Grind Net Worth 2024 – How Much is the Sports Start-up Worth?

0
717
Grind Net Worth

We all grow up dreaming to become the next best thing in this world. Grind, which is a famous sports start-up, which came to life after Thomas Fields’ dream of becoming a professional NBA player, was shattered due to his injuries.

The main purpose behind Grind was to provide individuals with an affordable alternative to the otherwise expensive basketball shooting machines. The company appeared on Shark Tank, managed to woo the sharks with the innovative business model, and snagged a pretty sweet deal from Barbara Corcoran and Mark Cuban.

As of 2024, Grind has an estimated net worth of $2 million. This article will explore more about the company and its journey to the top.

Quick Facts

Business details: Basketball Shooting Machine
Founders name: Thomas Fields
Founded in: 2017
Location (Country): Houston, Texas, US
Investment Asked by Company $250,000 for 5% equity
Sharks on board (Investors) Mark Cuban, Barbara Corcoran
Accepted Deals: $250,000 for 25% equity
Shark Tank Episode: Season 12 Episode 23
Net Worth $2 million
Business Status: Active
Social Media Instagram
Facebook
Twitter
Last Updated: Jun 1, 2024

About the Founder

Grind is a solo venture started by Thomas Field, who is from Houston, Texas. During his days at Heights High School, Thomas was an active part of the basketball team, with dreams to pursue a career in NBA.

However, right before his graduation, Thomas sustained ACL tears and injuries, which completely crashed his dreams of pursuing a career in basketball down the road. 

Thomas later enrolled in the University of Houston’s CT Bauer College of Business, where he quickly rose to the position of speaker for REDLabs, a start-up accelerator. Gaining insights about business and business models, Thomas went on to work with several companies, like TXRX Labs and MIT Media Lab, where he polished all his knowledge.

Founding Grind

The idea for Grind came to Thomas during his school days as he was healing from his injuries. With the kind of passion that he harbored for basketball, he wanted to have full freedom to train on his terms without having to rely on his coaches.

That’s where he created Grind, a portable basketball machine, which helps the players practice by themselves. Thomas did this after his school but it wasn’t until REDLabs and a few other investors backed up his idea that Grind came into being in 2017.

Following its inception and launch, Thomas’ start-up ended up making around $215,000 just in pre-orders.

Grind

Grind on Shark Tank

To keep up with the orders and delegate tasks, Thomas decided to appear on Shark Tank. During his pitch, he asked for $250,000 for 5% equity.

Mark Cuban and Alex Rodriguez, initially, were pretty impressed but had some worries about the profit margin that Grind had. Barbara Corcoran, on the other hand, wanted to enhance the look of the product. 

Lastly, Barbara and Mark teamed up to match the pitch proposed by Thomas, which was $250,000 for 25%.

Grind After Shark Tank

Reports on sharktankblog.com suggest that Mark and Barbara’s deal wasn’t finalized, which was a pretty bad hit on the company. However, despite the issues, Thomas’ company shipped the first pre-order successfully.

In 2021, the company managed to make around $1 million in revenue. At this point, Grind is focused on fulfilling the old and new orders through its website. Also, the company took part in the Techstars Sports Accelerator program, where they managed to raise around $1.6 million.

Grind Basketball Pros & Cons

When it comes to shooting equipment and machines, Grind Basketball stands out for its affordability. However, there are a few areas where the company could make improvements, particularly in the product’s design. Here’s a brief overview of the pros and cons of Grind Basketball:

Pros:

  • It facilitates efficient basketball play.
  • It eliminates the hassle of retrieving the ball or relying on a friend to do so.
  • You can take it wherever you go due to its portability.
  • It saves considerable practice time daily.

Cons:

  • It requires a power outlet nearby due to being wired.
  • Although it is functional, the design might not complement your backyard aesthetics.

FAQs

1. Is Grind a successful company?

It has been 6+ years since Grind Basketball appeared on Shark Tank and since then, the company has managed to scour a lot of popularity and recognition. They have also become a highly profitable business.

2. Is Grind a successful Shark Tank?

Ever since their Shark Tank episode, Grind has sold over 1 million pre-order units, which is something that the founders never thought would be possible for them.

3. Does Mark Cuban own grind?

On Shark Tank, Grind Basketball received a combined deal from Mark Cuban and Barbara Corcoran for $250,000 for 25% of the company. So, they do own a part of the company.