After making an appearance on the television program Shark Tank, Pips and Bounce, a ping pong bar and social club situated in Portland, Oregon, had an unusual trip. Eugene Jung and Michael Jung, two brothers, opened this unusual business in 2013 with the goal of giving ping pong fans a place to play and have fun.
The Jung brothers, who are from Appalachian Kentucky, have been passionate ping pong players their entire lives. They enjoyed playing this easy-to-learn but fun game for numerous hours in their basement recreation area. However, they encountered a ping pong gap when they relocated to Portland, which needed to be filled.
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The Quest for a Ping Pong Paradise
The brothers made the decision to take matters into their own hands in 2012, and they launched the Ping Pong Parties company in Portland. Their vision was to build a ping pong paradise where enthusiasts could play their favorite sport in a fun and friendly setting.
In December 2019, they resorted to Kickstarter to raise money for their project. They started a campaign and were successful in raising $51,059, which was a big step forward for them. However, as with any ambitious effort, creating the Ping Pong Paradise has its share of difficulties. Despite the challenges, they persisted and ultimately succeeded in realizing their ambition.
Pips and Bounce: A Ping Pong Oasis
What what is Pips and Bounce, then? It’s a social club that offers a place for ping pong fans to get together, play, and celebrate; it’s more than simply a ping pong lounge. The place has a garage, recreation area, bathroom, play area, TV, front bar, kitchen, and corner suite, among other features. For visitors, this experience is immersive and fun because to these elements.
Pips and Bounce’s ping pong table costs $16 per person for a 30-minute session, making it affordable for both recreational and competitive players. A 1500 square foot private event room, ideal for holding parties and business functions, is another feature of the facility.
Meet the Founders: Eugene Jung
Eugene and Michael Jung, the brothers who founded Pips and Bounce, are ping pong enthusiasts with a vision to build a distinctive social hub. Particularly Eugene Jung has a fascinating past. He served as a senior specialist at Apple following his graduation from the University of Michigan’s economics program. Additionally, he worked as a business development manager at Curtis, Mallet-Prevost, Colt & Mosle LLP in New York for nine years. He started his coffee business with Skaut Coffee Roasters in September 2019.
Shark Tank Pitch: Seeking Investment
In an effort to attract investors, the Jung brothers made the decision to present their company on the hit TV program Shark Tank. They requested $500,000 from the sharks during their pitch in exchange for a 10% equity stake in their business. They described their business strategy and their aspirational franchise expansion plan.
Sharks were wary, though, because the company’s profit margin was only 7%. They concluded from this that Pips and Bounce was still in its infancy, and as a result, none of the sharks decided to make an investment.
Life After Shark Tank: Challenges and Opportunities
Even though Pips and Bounce didn’t receive money from the sharks, the exposure on Shark Tank gave the company useful free advertising. Unfortunately, this episode aired at a time when many businesses were facing serious difficulties because to the COVID-19 outbreak.
Even after the epidemic, it was challenging for Pips and Bounce to become profitable again. Eugene Jung performed research after spotting a fresh potential and learning that online shoppers had a growing interest in coffee. With this realization, he made the decision to enter the coffee business. He started Sakaut Coffee Roasters after investing in a coffee roaster.
Despite the difficulties, Pips and Bounce kept bringing in customers who enjoyed their time there. The company reportedly garnered favorable reviews on Yelp. The business had earned $3.5 million in lifetime revenue as of September 2023.
Navigating Through the Pandemic
During the COVID-19 pandemic, Pips and Bounce briefly shut its doors, joining numerous other companies in doing the same. It went through a trying time, reopening in July 2020 but then closed once more in August 2020 for private reasons. However, the company was able to get over these obstacles.
On July 15, 2021, Pips and Bounce’s Portland Social Club opened its doors to those looking to socialize and play a game of ping pong.
Pips and Bounce’s Net Worth
The path of Pips and Bounce has been filled with highs and lows. The business is worth $1.2 million in total. The entrepreneurs asked the sharks on Shark Tank for $500,000 in investment for their $5 million company, valuing it at the time. However, because most sharks thought the business was still in its infancy, they were unable to acquire the funding they sought.
Pips & Bounce: Still Going Strong
Pips & Bounce is still in business and expanding despite the difficulties and setbacks encountered along the road. As of September 2023, the company, which was established in 2013, is still operating. Eugene Jung is dedicated to growing and enhancing the company along with his staff.
Pips & Bounce, a business in Portland, Oregon, with between 11 and 50 employees and offers work and entertainment to the neighborhood. The establishment’s continued existence is a testament to the Jung brothers’ love of ping pong and their commitment to provide each guest with a distinctive social experience. As of right now, Pips & Bounce is up for business and serves both ping pong players and partygoers.
