CHICAGO, Jan. 29, 2018 /PRNewswire/ — SnapClips founder, Martin Dimitrov,19, entered the Shark Tank, made his pitch and then exited with 3 Sharks on his hook! Martin secured a deal with Mark Cuban, Alex Rodriguez and Lori Greiner on Sunday night’s Shark Tank episode landing a $150,000 investment from the three Sharks who will share a 30% investment in SnapClips.
“The exposure for SnapClips on Shark Tank is invaluable,” said Martin Dimitrov. “I would like to thank Mark Cuban, Alex Rodriguez and Lori Greiner for believing in SnapClips and supporting the future growth of the company.”
SnapClips originated 4 years ago in Martin Dimitrov’s high school INCubatoredu entrepreneurship class. Martin was tasked by his teacher to find a solution to a problem he faces every day. As a student athlete who used the Wheeling, ILHigh School’s weight-lifting equipment daily, Martin was frustrated that the barbell metal clips were often broken, difficult to use and ineffective as the weights would fall off. Martin’s idea was to develop a weight collar, similar to the slap bracelets of the ’90s, which is more effective and easier to use than the metal clips on the market. Through his business model iteration and resilience, he solved this functional problem by creating a unique product and SnapClips was formed.
However, identifying a need in the market, developing a product, and driving it to become a reality with broad market potential requires much more than just a bright idea. Martin has demonstrated tremendous focus and the work ethic that is required to circumnavigate the challenges of product development, patent acquisition, production requirements, marketing…and yes, funding.
Martin attributes this focus and drive to the example set by his parents, who emigrated to the USA from Bulgaria when Martin was 2 years old and started their own businesses. The INCubatoredu program offered in his high school was a natural fit for Martin to explore his own entrepreneurial interests and challenge him to create a product that met a need that he encountered every day of his life. INCubatoredu gave him the tools to get his product idea off the ground and the building blocks to take it to the next level, along with introductions to business mentors who have been invaluable to Martin throughout the patent process, developing a website and initial marketing strategy.
While the Shark Tank funding is a significant boost to SnapClips, Martin is most excited about the opportunities that the Sharks have offered to promote his product.
“I really wanted to work with Alex Rodriguez and Mark Cuban because of the sports connection but adding Lori Greinerto the mix was huge”, said Martin. “Lori talked to me about applications beyond fitness centers. A-Rod said he absolutely would connect SnapClips to the MLB and UFC Gyms and Mark said he would do the same with the Dallas Mavericks!”
In addition to the promising future for SnapClips, Martin is committed to honoring the advice given to him by The Sharks to “stay in school.” Martin is a student majoring in Entrepreneurial Studies and is a Business Scholar at the University of Illinois, Chicago Campus.
This is a young man who was raised with entrepreneurial dreams inspired by the example set by his parents. He took advantage of the opportunity, challenge and springboard offered by INCubatoredu. The creative problem solving, hard work, dedication and resilience Martin has demonstrated is a living example of the American Dream.