Welcome to our article on Pips & Bounce, the ping pong lounge and social club that made an appearance on Shark Tank. Founded in 2013 by Eugene and Michael Jung in Portland, Oregon, Pips & Bounce quickly gained popularity for its lively atmosphere and competitive ping pong matches. In this article, we will delve into the Shark Tank episode, the founders’ journey, the net worth of the business, and more.
Key Takeaways:
Pips & Bounce is a ping pong lounge and social club founded in 2013 by Eugene and Michael Jung in Portland, Oregon.
The founders appeared on Shark Tank in Season 11, seeking a $500,000 investment for a 10% equity stake.
Despite not receiving a deal, Pips & Bounce gained valuable exposure and has since reopened its doors after temporarily closing due to the COVID-19 pandemic.
The business has a net worth of approximately $1.2 million and has generated an estimated $3.5 million in lifetime revenue.
Pips & Bounce offers a diverse range of services, including casual ping pong play, private events, and corporate parties.
The Shark Tank Pitch
In their Shark Tank pitch, the Jung brothers presented Pips and Bounce as a ping pong social club with food and drinks, seeking a $500,000 investment for a 10% equity stake. They aimed to create an engaging and lively atmosphere where people could enjoy a friendly game of ping pong while enjoying refreshments.
The sharks, however, expressed concerns about the slim profit margin of 7% and raised further questions. Kevin O’Leary, known for his shrewd investment decisions, voiced his doubts. The brothers’ valuation, based on hypothetical franchise earnings, also raised red flags for the investors. These factors ultimately led the sharks to drop out of the potential deal.
Kevin O’Leary: “I’m afraid I’m going to have to say ‘I’m out.’ The valuation is just too high, and the profit margin is too thin.”
Although the Jung brothers did not secure the investment they were seeking, their appearance on Shark Tank allowed them to showcase Pips and Bounce to a broader audience, generating valuable exposure for their business.
Shark Tank Pitch Highlights:
Pips and Bounce sought a $500,000 investment for a 10% equity stake.
The concept presented was a ping pong social club with food and drinks.
The profit margin of 7% and valuation based on hypothetical franchise earnings raised concerns.
Kevin O’Leary expressed doubts and cited high valuation and thin profit margin as reasons for not investing.
The investment deal did not materialize, but the exposure on Shark Tank brought attention to Pips and Bounce.
Recovery and Reopening
After temporarily closing due to the COVID-19 pandemic, Pips and Bounce successfully reopened in August 2021. Despite the challenges faced during the pandemic, the ping pong lounge and social club has made a triumphant return, delighting ping pong enthusiasts and creating an exciting and vibrant atmosphere once again.
Customer reviews on platforms like Yelp reflect the positive reception received by Pips and Bounce post-pandemic. Patrons have expressed their satisfaction with the reopening, highlighting the lively atmosphere that the establishment has become known for. The competitive ping pong matches and the camaraderie among players continue to be major draws for visitors.
Pips and Bounce truly embodies the spirit of fun and friendly competition. I had such a blast playing with friends and strangers alike. The energy in the room is infectious, and the reopening after the pandemic has made it even better!
– Lisa M., Yelp reviewer
With enhanced safety measures in place to ensure the well-being of all patrons, Pips and Bounce has created a space where customers can relax, unwind, and enjoy the excitement of ping pong. The reopening has been met with enthusiasm and gratitude from the community, signaling a strong recovery for this beloved establishment.
Customer Reviews
Ratings
Pleasant Atmosphere
4.5/5
Fun and Engaging
4/5
Competitive Matches
4.5/5
Great for Group Outings
4/5
Founder Profiles
Eugene and Michael Jung, originally from Appalachian Kentucky, are the founders of Pips and Bounce. They share a deep-rooted love for ping pong and have turned their passion into a thriving business. Eugene, with a background in economics and experience at Apple, also runs a coffee roasting business called Sakaut Coffee Roasters, showcasing his entrepreneurial spirit.
Eugene and Michael Jung, born and raised in Appalachian Kentucky, share a strong bond as brothers and business partners. They transformed their shared love for ping pong into a remarkable venture, establishing Pips and Bounce in 2013. Through their combined skills and dedication, they have nurtured Pips and Bounce into a thriving social club and ping pong lounge.
While their primary focus is on Pips and Bounce, Eugene Jung, one of the co-founders, has also ventured into other entrepreneurial endeavors. With a background in economics and experiences gained from his time at Apple, Eugene runs a successful coffee roasting business called Sakaut Coffee Roasters.
The Visionaries behind Pips & Bounce
Eugene and Michael’s love for ping pong stems from their childhood in Kentucky, where they spent countless hours honing their skills on a homemade ping pong table. Inspired by their shared passion, they set out to create a unique space where people could gather, socialize, and indulge in friendly competition.
“Ping pong has always been a big part of our lives, and we wanted to create a place that captures the joy and camaraderie of the sport. Pips and Bounce is more than just a ping pong lounge—it’s a vibrant community where people can connect, have fun, and create lasting memories.”
Driven by their entrepreneurial spirit, Eugene and Michael navigated the challenges of starting a business and brought their vision to life. Their dedication and hard work have positioned Pips and Bounce as a go-to destination for ping pong enthusiasts and social butterflies alike.
Sakaut Coffee Roasters: A Blend of Passions
Beyond their success with Pips and Bounce, Eugene Jung has pursued his passion for coffee by establishing Sakaut Coffee Roasters. This parallel venture demonstrates his multifaceted entrepreneurial skills and his commitment to excellence.
“I’ve always been fascinated by the art and science behind coffee roasting. Sakaut Coffee Roasters allows me to explore this passion and share exceptional coffee experiences with others.”
Sakaut Coffee Roasters sources high-quality coffee beans from around the globe and meticulously roasts them to perfection. With an emphasis on sustainability and ethical sourcing, Sakaut Coffee Roasters offers a range of specialty coffee blends that cater to both new and seasoned coffee enthusiasts.
Inspirational Leaders
Eugene and Michael Jung’s dedication, creativity, and entrepreneurial spirit have shaped Pips and Bounce into a thriving business. Their commitment to delivering memorable experiences and fostering a sense of community has garnered them loyal customers and recognition within the industry.
“We’re grateful for the opportunity to share our love for ping pong and coffee with the world. Our mission is to create spaces where people can connect, have fun, and build lasting memories.”
Looking ahead, Eugene and Michael continue to explore opportunities for growth and innovation. Their leadership and unwavering passion continue to inspire both the ping pong and coffee communities, serving as a testament to the power of pursuing one’s dreams.
Financial Standing
Let’s take a closer look at the financial standing of Pips and Bounce. As of September 2023, the ping pong lounge and social club has a net worth of approximately $1.2 million. This impressive figure is a testament to the success and profitability of the business.
Over its lifetime, Pips and Bounce has generated an estimated $3.5 million in revenue. This demonstrates the company’s ability to generate consistent income and highlights its growth potential in the market. With its strong financial foundation, Pips and Bounce is well-positioned for further success and expansion in the future.
To put it into perspective:
“Pips and Bounce has solidified its position as a lucrative venture, with a net worth of $1.2 million and lifetime revenue of $3.5 million.”
The financial success of Pips and Bounce not only reflects the popularity of the ping pong lounge and social club but also speaks to the dedication and entrepreneurial skills of its founders, Eugene and Michael Jung.
With a strong financial footing, Pips and Bounce continues to provide an enjoyable and competitive ping pong experience for patrons while exploring opportunities for further growth and expansion.
Now that we’ve covered the financial aspect, let’s delve into the business model and the range of services offered by Pips and Bounce.
Business Model and Services
Pips and Bounce offers a diverse range of services tailored to satisfy the needs of ping pong enthusiasts of all levels. Whether you’re looking for a casual game, planning a private event, or organizing a corporate party, Pips and Bounce has got you covered.
For those seeking a fun and lively ping pong experience, Pips and Bounce offers casual play sessions. You can enjoy 30 minutes of gameplay for just $16 per person. It’s a great opportunity to showcase your skills, challenge your friends, or simply have a good time.
But the offerings at Pips and Bounce go beyond casual play. If you’re looking to host a memorable event, their 1500-square-foot event room provides the perfect space for various occasions. From birthday parties to team-building activities, the versatile event room can be transformed to suit your needs.
Planning a private event or corporate party at Pips and Bounce ensures an unforgettable experience for you and your guests. Their team is dedicated to providing exceptional service and creating a fun and engaging atmosphere for everyone to enjoy.
Here are some key highlights of Pips and Bounce’s business model:
Services: Casual play, private events, corporate parties
Pricing: $16 per person for 30 minutes of casual play
Private Events: Host your next event in their 1500-square-foot event room
Pips and Bounce values customer satisfaction and aims to provide a memorable experience for all visitors. The combination of their diverse service offerings, inviting environment, and affordable pricing makes them a go-to destination for ping pong enthusiasts and event planners alike.
Services Offered
Pricing
Key Features
Casual Play
$16 per person for 30 minutes
Enjoy friendly ping pong matches
Private Events
Customized pricing
Host memorable parties and special events in a spacious event room
Corporate Parties
Customized pricing
Create a unique team-building experience for your company
Customer Feedback and Reviews
One of the key indicators of a business’s success is customer feedback. Pips and Bounce has garnered positive reviews from patrons, solidifying its reputation as a premier ping pong lounge and social club. Visitors have expressed their satisfaction with the engaging environment and well-maintained facilities provided by Pips and Bounce.
On popular review platforms like Yelp, customers have highlighted the enjoyable atmosphere and the opportunity to engage in competitive ping pong matches. Many compliments have been given to the friendly staff and the overall experience of visiting the establishment.
“Pips and Bounce is the perfect place to relax, have fun, and show off your ping pong skills. The staff is welcoming and the ambiance is top-notch. I had a blast playing ping pong with friends and can’t wait to come back!” – Mark J.
While the majority of feedback has been positive, some visitors have suggested minor areas for improvement. These suggestions serve as valuable insights for the management of Pips and Bounce, allowing them to enhance the overall customer experience. However, it is important to note that these suggestions have not detracted from the overall satisfaction levels among customers.
Overall, Pips and Bounce has received commendable customer feedback, with high levels of satisfaction expressed by visitors. The positive reviews and ratings further reinforce the reputation of Pips and Bounce as a go-to destination for ping pong enthusiasts and those seeking a fun-filled social experience.
Positive Feedback
Improvement Suggestions
Engaging environment
Well-maintained facilities
Enjoyable atmosphere
Friendly staff
Minor areas for improvement
Certain equipment upgrades
The Power of Positive Customer Reviews
Positive customer feedback plays a crucial role in shaping the success of businesses. Pips and Bounce has managed to create a welcoming environment and provide well-maintained facilities, resulting in a high level of satisfaction among its customers. However, the management continues to value customer suggestions for further improvement to ensure an exceptional experience for all visitors.
Expansion Plans and Franchising
Despite not securing an investment on Shark Tank, Pips and Bounce remains committed to its growth aspirations. The founders, Eugene and Michael Jung, have expressed keen interest in franchising their popular ping pong lounge and party business, highlighting their determination and potential for future expansion.
“We believe there is tremendous potential in expanding the Pips and Bounce brand across different locations. Franchising allows us to reach new markets and share the joy of ping pong with even more enthusiasts.”
The success and positive reception of Pips and Bounce, combined with its unique concept of providing a social and interactive experience centered around ping pong, make it an enticing opportunity for potential franchisees. By leveraging their expertise and proven business model, Pips and Bounce aims to bring its lively atmosphere and competitive ping pong culture to communities beyond Portland, Oregon.
Franchising opportunities would not only allow Pips and Bounce to expand geographically but also introduce new flavors and local touches to their existing offerings. Each franchise location could have its own unique character while still embodying the vibrant and inclusive spirit of the original establishment.
Pips and Bounce’s commitment to quality, excellent customer service, and memorable experiences, coupled with the market demand for recreational activities, positions the brand for successful franchising. The expansion plans are a testament to the founders’ entrepreneurial vision and their belief in the enduring appeal of ping pong as a social and competitive pastime.
As Pips and Bounce continues to explore franchising opportunities, it seeks to partner with individuals or groups who share their passion for ping pong and are eager to bring the unique Pips and Bounce experience to diverse communities. The franchising initiative represents an exciting chapter in the brand’s growth story and a chance for more people to enjoy the energetic atmosphere and friendly competition that Pips and Bounce offers.
The Coffee Roasting Venture
Aside from Pips and Bounce, Eugene Jung is also involved in another exciting entrepreneurial endeavor – his own coffee roasting business called Sakaut Coffee Roasters. This parallel venture exemplifies Eugene’s eagerness to explore diverse opportunities and his dedication to delivering exceptional products to coffee enthusiasts.
Sakaut Coffee Roasters is known for its meticulous approach to sourcing and roasting the finest coffee beans. With an emphasis on quality and sustainability, Eugene takes pride in crafting unique and flavorful coffees that delight the senses.
Using his expertise in coffee roasting, Eugene has perfected the art of extracting the true essence of each coffee bean, resulting in rich and aromatic brews. The beans are carefully selected from renowned coffee-growing regions around the world, ensuring that only the best finds its way into each delicious cup of Sakaut coffee.
“At Sakaut Coffee Roasters, we strive to ignite joy with every sip. By focusing on craftsmanship and innovation, we bring out the distinct characteristics of each coffee bean, creating a memorable coffee experience for our customers.”
Eugene Jung, Founder of Sakaut Coffee Roasters
Whether you prefer a bold and flavorful dark roast or a smooth and vibrant light roast, Sakaut Coffee Roasters offers a wide variety of coffee options to cater to every palate. From single-origin beans to carefully curated blends, each cup of Sakaut coffee promises an incredible journey of taste and aroma.
Discover the Sakaut Coffee Collection
Roast Level
Flavor Profile
Light Roast
Delicate and Citrusy
Medium Roast
Smooth and Balanced
Dark Roast
Rich and Bold
At Sakaut Coffee Roasters, the commitment to excellence doesn’t stop at the roasting process. The brand also prioritizes sustainable practices, ensuring that each step of the coffee journey is environmentally responsible.
For those seeking an extraordinary coffee experience, Sakaut Coffee Roasters offers a subscription service, delivering a curated selection of freshly roasted beans right to your doorstep. This convenient service allows coffee lovers to explore new flavors and indulge in the art of coffee brewing from the comfort of their homes.
Indulge in the rich flavors and enticing aromas of Sakaut Coffee Roasters’ offerings, and experience coffee like never before. Join Eugene Jung on his mission to elevate the coffee experience, one sip at a time.
Beyond Ping Pong – Other Details
When visiting Pips and Bounce, you can enjoy a fun-filled experience beyond just playing ping pong. The establishment operates for a duration of approximately 3 hours, providing ample time for exciting matches and socializing with friends. Reservations are recommended to secure your spot, but walk-ins are also warmly welcomed.
In addition to the thrilling ping pong games, Pips and Bounce offers a delectable menu of food and drinks. Whether you’re craving a delicious snack or a refreshing beverage, their full range of offerings is sure to satisfy your appetite.
Looking to host a private event or party? Pips and Bounce has you covered with their 1500-square-foot private event room. It’s the perfect venue for celebrating birthdays, corporate gatherings, or any special occasion that calls for some friendly competition and celebration.
To make sure you don’t miss out on any special events and promotions, be sure to follow Pips and Bounce on their social media channels and regularly check their website. Stay tuned for updates on exciting tournaments, themed nights, and more!
FAQ
What is Pips & Bounce?
Pips & Bounce is a ping pong lounge and social club founded in 2013 by Eugene and Michael Jung in Portland, Oregon.
Did Pips & Bounce appear on Shark Tank?
Yes, Pips & Bounce appeared on Shark Tank in Season 11.
What was the investment sought by Pips & Bounce on Shark Tank?
Pips & Bounce sought a 0,000 investment for a 10% equity stake in their business.
Did Pips & Bounce receive a deal on Shark Tank?
No, the sharks did not invest in Pips & Bounce.
When did Pips & Bounce reopen after temporarily closing?
Pips & Bounce reopened their doors in August 2021 after temporary closure due to the COVID-19 pandemic.
What is the net worth of Pips & Bounce?
As of September 2023, Pips & Bounce has a net worth of approximately
FAQ
What is Pips & Bounce?
Pips & Bounce is a ping pong lounge and social club founded in 2013 by Eugene and Michael Jung in Portland, Oregon.
Did Pips & Bounce appear on Shark Tank?
Yes, Pips & Bounce appeared on Shark Tank in Season 11.
What was the investment sought by Pips & Bounce on Shark Tank?
Pips & Bounce sought a $500,000 investment for a 10% equity stake in their business.
Did Pips & Bounce receive a deal on Shark Tank?
No, the sharks did not invest in Pips & Bounce.
When did Pips & Bounce reopen after temporarily closing?
Pips & Bounce reopened their doors in August 2021 after temporary closure due to the COVID-19 pandemic.
What is the net worth of Pips & Bounce?
As of September 2023, Pips & Bounce has a net worth of approximately $1.2 million.
How much revenue has Pips & Bounce generated?
Pips & Bounce has generated an estimated $3.5 million in lifetime revenue.
What services does Pips & Bounce offer?
Pips & Bounce offers casual ping pong play, private events, and corporate parties.
What are the operating hours of Pips & Bounce?
Pips & Bounce typically operates for 3 hours.
Can I make reservations at Pips & Bounce?
Reservations are recommended but walk-ins are also welcomed at Pips & Bounce.
What is the feedback from customers about Pips & Bounce?
Customers have generally provided positive feedback about Pips & Bounce, enjoying the lively atmosphere and competitive ping pong matches.
Are there expansion plans for Pips & Bounce?
Yes, the founders of Pips & Bounce have expressed interest in franchising their ping pong lounge and party business.
Does Eugene Jung have another business?
Yes, Eugene Jung also runs a coffee roasting business called Sakaut Coffee Roasters.
.2 million.
How much revenue has Pips & Bounce generated?
Pips & Bounce has generated an estimated .5 million in lifetime revenue.
What services does Pips & Bounce offer?
Pips & Bounce offers casual ping pong play, private events, and corporate parties.
What are the operating hours of Pips & Bounce?
Pips & Bounce typically operates for 3 hours.
Can I make reservations at Pips & Bounce?
Reservations are recommended but walk-ins are also welcomed at Pips & Bounce.
What is the feedback from customers about Pips & Bounce?
Customers have generally provided positive feedback about Pips & Bounce, enjoying the lively atmosphere and competitive ping pong matches.
Are there expansion plans for Pips & Bounce?
Yes, the founders of Pips & Bounce have expressed interest in franchising their ping pong lounge and party business.
Does Eugene Jung have another business?
Yes, Eugene Jung also runs a coffee roasting business called Sakaut Coffee Roasters.
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