World Record Striper Company - Shark Tank Update

Entrepreneur Greg Myerson appeared on Shark Tank Season 6 seeking $75,000 for 20% equity in World Record Striper Company, valuing his outdoor recreation company at $375,000. The inspiration for World Record Striper Company came from Myerson's personal achievement as the holder of the world record for the largest striped bass ever caught - a massive 81.8-pound fish - combined with his development of proprietary fishing lures that used innovative sound technology to mimic lobsters walking on the ocean floor, which attracted trophy striped bass since lobsters are their preferred food source.

World Record Striper Company revolutionized fishing by creating patented lures and sinkers that produced specific sounds designed to attract large striped bass, with Myerson's electrician background helping him develop the acoustic technology that had enabled him to catch dozens of 50-pound fish and establish four world records, positioning his products as the secret weapon for serious striped bass anglers. The innovative lures addressed the challenge of consistently catching trophy-sized striped bass by replicating the natural sounds that attracted these large fish, with Myerson's celebrity status in the fishing world (he had fished with Wade Boggs, Top Chef Tom Colicchio, Miami Dolphins player Jim Jensen, and even an astronaut) providing credibility and marketing appeal, though his success had led to other fishermen stalking him to discover his favorite fishing spots.

At the time of his Shark Tank appearance, Myerson had been manufacturing the lures by hand since starting the company in 2011, achieving only $55,000 in sales over three years primarily through fishing shows, though he was considered the "Warren Buffett of the fishing world" by some enthusiasts and needed investment to scale production beyond his manual manufacturing process. The business model targeted serious striped bass fishermen who were willing to pay premium prices for products that could potentially help them catch record-breaking fish, leveraging Myerson's world record credentials and the proven effectiveness of his sound-based lure technology to appeal to trophy fishing enthusiasts.

During his Shark Tank presentation, Greg Myerson made a memorable entrance by casting a stack of cash at Kevin O'Leary while explaining his innovative sound-based fishing lures and displaying a model of his world-record fish, effectively demonstrating his passion and expertise while explaining how his patented technology attracted striped bass through lobster-mimicking sounds, ultimately securing a deal with Mark Cuban for $80,000 in exchange for 33% equity. The presentation impressed the sharks with Myerson's credentials and the uniqueness of his product, with Kevin O'Leary initially showing interest in the licensing potential of the patent, Daymond John suggesting infomercial possibilities, and Mark Cuban offering the same deal structure he had used with Shell Bobbers, contingent on having the Shell Bobber team help sell Myerson's products, though Mark warned that listening to Kevin's competing offer would end his interest in the deal.

Following the Shark Tank appearance, World Record Striper Company initially benefited from the deal with Mark Cuban, which did close successfully, providing the company with capital and business expertise from one of the show's most successful sharks, along with the planned partnership with the Shell Bobber team to help with sales and distribution of the innovative fishing lures.

However, despite the promising start with shark investment and the proven effectiveness of Myerson's world-record-producing lures, the company faced significant challenges that ultimately led to its closure, with COVID-19 related supply chain issues appearing to be a major contributing factor to the business's downfall based on the company's social media activity during the pandemic. As of 2022, World Record Striper Company has unfortunately closed operations and Greg Myerson now works as an electrical inspector at Keville Enterprises, Inc., a construction management and inspection firm in Marshfield, Massachusetts, though he still proudly holds the world record for the largest striped bass ever caught, and our latest research shows the business is not operating anymore.