Matt Franklin and Mike Lane, the founders of the PostureNOW, pitched their posture brace on Shark Tank in 2012. They were seeking a $100,000 investment for 20 percent equity of the company. In the end, Lane and Franklin got a $100,000 investment from Dallas Mavericks owner Mark Cuban, who got 30 percent stake in PostureNOW, and a $5 royalty per sale until he gets his money back. It wasn’t an easy negotiation. As Mike Lane said: “He [Cuban] let everyone else [the other Sharks] beat us up. By the time he got to us, we would have accepted anything.”
[Related: 27 Favorite ‘Shark Tank’ Products at Amazon — New List]
After appearing on Shark Tank and making a deal with Cuban, Lane was able to quit his day job as a sales director for an art handling and shipping company in New York City. PostureNOW is not currently available on Amazon — where competitors abound — but you can buy a genuine PostureNOW brace for $40 on their website.
