Ollyball - Shark Tank Update

Indoor ball games were the focus of Joe Burke and his son’s Ollyball demonstration, but the $10 million valuation soon became the tougher challenge. Burke sought $250,000 for 2.5% of the business.

Their lightweight, reinflatable ball was designed to let children play energetically indoors, and the presentation contrasted ordinary indoor ball mishaps with a ball that could be hit around the set, including toward a screen. Burke also demonstrated variations for activities such as pickleball and a larger globe design.

The invention had taken more than 100 prototypes to develop, weighed less than an ounce, and combined patented construction with a surface children could color themselves. Its 2019 Toy of the Year recognition helped establish that this was already an accomplished toy business.

Burke reported $7.5 million in lifetime sales and $2.7 million in sales the previous year, with $1.3 million in gross profit and $250,000 in net profit. He projected $3.2 million for the current year.

Average selling price was about $21, while product costs ranged from $1.75 to $4.50. He wanted a partner who could help turn the company into a much larger brand and described an opportunity involving FIFA that would have required $2 million in financing.

The Sharks respected the product but challenged the $10 million valuation, especially relative to annual profit. Several declined because they lacked the right expertise or believed Burke could continue growing independently.

Lori Greiner remained interested and offered $250,000 for 10%. A series of counters followed: Burke proposed 7.5%, Lori moved to 9%, and he asked for 8%.

Their exchange about lucky numbers ended with a compromise at 8.5%, securing Burke a $250,000 investment and a partner with extensive consumer-product experience.

Ollyball’s television appearance came after years of deliberately measured growth. In an RIT profile updated after the broadcast, Joe Burke explained that he had declined two earlier invitations to Shark Tank because the timing was not right.

By the time he appeared, he and his wife Ellen had sold approximately three million balls through channels including Target, online retailers, and more than 1,000 toy stores across eight countries. That history gives useful context to his decision to seek Lori Greiner’s help scaling the company.

The current online range includes the $25 Classic ball, a $45 two-pack, Keepy Uppy balls, a Crayola edition, a glow-in-the-dark version, and a larger Planet Earth design. The website also promotes availability through Dick’s Sporting Goods.

These products and retail relationships establish the business’s existing reach, rather than representing expansion newly secured after the episode.