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No deal for Milwaukee startup Hyde Sportswear on 'Shark Tank'

Sarah Hauer
Milwaukee Journal Sentinel
Mike Fox (left) and Pat Hughes of Hyde Sportswear developed the Wingman, a thin and more comfortable inflatable life jacket.

Pat Hughes and Mike Fox, the entrepreneurs behind Hyde Sportswear, walked away without a deal after the pair pitched the Wingman Life Jacket to investors on ABC's pitch competition television show "Shark Tank" Sunday night. 

The sharks, concerned about the life jacket market and the costs of entering it, did not make a deal with Hyde. Hughes and Fox sought $200,000 from the sharks in exchange for 12.5% equity in the company. The sharks were impressed with the company's mission to save lives, but that also brought about liability concerns. 

Hyde Sportswear, a Milwaukee-based startup, sells the Wingman Life Jacket for $250. Hughes and Fox are 2008 graduates of Marquette University High School. 

Hughes was shaken by the death of a fellow triathlon competitor in Lake Winnebago and was inspired to make a lightweight life vest. The Wingman Life Jacket from Hyde Sportswear weighs just 1.6 pounds and has a small CO2 cylinder at the neck to turn the vest into a buoyant life preserver. 

RELATED:Milwaukee startup creates life vest for kayakers, triathletes and others who won't wear bulky preservers

Mark Cuban thought the price point for the life jackets was too high and worried the market wasn't large enough.

"At (that price), you have to really be dedicated to being a water enthusiast," Cuban said. Hughes said the hope is to bring the price down once the company can make larger orders from its manufacturer. 

Lori Greiner said she felt the company needed to be further along before she would invest. Hyde has already been approved by the U.S. Coast Guard and patented parts of the product.

"If I had to put one on, I would want to be wearing that one versus anything I've ever seen," Greiner said. "But it's early for me to be investing." 

During the episode, filmed last summer, Hughes said Hyde had shipped $120,000 worth of product in the previous 10 months. In addition to the life vests, Hyde also sells replacement parts and shirts. They currently have a sale to celebrate the "Shark Tank" appearance. 

One of the sharks, Daymond John, tweeted during the episode, "Any entrepreneur who's ultimate goal is to save lives is a winner in my book."

"I think it is super cool but it is really a niche market in a very crowded space, so I'm out," John said during the episode. 

Shark Kevin O'Leary — "Mr. Wonderful" — said he would invest $200,000 in return for a 50% stake in the company. Hughes and Fox declined that offer. 

Sarah Hauer can be reached at shauer@journalsentinel.com or on Twitter @SarahHauer and Instagram @HauerSarah.