set them apart from the rest. Liquid Steel Injection Molding would give the rider better edge control on harder-packed and groomed snow conditions.
Mark Cuban asked Greco how long he had been in the business. Greco said that he had been doing his work since 2017. Mark Cuban then asked him if he had started selling them in 2017. Greco said that the company had been in business for one year when he joined it in 2017. Daymond then asked him to clarify why somebody else was doing this initially.
Greco said that he joined the company in 2017 as a distributor he didn’t know at the time that in a few years, he would end up owning the global brand. Mark Cuban then asked Greco to tell the sharks about his journey to becoming the brand owner since there must have been a founder. Greco said that he had always wanted to be a disruptor and he had always wanted to work on technologies that are creating new opportunities.
Greco saw a video of the product and he was so inspired that he at once wanted to become a part of the movement. He raised $100,000 to own the distribution rights in America. From there, he built the company and got very powerful with the sales that were being generated. Kevin then asked Greco how he had got to be given all the business shares.
Greco said that he got all the equity because he was an expert in sales. Greco was eating market shares at an amazing rate which Mark Cuban wanted to hear more about. Greco was so good at his job that he overwhelmed their supply chain and they had to make a choice. The choice was to either let Greco take over the company and for the business owners to accompany him to the next winter sport or he ends up as a business rival. The sharks were impressed by the story.
Kevin then asked Greco what percentage of the company Greco owned. Greco said that he owned all the shares in the business worldwide. Barbara asked Greco what he paid to own the company. Greco said that he initially invested $100,000 but he ended up putting in an additional $50,000. He then took an investment to complete the buyout of the entire company and that cost an additional $200,000.
Lori then asked Greco if the company was originally an international company. Kevin then asked him where the company initially was and he was told that the company was in Norway and they operated in around 20 countries. The business had always had a problem with its model since its start but Greco provided a better sales model. At that time, Greco believed that the key to their success, and winter sports’ success was a direct-to-consumer model.
Greco thought that they should make a product that was easier to size and easier to fit. He focused on digital sales. Kevin said that he was a skier and he wanted to know what made the ODR skis any different from the Shorties that he had with binding on them and it was not easy skiing with Shorties because they did not have a big base.
Greco said that there were skiers who had achieved speeds of 60 mph with the product that they had in front of them. Mark Cuban said that just because people could, it didn’t mean that they should. Greco said that people could achieve great speed and he was very happy that there had been no reports of major injuries because if you fell while wearing ODR skis you fell naturally.
Barbara asked him what his cost of manufacturing was and Greco said that it cost $100 to make it and it was sold for $350. Barbara said that an average ski cost $350 – $400 and Greco agreed. Kevin then asked Greco what his sales were. Greco said that in 2016 he made $238,000 in sales. In 2017 he got involved halfway through the season and they realized $660,000 in sales.
In 2018, ODR Skis made $977,000. Kevin asked him about the expectations for the next season and Greco said that they were on track to make $1,500,000 that season. Kevin asked him if he would make any profit from the $1,500,000 that expected to make. Greco said that they were expected to achieve profitability in that year.
Barbara asked Greco if he had never had a profit to that date. Greco said that in 2018 they made $120,000. Their problem had always been synchronizing their digital sales with their wholesalers across the globe. Daymond asked him why he bought out the previous owner so ruthlessly but Greco explained to Daymond that he did not do it without regard for the business owner.
Daymond then left and he said that it was because he did not see how he would bring any value to the business. Lori then left and it was because although she loved Greco, she just did not know anything about skiing. Mark Cuban followed suit and also left. He said that it was because he did not know much about skiing but he thought that Greco was a great guy.
Kevin then left and he said that it was because he just couldn’t get there as an investor. Barbara then left and she said that after Greco bought out the owner of the company she would be afraid to work with him and for that reason, she was out. Greco said that all the sharks would regret not investing in him as they watched the company grow.
ODR Skis Now in 2023 – The After Shark Tank Update
ODR Skis did not get a deal on Shark Tank but it continues to do business on its website. It has now increased the number of products and accessories that it now sells. They now provide Dynamic Wax and a travel bag. ODR Skis now come with a 60-day guarantee and a 12-month warranty. ODR Skis are cheaper because when conventional skis are bought you also have to buy skis, boots, poles, and bindings.
ODR Skis has been featured on The Discovery Channel, Thrillist, and Scheels showing that the business is newsworthy. On Instagram, ODR Skis has over 37,000 followers. It also has over 38,000 followers on a fan page started for it. Its own Facebook page has around 1,000 followers. The company benefitted immensely from the Shark Tank effect and received a lot more offers after its pitch on the show even though no offer was made.
ODR Skis is located in Salt Lake City and it is making an annual revenue of $2,500,000. The company is proving to be one worth investing in.