Golf is a game of precision and the creators of Kronos make sure that their balanced putters will help you make more putts. Phillip Lapuz and Eric Williams pitched the business on Shark Tank in season six and got a deal with Robert Herjavec. As of 2023, Kronos Golf is valued at $5 million and is continuing to expand.
Philip and Eric’s Background
Philip Lapuz was raised in Carlsbad, California. After getting a degree in economics from UC San Diego, he traveled to Japan for his master’s degree at Osaka University. Philip then worked at a consulting firm.
Eric Williams is from Phoenix, Arizona and had a number of jobs, including software development, photography, and teaching. Eric and Philip’s passion for golf brought them together. The two entrepreneurs, along with some friends, got fed up with imbalanced putters.
Founding Kronos Golf
Before starting Kronos, Philip and Eric held positions with businesses including TaylorMade, Titleist, Goldwin, and several other major golf brands. It was in 2010 that they finally started working on their own company.
They made hand-crafted putters for maximum precision. With this, they raised a $100,000 first-year investment and promoted their products on their website and through partnerships with certain sports stores.
Kronos became known for the clean sound and balanced design of their putters. The company made $260,000 in sales with 95% of it from Japan. However, the founders wanted to get into new markets, and Shark Tank offered a great platform for them.
Shark Tank Tears and Triumphs
Philip Lapuz and Eric Williams pitched their golf business in 2014, seeking $150,000 for a 15% equity stake. They emphasized how golf putters need to be as precise as possible. And that’s why they are against mass production. Instead, the products are hand-made by seasoned craftsmen.
The Sharks were moved to tears by Philip’s story as he revealed his girlfriend’s parents wouldn’t give their approval to marry their daughter. The Sharks even got emotional, Kevin and Barbara in particular. Thankfully, Philips later got the approval and married his partner Tara in 2017.
They also loved their passion, but most of the Sharks dropped out gradually. Robert Herjavec was the only Sharks willing to take a punt and closed a deal for $150,000 for 30%.
Update After Shark Tank – The Future of Kronos Golf
The founders of Kronos Golf have done well to grow their business and used the investment to boost production to keep up with sales. A majority of sales still come from Japan, where their products are in high demand.
Kronos’ product portfolio now includes a slew of new additions, including a putter created specifically for golfers who play left-handed. They now have seven premium putter models in store.
These models are currently being sold by brands including Adidas, Nike, and Callaway. In the future Kronos will attempt to crack the US market but for now, they mainly focus on Japan.
High-end putters don’t sell well in the US unless a pro golfer is behind the product and Kronos hasn’t been willing to invest the money. Also, they haven’t released any recent revenue figures but are estimated to make around $2-3 million in annual revenue.
Currently, the company is doing well despite refusing mass production and is valued at $5 million. One recent negative for the business is Japan’s currency has weakened against the US dollar.