What Happened To Pips And Bounce After Its Failed Shark Tank Attempt?

If you want to gain the attention of the sharks circling "Shark Tank," then you ought to be bouncy. Michael and Eugene Jung definitely had a spring in their step when they pitched a fresh franchising opportunity on the show – Pip and Bounce, a combination eatery, social club, and game room, where ping pong is the name of the game.

In Season 11, Episode 13, the brothers faced the investment moguls, hoping to convince one of them to fork over the cash to expand their company. They explained how they grew up playing the game of ping-pong back in their childhood basement and imagined a business where people can come and have that same enjoyment within a hang-out atmosphere that also serves good food and drinks. Back in 2014, thanks to money they raised on Kickstarter, they opened up a store in Portland and enjoyed enough initial success to lead them to "Shark Tank."

The Jung brothers, after presenting the pitch for expanding their Pips and Bounce franchise, asked the Sharks for $500,000 in exchange for 10% of their company. The profits on their own initially seemed impressive, with the business pulling in $974,000 in sales in the first year and $1.3 million in the second.

The Sharks, however, saw a red flag when they heard that this money only represented about 7% profit for the new business owners. This issue combined with the fact that the concept was too new to expand on resulted in an outcome that the brothers were surely dreading.

When Michael and Eugene Jung laid out their business plan to the investors of "Shark Tank," things did not go as planned. A low profit margin resulted in the Sharks swimming out of the ping-pong waters, leaving the brothers with no deal. Just like many other hopeful entrepreneurs that fall short on the ABC series, this did not stop the brothers from continuing on with their business ambitions.

After missing the mark on "Shark Tank," the Jung brothers went back to where they started, running the brick and mortar Pips and Bounce location in Portland. That was because it was still a unique destination for the unique city. "Before Pips and Bounce," Mike said on their website, "there really wasn't an awesome place to play ping-pong in Portland." 

With the goal of franchising still on their radar, they believed it was time to give expansion a shot. Unfortunately, world events put a halt to that plan, as the COVID-19 pandemic stopped their ambitions. That second location idea was scrapped, but the duo re-opened their original location.

Michael and Eugene Jung went back to basics and turned to their Portland location to keep their dreams alive. Franchising out their idea remained on the brothers' radars, but it seems those hopes have been dashed. While Pips and Bounce did apparently have some success locally after its time on "Shark Tank," staying afloat for four years after its initial appearance, the facility soon ran aground.

While the Jungs never explained why they chose to close Pips and Bounce, their sole locale announced its closing on July 18, 2024, via their Instagram, saying that their lease and business were winding down and they wanted to give patrons a chance to say goodbye. They proceeded to sell their fixtures and furniture off that October. It's a sad ending to what seemed like a happy place, and to a dream that the Jungs clearly held dear. Hopefully, their next venture will be much more successful.