Monkey Mat was created to solve a common everyday problem: the need for a clean, portable surface in various indoor and outdoor settings. Its innovative design—a compact, easily transportable mat—quickly gained popularity. It seemed like the perfect solution for families, travelers, and adventurers alike. With $700,000 in revenue before appearing on Shark Tank, the company was set for even greater success. However, despite a strong start, Monkey Mat eventually shut down. So, what went wrong?
The Birth of Monkey Mat: A Clever Solution
Entrepreneurs Christie Barany and Courtney Tabor founded Monkey Mat to address a universal issue: the lack of a clean, portable surface when on the move. Their 5’x5’ mat, which could fold into a pouch small enough to fit in a purse, became popular for its practicality and ease of use. Whether for picnics, beach outings, or airport layovers, the Monkey Mat provided a versatile solution that resonated with a wide audience.
The mat’s lightweight, water-resistant material, along with built-in corner loops for ground stakes, made it stand out in the market. Barany and Tabor saw great potential in this simple yet effective product and aimed to grow their business further.
Shark Tank: A Critical Turning Point
In 2014, Barany and Tabor appeared on Shark Tank, seeking a $100,000 investment for 30% equity in Monkey Mat. With impressive sales of $700,000 and a net worth of $333,000, they caught the attention of the sharks. Mark Cuban, intrigued by the product’s potential, offered them $100,000 for 35% equity, marking a pivotal moment for the company.
This partnership with Cuban provided Monkey Mat not just with financial support, but with valuable mentorship from a renowned entrepreneur. It appeared that Monkey Mat was on track for even greater success.
Post-Shark Tank Growth: Success and Challenges
Following the Shark Tank deal, Monkey Mat experienced a surge in sales. The exposure from the show increased brand visibility, and Mark Cuban’s involvement opened doors to larger retail opportunities. The company expanded its product line, offering different sizes and features to appeal to a broader market.
However, as sales grew, so did the challenges. The outdoor gear market became increasingly competitive, with more portable products entering the space. Keeping up with consumer demand while staying innovative required substantial investment. Despite a loyal customer base, Monkey Mat struggled to maintain momentum.
Production and Supply Chain Woes
As Monkey Mat scaled up, it faced significant production and supply chain issues. The company found it difficult to manage production costs while maintaining the quality of its water-resistant, portable mat. As manufacturing and shipping expenses rose, so did delivery delays, cutting into profits and frustrating customers.
These logistical challenges made it difficult for Monkey Mat to keep up with demand and sustain growth. Without a streamlined supply chain, the company’s financial stability began to falter.
Decline and Closure
Despite their best efforts, Monkey Mat couldn’t overcome the production and financial difficulties it faced. Its presence in major retail stores slowly diminished, and online sales began to drop. Eventually, the company ceased operations, quietly closing down after a promising start.
Although the exact reasons for the company’s closure were not publicly disclosed, a combination of market saturation, production challenges, and a lack of sustained innovation seemed to play a role. Monkey Mat, which had once seemed destined for long-term success, could no longer compete in the crowded market.
Lessons from Monkey Mat’s Story
The rise and fall of offer important lessons for entrepreneurs. First, an innovative product is just the beginning—businesses need to adapt continuously to changing market demands. Monkey Mat’s early success could not shield it from the intense competition in the outdoor gear space.
Second, efficient management of production and supply chains is critical. Monkey Mat’s struggles with manufacturing and shipping underscore the importance of strong operations to support growth.
Finally, while shows like Shark Tank can provide a boost in visibility and sales, they also increase pressure to deliver quickly. For some businesses, rapid growth can be more challenging than beneficial if they don’t have the right infrastructure in place.
Conclusion
Monkey Mat journey from early success to eventual closure serves as a cautionary tale for startups. While the product initially showed great promise, a combination of market competition, supply chain issues, and production challenges led to the company’s downfall.
