Shark Alert: Cuban and Kutcher Duo Drives Sales for Slyde Handboards

From its modest beginnings in Steve Watts’ South African garage in the mid-’90s to its 2015 appearance on the television program Shark Tank,  Slyde Handboards has had as wild a ride as its products promise thrill-seeking customers.

Credit: Slyde Handboards

The handboards, which were initially crafted by eager 14-year-old body surfers from fast food trays and other convenient materials, were first commercialized by Watts in 2011. Watts had been one of those 14-year-olds;  a decade later, with a product design degree under his belt, he started crafting a more professional version from his garage.

Watts realized early on that hand-making individual wooden boards, which were beautifully crafted, was insanely time-intensive and commercially unrealistic. “It just didn’t match up,” Watt said in a recent interview. “Two or three days goes into making each of those boards. Even as a handmade product, you’ve got to sell it for over a hundred dollars.”

In 2013, Angela Ferendo, who later became Watts’ wife, joined the business, taking over company operations.  Watts continued to manage product development and branding, building an ardent following among young body surfers in California.

“We are creating an entirely new space, one that never existed before,” Watts said. ”I could never understand why people said it was risky. I was just like, ‘Well, it’s risky for me not to do it, personally.’ I’m starting to realize more and more what a risk I actually did take right at the beginning. But it has worked out, so I’m happy.”

ANGELA FERENDO AND STEVE WATTS | CREDIT: SLYDE HANDBOARDS

In a clever adaptation of influencer marketing, Watts realized the product’s most effective promoters were the teenage handboard enthusiasts who spent hours at a time in the water. Watts initially brought some of them into Slyde’s orbit as designated high-level “riders.” In response to the overwhelming number of aspiring participants, Watts eventually developed the Slyde Ambassador Program, compensating Ambassadors with pizza and frequent solicitations of input for future product development.

At one point, Watts recalls, the company held a party to thank ambassadors and their parents for their continued support. To his surprise, when he thanked one mother, she responded, “What do you mean, like, thank YOU. This is their life, you have no idea.”

Mark Cuban, Ashton Kutcher, Angela Ferendo, Steve Watts | Credit: ABC/Tyler Golen

Slyde was experiencing steady year-over-year growth and had been identified as a company to watch in the boarding industry. But it was Slyde’s appearance on Shark Tank last year that popularized its product and caused sales to skyrocket. The company pulled in $200,000 from  Ashton Kutcher and Mark Cuban, in exchange for 22% of the company. For Watts, Kutcher and Cuban have functioned as the ultimate dream team, offering media-savvy promotion — especially via Kutcher’s 17.5 million Twitter followers — and access to billionaire Cuban’s vast expertise as an investor and rainmaker.

As a result of the Shark Tank appearance and investment, Slyde’s projected 2016 revenues tripled, from $295,000 to just under $1,000,000. The company’s increased visibility recently attracted a full feature story in the New York Times Business section, which artfully pointed out that Slyde had done exceptionally well given that it offered “a product most people have never heard of, and for a sport they know nothing about.”

Moving ahead, Watts is determined to build on Slyde’s recent jump forward, increasing quality and diversity in its handboard line and developing relationships with other, larger brands. Watts has no plans for moving into other types of boards, attributing his success to date to his “dogged focus.” As he points out, “We are single-handedly building this entire industry.”