GRIND Basketball Shark Tank Update (Season 12)

GRIND Basketball is a portable training machine designed for solo basketball practice. It appeared on Shark Tank Season 12, Episode 23, seeking funding. The machine mounts under the basketball backboard, with a net surrounding it. When the basketball falls into the net, the machine automatically returns it to the player.

This device allows players to practice alone, saving time and eliminating the frustration of retrieving the ball repeatedly.

Thomas Fields founded GRIND Basketball in March 2020 after his Division 1 basketball career was cut short by injuries—a torn ACL in both his sophomore and junior years and a torn meniscus in his senior year. His experience inspired him to create a solution for solo practice.

Fields sought $250,000 for 5% equity, valuing the company at $5 million. Despite the high valuation, Mark and Barbara agreed to a deal at a $1 million valuation.

Unlike many expensive training machines, the GRIND Basketball Machine is more affordable, making it accessible to more players. The machine improves various aspects of basketball skills, including catch-and-shoot efficiency, footwork, balance, explosiveness, follow-through, creativity, and basketball IQ.

The device features a 12-foot net that catches and returns both missed and successful shots within 3-4 seconds. Portable and easy to set up, it takes just 90 seconds to assemble and weighs approximately 110 lbs. It can catch up to 500 shots per hour and runs on a standard U.S. electrical outlet without a battery.

Thomas Fields is also working on future upgrades, including the ability to calculate missed shots.

The GRIND Basketball Machine is available exclusively on their website for $1,995.

Another Shark Tank Pitch

• XTorch

Who Is The Founder Of GRIND Basketball?

Thomas Fields, an elite high school basketball player, is the founder and CEO of Grind Basketball Company. He created this company in response to his own challenges with torn ACLs, which hindered his ability to play basketball.

Thomas completed his accounting studies at the University of Houston’s C.T. Bauer College of Business and participated in the Success Initiative Program at MIT Sloan School of Management.

During college, he worked for Red Labs Startup Accelerator for one year and served as a board member at Texas Base TXRX Labs for three years.

In March 2020, Thomas launched Grind Basketball. He also started a sports accelerator, Techstars, in June 2021.

How Was The Shark Tank Pitch Of GRIND Basketball?

Thomas Fields entered Shark Tank with his company, Grind Basketball, seeking $250,000 for 5% equity at a $5 million valuation. He shared his story and demonstrated his product.

During the demonstration, Thomas invited Mark Cuban to try the product. Mark missed two attempts but succeeded on the third.

The retail price of the machine is $1,495, with a production cost of $977. However, a replacement machine costs over $6,000.

Thomas started the business with only $15,000, which he earned through various means, including working at the YMCA and shoveling mud.

Launched in March 2020, the company generated $215,000 in presales within just five months through its e-commerce website.

Kevin O’Leary found the product interesting but ultimately passed. Lori Greiner also declined, and Alex Rodriguez was not impressed with the price and margin, so he opted out. Mark Cuban expressed concerns about the company’s valuation and margins.

Thomas believed the company could grow from $5 million to $10 million and proposed negotiating terms. Mark and Barbara Corcoran offered $250,000 for 30% equity. Thomas countered with a request for $300,000 for 25% equity, arguing that the valuation would increase to $10 million in a few years.

Mark then revised the offer to $250,000 for 25% equity, which Thomas accepted.

Finalize: Thomas signed a deal with Mark & Barbara for $250k for a 25% equity.

GRIND Basketball Shark Tank Update

Grind Basketball Company secured a deal with Mark Cuban and Barbara Corcoran on Shark Tank, which proved to be highly beneficial. The episode’s airing significantly boosted sales, and the company saw substantial growth.

Following their Shark Tank appearance, Grind Basketball launched a new line of merchandise, including printed T-shirts, hoodies, and shorts.

The company has been featured in numerous media publications, including CNBC, Forbes, Techstars, The Hustle, and Business Journal. Notably, Thomas Fields was named in Forbes’ 30 Under 30 list for 2022, marking a major achievement for both him and his business.

In September 2022, the company focused on upgrading its product and sought to fill positions for a CTO, Mobile Software Engineer, and iOS/Android Developer. However, Mark and Barbara had not finalized their deal with Grind Basketball by that time.

The positive response from customers following the Shark Tank episode was significant. The company received $215,000 in preorders due to strong word-of-mouth marketing. By 2021, Thomas had accumulated $1 million in preorders and had delivered 80% of them.

Grind Basketball raised $1 million in a seed round and priced the machine at $1,995 in September 2022. As of now, the machine is shipped only within the United States.

What Is GRIND Basketball Net Worth?

Grind Basketball has seen its net worth rise to $1 million, reflecting its growing success. The price of the machine has also increased.

This portable basketball training machine is priced more than 50% lower than other similar products while offering more features.

Initially, the machine operated solely on an electric cord, requiring a continuous power source. However, the founder plans to add a battery system, allowing the machine to be used anywhere without needing a direct electricity connection.

Many videos showcasing this basketball training machine have been uploaded on TikTok, featuring children enjoying basketball practice with the device.

Yes, GRIND Basketball is still in business as of April 2024.