Don’t judge a pitch by its delivery. When entrepreneur Stephan Aarstol appeared on Shark Tank, he forgot his words halfway through the pitch. Even so, Mark Cuban saw the real value of the startup and it has become one of his best investments. As of 2024, Tower Paddle Boards is worth an estimated $2 million.
Stephan Aarstol’s Background
Stephan Aarstol is a serial entrepreneur from Bellingham, Washington and has a BA in finance, marketing, and decision sciences from WWU. Aarstol, also earned an MBA from the University of San Diego.
In 1999, Aarstol was the Director of Business Development at AuntMinnie.com, a website for the medical imaging industry. Next, he focused on manufacturing premium poker chips with BuyPokerChips.com and Discmo Kids Toys.
He later founded SmartBar Drink Tokens to sell souvenirs, drinks, and tokens. In 2009, he was hired as a principal consultant at iCondotta, a consulting company for e-commerce and other online marketing services.
Founding Tower Paddle Boards
Stephan had a hectic lifestyle but still made time to relax at beaches around San Diego. While on vacation there, he noticed people trying out standup paddleboarding.
He later discovered that it was the fastest-growing sport in America at the time. As a business-minded person, he jumped on the trend and researched how to manufacture paddle boards.
Tower Paddle Boards was launched in 2010 and they made regular and inflatable boards. Although they were affordable, they were high-quality and made $100,000 in sales in just four months.
Shark Tank Appearance
Stephan Aarstol is a savvy digital marketer and knows how to promote his business online. A producer from Shark Tank reached out as they wanted a paddle board company on the show. Stephan agreed even though he didn’t even know the show. In 2011, he appeared on season three, seeking $150,000 for 10%.
During the pitch, Stephan froze under the spotlight and forgot his lines. Thankfully, he regained his composure and went on to impress the Sharks. Once the Sharks heard about the startup’s revenue, they were eager to invest. In the end, Mark Cuban agreed to invest $150,000 for a 30% stake.
After Shark Tank
Since appearing on the reality show and closing the deal with Cuban, Tower Paddle Boards has been dominating its niche swimmingly. They have become one of Mark Cuban’s best ever deals on the show. In 2014, the firm was named as the fastest-growing private company in San Diego.
Apart from paddle boards, the company now sells other outdoor sports accessories like surfboards, skateboards, beach tents, apparel, electric bikes, and more. The products are all available on Amazon and TowerPaddleBoards.com.
Their inflatable paddle boards are top-sellers on Amazon, and are mostly rated above 4 stars. Lifetime sales now stand at over $50 million and they’ve served over 100,000 customers since 2010. Despite the success, revenue dropped from $4.3 million in 2018 to $2 million in 2019.
The company’s growth has plateaued over the last five years as the cost of Google ads and Amazon’s fees are expensive. In an interview with centerforsocialcapital.com, Stephan revealed the business is losing money and he’s trying to revive it.
According to his Linkedin profile, he stopped working on the company in February 2024. In September 2023, he started FindBuySmile.com, an eCommerce store that doesn’t sell anything but helps people find products to buy.
