Trevor Ng
The success story of Kronos Golf began with its founders, Eric Williams and Phillip Lapuz, who appeared on the season 6 premiere of Shark Tank seeking an investment of $150,000 for 15% equity in their company. Lapuz, who was born in the shadow of Callaway, TaylorMade, and Titleist's test facilities, started the company because he couldn't find a putter that met all his needs. Their precision-milled, handcrafted putters, which they described as the most precise putters in the world, impressed the sharks, and they secured a deal with Robert Herjavec for $150,000 at a 30% stake. Following their Shark Tank appearance, Kronos Golf experienced significant growth, with online sales increasing by 2500-3000%, and they introduced new products, including the Hinotori putter, which is now displayed in a golf museum. They also signed partnerships with five PGA Tour golfers and worked with a Japanese fabric maker to reduce the weight of their putters. Today, Kronos Golf is still in business, and its estimated worth is $2 million.
| Characteristics | Values |
|---|---|
| Founders | Eric Williams and Phillip Lapuz |
| Company Description | "The most precise putters in the world" |
| Investment Sought | $150,000 for 15% equity |
| Investment Received | $150,000 for 30% equity |
| Investor | Robert Herjavec |
| Sales Increase | 2500%-3000% |
| Museum-Worthy Putter | Hinotori putter |
| Current Company Worth | Estimated $2 million |
| PGA Tour Partners | Andrew Putnam, Peter Uihlein, Brendan Steele, Scott Stallings, and J.T. Poston |
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Shark Tank deal
Eric Williams and Philip Lapuz, the entrepreneurs behind Kronos Golf, appeared on the second part of the "Shark Tank" season 6 premiere. They pitched their golf club company, which they described as producing "the most precise putters in the world." Each putter head is milled from a solid block of carbon steel for over two hours, resulting in a highly sensitive putter that can help golfers improve their putting stroke.
Seeking an investment of $150,000 for 15% equity, the pair delivered an emotional plea, with Lapuz sharing that he needed financial success to bring his fiancée, Mariko, to America from Japan. While some sharks dropped out due to a lack of interest in golf, others provided valuable insights, such as focusing on the Japanese market, where 95% of their sales were generated at the time.
Ultimately, Robert Herjavec offered a deal of $150,000 for 30% equity, which Williams and Lapuz accepted. This deal marked a turning point for Kronos Golf, with Williams stating that their average monthly online sales had increased by 3000% compared to before the show. The company also expanded its product line, introduced new innovations, and collaborated with five PGA Tour golfers.
Despite the initial success, it is important to note that the deal with Robert Herjavec did not go through. Lapuz shared that his fiancée's parents, who had initially approved of him, did not agree to the marriage due to the failed business partnership. However, Kronos Golf continues to operate and thrive, with estimates placing their worth at $2 million. The company has even had one of its clubs, the Hinotori putter, displayed in the R&A World Golf Museum in St. Andrews, Scotland.
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Sales increase
The appearance on Shark Tank's season 6 premiere proved to be a significant turning point for Kronos Golf. The company, co-founded by Phillip Lapuz and Eric Williams, saw a substantial increase in sales following their emotional plea and successful deal on the show.
Before their Shark Tank appearance, Kronos Golf had already achieved notable sales figures, with over $260,000 in sales, 95% of which came from Japan. However, their presence on the show catapulted their sales to new heights. In the months following the broadcast, Kronos Golf experienced a remarkable surge in online sales, with a reported increase of 3000% compared to pre-show figures. This significant boost in sales highlights the impact of the Shark Tank platform and the exposure it provided to the company.
The deal that Kronos Golf secured with Robert Herjavec, one of the sharks, played a pivotal role in this sales growth. Despite initially seeking $150,000 for a 15% stake in the company, they ultimately accepted a deal with Herjavec for $150,000 in exchange for a 30% stake. This injection of capital and expertise from Herjavec likely contributed to the company's enhanced sales performance.
In addition to the immediate sales increase, Kronos Golf also benefited from heightened brand awareness and recognition. The exposure from Shark Tank, a popular reality show, likely attracted new customers and golf enthusiasts alike, contributing to the surge in sales. Furthermore, the company's focus on craftsmanship and precision in putter manufacturing, as showcased on the show, likely resonated with golfers seeking high-quality equipment.
Kronos Golf's success extended beyond the initial sales boost, as they continued to build on their momentum. They introduced new products, such as the Hinotori putter, which gained recognition for its unique artwork and is now displayed in the R&A World Golf Museum in England. The company also formed partnerships with PGA Tour golfers and collaborated with a Japanese fabric maker to innovate in putter design, leading to a 15% reduction in putter weight. These continuous improvements and innovations likely sustained their sales growth and attracted new customers.
Overall, the appearance on Shark Tank served as a catalyst for Kronos Golf's sales increase, both immediately after the show and in the subsequent years. The combination of a successful deal, heightened brand exposure, and a focus on product innovation positioned the company for sustained success and sales growth.
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New products
The success of Kronos Golf on Shark Tank led to a boost in sales and production, with the company introducing a range of new products. The company's product portfolio includes a putter designed specifically for left-handed golfers, addressing an underserved segment of the market. This addition demonstrates Kronos Golf's commitment to inclusivity and its willingness to innovate based on customer needs.
Kronos Golf has expanded its offerings with seven premium putter models, showcasing their dedication to variety and catering to diverse preferences within the golfing community. These models are now being sold by renowned brands such as Adidas, Nike, and Callaway, further elevating the reach and reputation of Kronos Golf.
The company has also ventured into creating unique headcovers that complement the quality and aesthetics of their putters. This expansion showcases their attention to detail and desire to enhance the overall golfing experience for their customers.
One of their notable new products is the Hinotori putter, which features artwork depicting a phoenix. This putter is so remarkable that it earned a place in the R&A World Golf Museum in St. Andrews, Scotland. The company plans to continue exploring engraved designs, collaborating with talented engravers from around the world to create truly distinctive pieces.
Kronos Golf has also introduced the Birdie Juice putter, inspired by a group at Blackhawk, as revealed in a company Instagram post. This product demonstrates their ability to draw inspiration from diverse sources and cater to a wide range of golfers. With these new products and partnerships, Kronos Golf continues to thrive and make its mark in the competitive golfing equipment industry.
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PGA Tour golfers
The success of Kronos Golf, a company that produces balanced putters with computer numeric control technology, can be attributed to its appearance on the sixth season of ABC's Shark Tank. On the show, co-founder Phillip Lapuz gave an emotional plea that struck a chord with viewers and helped the company score a deal.
Following its Shark Tank success, Kronos Golf took on board Kevin "Mr. Wonderful" O'Leary's advice to partner with golf pros to boost sales in the US. In 2019, the company announced multi-year partnerships with five PGA Tour golfers, including Andrew Putnam and Peter Uihlein. These golfers, known as Team Kronos ambassadors, wore the Kronos logo during the 2019 and 2020 PGA Tour seasons and participated in various marketing initiatives.
Kronos Golf's collaboration with PGA Tour golfers helped elevate its brand visibility and credibility within the golfing community. The company's strategic alignment with golfers who embody its core values both on and off the course paid off, attracting positive attention to the Kronos brand.
In addition to its marketing endeavours, Kronos Golf has continued to innovate and expand its product line. The company's Hinotori putter, a club engraved with artwork depicting a phoenix, was even displayed in the R&A World Golf Museum in St. Andrews, Scotland. This museum recognition further solidified Kronos Golf's reputation for creating unique and aesthetically pleasing golf equipment.
Today, Kronos Golf is estimated to be worth $2 million, showcasing the company's successful trajectory since its emotional start on Shark Tank. The company's combination of strategic partnerships, innovative products, and effective marketing strategies has contributed to its thriving position in the golf industry.
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Founders' personal lives
Phillip Lapuz, the founder and designer of Kronos Golf, has had quite a journey in his personal life. Lapuz grew up surrounded by golf manufacturers, with Callaway, Taylormade, and Titleist's test and manufacturing facilities in his backyard. His best friend's father also ran a machine shop that milled prototype putters for major golf brands. This environment influenced his career path and sparked his interest in the golf industry.
On a personal level, Lapuz has faced challenges and emotional struggles. He was engaged to a fiancée living in Japan, and due to unspecified reasons, her parents disapproved of their relationship. The pressure of trying to build Kronos Golf while being separated from his fiancée took a toll on him. During his appearance on Shark Tank, Lapuz opened up about his personal life, sharing his struggles and expressing his motivation for starting his business. He revealed that he had given up a well-paying consulting job to pursue his entrepreneurial dream, and the success of Kronos Golf became intimately tied to his personal life and his hopes to reunite with his fiancée.
Lapuz's emotional vulnerability on Shark Tank struck a chord with the investors and the audience. While he had not intended to share his personal life, his authenticity and passion moved the sharks, leading to a successful investment deal. Lapuz's experience demonstrates the impact of combining personal drive with entrepreneurial pursuits.
Lapuz is described as an "extremely bright individual" with technical savvy and a cooperative attitude. He is also praised for his sense of humour, well-rounded personality, and professionalism. His ability to approach work with intellectual curiosity and initiative sets him apart. Lapuz's journey with Kronos Golf showcases the intersection of personal life and entrepreneurial endeavours, where success is driven by passion, resilience, and a strong community of like-minded individuals.
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Frequently asked questions
Yes, they did. After securing a deal with Robert Herjavec for $150,000 for 30% equity, their online putter sales rose by 2500%-3000% compared to before the show. They also managed to sign multi-year partnerships with five PGA Tour golfers. In 2022, Kronos Golf introduced new products, including the Hinotori putter, which is now shown at the R&A World Golf Museum in England/Scotland.
Kronos Golf produces premium, handcrafted putters that are "the most precise putters in the world." Each putter head is milled from a solid block of carbon steel for over two hours. They sell their putters on their website and in some specialty golf shops. They have three series of putters: Raw, Refined, and Rare.
Phillip Lapuz's fiancée, Mariko, was living in Japan and her parents wouldn't let her move to the US unless Lapuz's business succeeded. Lapuz sent the Shark Tank episode to her parents, but the deal with Robert Herjavec didn't go through, and ultimately, they did not approve of the marriage. However, a few years later, Lapuz and Mariko got their happily-ever-after.
Eric Williams and Phillip Lapuz, the entrepreneurs behind Kronos Golf, gave an emotional pitch on Shark Tank. They demonstrated how their putters were created and invited shark Kevin O'Leary to take a swing with one of their putters. They revealed their financial numbers, sharing that they had over $260,000 in sales at the time, with 95% of sales coming from Japan. Lapuz also tearfully explained his motivation for seeking a deal, which was to bring his fiancée to America.
