Golf is a game of precision, and the creators of Kronos made sure their balanced putters would help you putt more balls in. Phillip Lapuz and Eric Williams pitched the business on Season 6 of Shark Tank and struck a deal with Robert Herjavec. As of 2024, Kronos Golf is valued at $5 million and continues to expand.
Philip and Eric’s Background
Philip Lapuz grew up in Carlsbad, California. After earning a degree in economics from UC San Diego, he went to Japan to pursue a master’s degree at Osaka University. Philip then worked for a consulting firm.
Eric Williams is from Phoenix, Arizona and has worked in a variety of jobs, including software development, photography, and teaching. Eric and Philip were brought together by their love of golf. The two entrepreneurs and some friends were fed up with unbalanced putters.
Kronos Golf founded
Philip and Eric worked for TaylorMade, Titleist, Goldwin and several other major golf brands before starting Kronos, and in 2010 they finally set out to start their own company.
They handcrafted putters for ultimate precision, used the money to raise $100,000 in first-year funding, and marketed their products on their website and through partnerships with select sporting goods stores.
Kronos is known for the clear sound and balanced design of its putters. The company has sales of $260,000, 95% of which comes from Japan. However, the founders wanted to enter new markets, and Shark Tank provided them with a great platform.
Tears and Triumphs on Shark Tank
In 2014, Philip Lapuz and Eric Williams began marketing their golf business, hoping to get $150,000 for a 15% stake. They stressed that golf putters need to be as precise as possible. That’s why they were against mass production. Instead, their products were handmade by experienced craftsmen.
The Sharks were moved to tears when Philip revealed that his girlfriend’s parents did not approve of their daughter’s marriage. The Sharks even got emotional, especially Kevin and Barbara. Thankfully, Philip later received approval and married his partner Tara in 2017.
They loved their passion, but most of the Sharks gradually quit. Robert Herjavec was the only Shark willing to take the risk, signing for a 30% stake for $150,000.
Updates after Shark Tank – The Future of Kronos Golf
The founders of Kronos Golf have done a good job of growing the business, using investments to increase production to keep up with sales. The majority of sales still come from Japan, where demand for their products is high.
Kronos’ product portfolio now includes a range of new products, including putters designed specifically for left-handed golfers. They now have seven premium putter models in their store. These models are currently sold by brands such as Adidas, Nike and Callaway. In the future Kronos will try to break into the US market, but for now they are focusing on Japan.
High-end putters don’t sell well in the US unless they’re made by professional golfers, which Kronos isn’t willing to invest money in. Also, they haven’t released any recent revenue figures, but estimate annual revenue to be around $2-3 million.
Currently, despite the refusal to mass produce, the company is still doing well and is valued at $5 million. One recent headwind for the company is the weakening of the Japanese yen against the U.S. dollar.
Categories: Shark Tank
Source: dut.edu.vn
