Shark Richard Branson’s $65,000 investment in Locker Board grew the company’s valuation to $325,000 in 2017 and how it’s now valued at over $1 million in 2023, thanks to its social media presence.
| Company Name | Locker Board |
| Founder | Carson Kropfl |
| Founded in | 2015 |
| Asked For | $60,000 for 15% |
| Investor | Richard Branson |
| Recieved | $65,000 for 20% |
Introduction
Many young entrepreneurs seek their way into Shark Tank to get investments in their brilliant ideas. Not all of them succeed but this 11-year-old, Carson Kropfl, made his way in front of the sharks and impressed the big fish.
He came up with a unique idea – a problem he had faced in school. The skateboards were too big and boring. Carson thought that this problem needs to be solved.
Now, was his product any good? Did he get a deal at Shark Tank? Is the business still running? How much is Locker Board’s net worth in 2023? These are the questions we will be answering in this article, so stay tuned.
Locker Board – by a 7th Grade Student
At the age of 11, Carson Kropfl founded Locker Board. He invented a skateboard from recycled boards and made it shorter than the usual ones. The reason why it’s called Locker Board is that it is so small that it can fit inside a high school locker. Another thing to notice is that it’s the only skateboard that fits inside a backpack.
Image Source: Shark Tank
The small guy with big brains was a confident lad, asking the sharks for questions, and boy was he bombarded with them.
So, What’s Unique about Locker Board skateboards?
- The Locker Board skateboards are good for the planet, as the material is recycled
- The skateboard is one of the most fun to play with
- They are small so that you can take them anywhere carrying them in your backpack
- The square shape lets you do a lot of tricks, thanks to the corners
A traditional skateboard is 33 inches, but the one Carson created was only 17-inches long. Carson found out that if he angled it correctly, even the 17-inches long skateboard would fit inside a backpack as well as a high school locker.
The product was a huge success even before Shark Tank, and the show’s exposure only made it better.
Did Locker Board get a Deal in Shark Tank?
Yes, after a bidding war between two sharks namely Mark Cuban and guest shark Richard Branson, things got heated.
Mark Cuban offered to invest $60,000 but he wanted a 20% stake in the company, instead of 15%. Richard Branson, on the other hand, wanted to work together with Mark Cuban and Carson, but Mark Cuban refused the offer, which heated things in the tank.
To beat Mark Cuban, Richard Branson offered $65,000 for 20%, $5000 more than what Mark offered. Now, here’s the fun part: the young entrepreneur asked Richard Branson to explain how he would help Locker Board. According to Richard Branson, he saw the young version of himself in Carson, which is why he invested in his company.
“He was the mirror image of myself when I was that age. He saw a need where out of the personal experience. The needed to be able to put his skateboard into his locker at school, and he designed a skateboard that fitted in the locker at school. And then, he heard about creating a business to sell skateboards to as many people as possible who had lockers at school and nowhere else to fit their skateboards. So, I had enormous admiration for him and am absolutely delighted to invest in them,” said Richard Branson on why he invested in Locker Board and Carson Kropfl.
So, Richard Branson offered to invest $65,000 for a 20% stake in Locker Board and Carson Kropfl delightedly accepted his offer.
Is Locker Board Still in Business?
Yes, the company is still in business and selling like crazy. The young entrepreneur was successful in scaling his business. As a matter of fact, the investment came in handy, as he launched his own website as well as YouTube channel to further market the product.
In addition to that, while he was previously selling his skateboards on social media, he patented and started selling them on Amazon. Not only that, he started creating new models of skateboards as well, which scaled his business and added a variety of products to the company name.
Products offered by Locker Board
- Cruiser ($116)
- Cruz Series ($49.99)
- Grind Series ($39.99)
- Grom Series ($29.99)
Currently, on Amazon, the Locker board skateboards go from $29.99 to $116, depending on the size and model. The product has an overall rating of 4.5 out of 5, which is pretty great even for Amazon standards.
What is Locker Board Net Worth in 2023?
Locker Board got a deal from Richard Branson in 2017, for $65,000 in which he bought 20% of the company. This valued the business at roughly $325,000 in 2017. But at that time, he was only selling from social media.
Now that the business has grown exponentially, especially the success tasted on Amazon and getting featured in different entrepreneur magazines, its value is way more than what was assumed 6 years ago.
In 2023, Locker Board is worth over $1 million as the company sells a variety of products on different platforms. Young entrepreneur Carson Kropfl made an excellent decision of onboarding Richard Branson as an investor and business partner, which has only benefitted the company internationally and financially.
Final Words
Locker Board is a unique skateboard created by a 7th grader that can fit inside a school locker. The product is made from recycled materials and is fun to play with. The young inventor, Carson Kropfl, pitched his idea on Shark Tank and received an investment of $65,000 from Richard Branson for a 20% stake in the company.
With the investment, Kropfl launched a website and a YouTube channel to market his product, patented it, and started selling it on Amazon. Kropfl scaled his business and added a variety of products to the company.
In 2023, Locker Board is now worth over $1 million due to its success on various platforms. The success of Locker Board showcases that even the youngest entrepreneurs can be successful with innovative ideas and dedication.
Frequently Asked Questions (FAQs)
Locker Board is worth over $1 million in 2023. Thanks to Richard Branson’s investment and experience, the company started its website, and YouTube channel, and was listed on Amazon, skyrocketing its sales.
Locker Board got a deal on Shark Tank and only saw growth in business. Richard Branson invested $65,000 but it wasn’t only money that came, it was Richard’s extensive experience that helped the company grow after Shark Tank.
Locker Board is owned by a young entrepreneur Carson Kropfl. He owns 80% of the company while shark Richard Branson owns the rest (20%) of the Locker Board.
It is not easy to project the exact number of Locker Boards being sold, but Carson did mention on Shark Tank that they sold 1000 by 2017. Assuming its recent success, it can be said that Locker Board has sold over 10,000 skateboards.
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