Sneaker game not only makes you feel confident but it also speaks volumes about your sense of style. Unfortunately, good-quality sneakers can be quite expensive and the affordable ones tend to be plain and boring. At least that was the case until U-Lace came along with its innovative approach to shoelaces.
Traditional laces usually have a lot of slack that does not look neat and they also tend to have boring colors. U-Lace founder Tim Talley came up with an interesting idea that not only simplifies shoe laces but also adds a flare of fun through color. Those boring plain sneakers can now be matched with different colors and the laces are neatly designed.
The origins of U-Lace
Talley came up with the idea of U-lace after visiting Harajuku, Tokyo where he spotted a pair of interesting sneakers that had laces of four different colors. The appealing colors became the template on which he came up with the idea of laces whose appeal would not just be lively colors that make sneakers stand out, but also laces that would be easy to fix.
Anyone that has ever worn a pair of sneakers knows that tying the shoe laces is perhaps the least unattractive part of the process. So, Tim thought of eliminating the entire process. U-Lace products are modular laces that do not need to be tied. They are instead fixed in the shoe lace holes on the sneakers with ease and provide the necessary customization for a snug fit. They are also easily removable, thus eliminating the hassle of traditional shoe laces.
Customizability at the core of the business idea and the name
You can purchase different colored shoe laces from U-Lace to fit your preference. You can thus customize the colors and even mix them up if you wish. This focus on your preferences and customization inspired the name U-lace. The company has been working on expanding its variety and also making its products available in more markets.
The goal is to make the shoelaces available to as many people as possible so that more people have the creative opportunity to have fun and get creative with their shoe game. The laces are also available for different size customers including children.
Scaling up to make the products widely available
Many businesses started by individuals start off small. They also often remain small due to limited funding, marketing and limited research and development. Talley saw the potential to get U-Lace products available across different markets particularly with the power of the internet and e-commerce but he still needed capital. That is why he decided to try his luck at Shark Tank and as fate would have it, he managed to secure a deal with Mark Cuban who agreed to provide $200,000 for 35% equity in his company.
The capital injection from the billionaire investor contributed to the startup’s growth. The company’s average monthly revenue was $125,000 revenue in 2019.
