Pips and Bounce Shark Tank Update – Shark Tank Season 11
Pips and Bounce faced Shark Tank doubts but continued to thrive until pandemic challenges altered their course. Check out how their journey played out in the Tank and beyond.
Eugene and Michael Jung sought an investor for Pips and Bounce, their ping pong “lounge” and pop-up party business, in Shark Tank Season 11 Episode 13.
Check out more Shark Tank Season 11 Episodes.
About Pips and Bounce
| Category | Details |
|---|---|
| Business Name | Pips and Bounce |
| Founders | Eugene Jung, Michael Jung |
| Industry | Entertainment, Hospitality |
| Product | Ping-Pong Lounge and Pop-up Party Business |
| Deal Status | No Deal |
| Investment Asked | $500,000 for 10% equity |
| Valuation | $5 million (at the time of Shark Tank pitch) |
Eugene and Michael Jung grew up playing ping pong in their parents’ basement, and when they moved to Portland as adults, they missed the fun they used to have playing.
When they realized there was no suitable public place to play ping pong for fun, they started throwing ping pong parties around Portland, Oregon, in 2012.
The parties were a big hit and earned Pips and Bounce the moniker of “the food truck of ping pong.” Like many successful food trucks, they wanted a permanent location for their business.
They got their brick-and-mortar location opened with some help from the Kickstarter community when they raised $51,059 back in December 2014; the location was an instant success.
People can stop in to Pips and Bounce and play on one of their ten tables for $16 per half hour. While there, they can dine on various bar food-like appetizers or enjoy one of their “pongtails.”
The business also holds parties, corporate events, fundraisers, and other group ping-pong activities in its 1,500-square-foot private event room.
They specifically designed the space to mimic a “retro-basement-rec-room.” There’s a full bar and kitchen, too. The Jungs emptied their bank accounts and uprooted their lives to start the business with the Kickstarter funds.
Now, they’re looking to expand the concept, with a bit of help from a Shark.
Pips and Bounce Shark Tank Recap
Eugene and Michael entered the Tank seeking $500,000 for 10% of their business. As they explained their model and plans for franchising, the Sharks expressed concern (they based it on hypothetical 500 franchises, each earning $100,000).
They thought the business was too new to provide proof of concept. When they learned the profit margin was just 7%, the Sharks felt the men were “too early.” Profits needed to be at least twice that for the business to appeal to an investor.
Did Pips and Bounce Get a Deal on Shark Tank?
Other than Daymond, who hated the ping pong conceptually and opted out on that ground, all the other Sharks, for the episode, directly or indirectly cited the exaggerated valuation as grounds for not offering a deal.
Lori pointed out that they were being too ambitious with their franchising dream at a very early stage, whereas Kevin cited bad numbers and Mark cited a flimsy business model as reasons for backing out. Maria liked the idea but did not see the venture as profitable enough.
What Makes Pips and Bounce Unique?
They sell nostalgia of 90s house party mixed with a bar experience, and all of that was based around a ping-pong table.
Pips and Bounce Shark Tank Update
Pips and Bounce business continued to operate until the COVID-19 lockdown happened. A second Minneapolis location was set to open, but they cancelled plans for that due to the pandemic. They had planned to reopen in July 2020, but eventually the duo changed their minds.
According to their Facebook page, they said, “after looking at the still-alarming public health data, we realize that we need to be part of the solution, not the problem.”
Eugene ended up taking a job at an Amazon fulfillment center. He only lasted for two months. While there, he noticed people bought a lot of pet food and coffee online.
Since he knew nothing about either, he decided to start a coffee business – because at least he liked coffee. He bought a small coffee roaster and began Skaut Coffee Roasters. He wanted something where the barrier to entry doesn’t require too much initial capital investment.
Their coffee business is still up and running, although it was renamed to Touring Coffee Roasters.
Posts About Pips and Bounce on Shark Tank Blog
Further information on the Ping-Pong Parlor as pitched on Shark Tank.
Where Can You Buy It?
The services are no longer available, but you can look at their Facebook and Twitter (X) handles for a trip down the ping-pong memory lane.
Quick Summary
- Eugene and Michael Jung pitched their ping pong lounge, Pips and Bounce, on Shark Tank.
- The Sharks felt the business was too early and lacked proof of concept.
- Despite no deal, Pips and Bounce thrived until the COVID-19 pandemic.
Pips and Bounce could not bounce back from the pandemic, but take a look at other business updates from the same episode.
