The young Martin Dimitrov certainly gave off the appearance of a gifted entrepreneur when he appeared in Season 9 of the series in 2018. Despite being only 19 years old, he gave off a calm demeanor. He presented the Sharks with a winning product that solved a common hassle in the fitness world with an unbelievably intuitive solution called SnapClips.
His product impressed the Sharks enough that he scored a combined deal with three that day: Lori Greiner, Mark Cuban, and guest Shark and professional baseball player Alex Rodriguez. Here’s an update and net worth of Snap Clips from Shark Tank.
What is SnapClips?
SnapClips is a surprisingly intuitive workout accessory that solves a common hassle weightlifters face. Designed to mimic the motion of a snap bracelet, SnapClips is a kind of easy-to-use weight collar that can be snapped at the end of barbells to ensure that the weights don’t fall off.
They were designed by Dimitrov and his team over 18 months and ensure a safe workout with their reliable build, made out of military-grade Kevlar and heat-treated steel. They’re a super convenient replacement for conventional bar clips as they can be snapped on and off and easily carried around in a gym bag.
SnapClips are designed to fit most barbells and can be used 1.5 to 2.5 inches on barbells. They are rated to safely hold over 800 pounds or more than 362 kilograms. They have a long lifetime; the first ones created seven years ago still work well.
SnapClips Shark Tank Update
The Shark Tank appearance gave SnapClips a massive boost in publicity. By the end of 2018, they were already selling in 30 countries, had their brick-and-mortar store, and worked on a private-label version with CrossFit. As of 2023, the Sharks have reportedly exited the business. But SnapClips is going stronger than ever, offering their product in various exciting colors and designs. And the future only seems brighter for them as they are teasing the release of a brand new product very soon on their blog. Of course, feeling optimistic about your business is easier when you have collected so many loyal customers with a winning product.
While it appears that Dimitrov had done quite a lot for his age, if you were to believe the words of Shark Lori Greiner, SnapClips hasn’t even started to explore its full potential. First, SnapClips is a perfect alternative to classic barbell clips with virtually no downsides — they are extremely quick and easy to use, they also fit different sizes of barbells, and they last a long time.
SnapClips has the potential to become a standard gym accessory. Despite that, they still aren’t a household name and are a unique gym accessory that only those in the know tend to use. And while Dimitrov has snapped up a private label brand deal with CrossFit, it hasn’t helped particularly in making SnapClips more popular.
On top of that, Greiner has observed that the patented technology used in SnapClips’ winning product has much more utility in the home maintenance sector. Coming from her, this assessment is a big deal as Greiner specializes in consumer products within the household items category.
She started her empire with nifty household products for organizing jewelry and holds 120 patents while having invented hundreds of products. According to her, the SnapClips technology can solve many existing problems in everyday home maintenance, such as being used on hoses and wires.
Dimitrov is well aware of this potential, although he doesn’t seem in any rush. He is reportedly considering “adjacent market applications” for SnapClips, and it appears that he might become a renowned face in business in the future.
Snap Clips Shark Tank Net Worth
Snap Clips has a net worth of over $5 million as of 2023. It is impressive, considering that Dimitrov started the company as a teenager. Currently, the company is valued at $2 million, and Dimitrov believes that just the patent for his product is worth $1 million.
The company has profited by delivering a reliable product and offering style choices. Five years after its establishment, SnapClips is still selling its basic product at the original rate of $29.99. However, gymgoers who love to accessorize can also buy clips with stylish designs such as the American flag, cute donuts, and inspirational messages like “Let’s Work” printed on them. These stylized clips are sold for $49.99 a pair.
SnapClips Shark Tank Appearance
After coming up with the idea for a wrist snap-styled alternative to conventional barbell clips, Dimitrov and his team spent 1.5 years in research and development and $23,040 in Kickstarter funds before coming up with their final product.
They completed the product just in time for Dimitrov’s Shark Tank appearance one month later. Dimitrov drove for 16 hours to make it to the Shark Tank audition in time, sitting in line at 6:30 in the morning and waiting nearly five hours to pitch his idea. He reported that in their first month of sales, SnapClips had done $6,500 in sales, selling the nifty barbell straps for $29.99.
On the show, SnapClips immediately drew the attention of Lori Greiner, the queen of household products and nifty inventions. She pushed a tough deal on Dimitrov — $150,000 in exchange for a 50% stake in the company. Guest Shark and former baseball star Alex Rodriguez decided to join in with Greiner for 25% each.
He claimed his sports background would allow him to market the product and bring brand deals. Mark Cuban finally exclaimed that they offered an unfair deal to the young entrepreneur and saved the day. He offered up the entire $150,000 that Dimitrov requested for 30% of the company, which would be shared equally by Greiner, Rodriguez, and himself. Dimitrov gladly took this offer.
Martin Dimitrov Background
The inventor of SnapClips, Martin Dimitrov, was only 19 years old when he appeared on Shark Tank with his product. He was still a college student when he appeared on the show. He was doing a course on entrepreneurial studies at the University of Illinois in Chicago and planned to drop out if the company made it big. However, this confidence didn’t come out of nowhere.
Dimitrov was always a businessman. During high school, he got a job at a telemarketing company with his friends and opened his own telemarketing company after learning how the industry worked. When he was just sixteen, he sold cars without sales training. So, he was quite a natural at business and sales, which explains his success at Shark Tank.
Where did the idea for SnapClips come from?
Dimitrov came up with the idea for SnapClips when he was still a junior in high school. His bright mind got the perfect opportunity to explore when he participated in a business incubator program at his local high school. There, participants were taught some elementary business thinking skills.
They were encouraged to note everyday problems they faced in life and to find solutions to them. Through this experiment, he realized what a hassle it is to switch out the weights in gym class. In a flash of inspiration, he realized that a weight clip based on the motion of snap bracelets would be the perfect alternative to the clunky bar clips commonly used in gyms.
What is SnapClips?
SnapClip is a gym accessory that can be strapped onto barbells to keep the bar weights from falling off. It is designed to be an ideal replacement for traditional bar clips, can fit multiple sizes, and be applied easily.
When did they appear on Shark Tank?
They appeared on Season 9 of Shark Tank, which aired in 2018. The company locked a $150,000 deal with three sharks, Lori, Alex, and Mark, in exchange for a 30% stake.
Who owns SnapClips?
SnapClips is owned by Martin Dimitrov. He started in Chicago when he was just a teenager. He appeared on Shark Tank with the product at the age of 19.
What are SnapClips made of?
SnapClips are made out of military-grade Kevlar and durable ballistic nylon.