Imagine running without bulky shoes, feeling the ground greet each stride, light, free, curious. Xero Shoes sprang from that feeling, and in Shark Tank Season 4, founders Steven Sashen and Lena Phoenix pitched barefoot-style sandals, then walked out without a deal.
Despite declining the offer, their idea sprinted ahead: post-show sales swelled and the brand grew into a multi-million-dollar business.
This story leans on hard data, company revenues, investor partnerships, and filings, plus the founders’ own journey.
The journey: Barefoot Dreams and Trusted Expertise
Once upon a time, Steven hurt his feet from stiff, heavy running shoes. That made him dream of feeling the ground again, so he built his own “Invisible Shoes,” like magic bare feet protectors! With friend Lena guiding with smart ideas, they turned those tinkery sandals into a whole company in 2009, tucked away in the sunny hills of Boulder, Colorado. In a cozy workshop, they stitched their tiny creations, all about letting your toes wiggle free and your feet work naturally.
- Steven’s Experience: Former competitive sprinter who turned his running injuries into inspiration for barefoot-friendly footwear.
- Lena’s Leadership: Strategic business thinker guiding growth, operations, and long-term vision.
- Design Credibility: Products built on barefoot biomechanics, supporting natural movement and healthy feet.
- Validated Benefits: Independent reviews and expert studies highlight performance and wellness advantages.
They learned about barefoot biomechanics, how your feet are made to move, and built shoes that feel just right. Experts checked and said, “Yes, these do help your feet move better!” That’s how Xero Shoes became trusted: not flashy, but thoughtful. With clever designs and a deep love for running happy, free feet, that’s what made them experts.
When a Million-Dollar Dream Met a Tough Choice on Shark Tank
On February 1, 2013, Steven and Lena tiptoed into Shark Tank with their magic “Invisible Shoes,” asking the Sharks for $400,000 in exchange for just 8% of their company, a gentle, hopeful offer from barefoot dreamers.
They shared that they’d already made $650,000 in sales over two years, and were shooting for $1.2 million, all without advertising!
When Robert tried on a pair, he said they felt comfy, but wrinkled his nose at how they looked. Daymond wasn’t shy, calling them “just rubber and string.” Then Kevin O’Leary offered $400K, but wanted 50% of the business in return. The founders gently countered with 10%, and ultimately, bravely walked away without accepting.
Date – Feb 1st, 2013
Ask – $400k for 8%
Sales – $650k (2 yrs), aiming $1.2M
Shark Reactions – Robert: comfy but ugly; Daymond: “rubber & string”; Kevin: $400K for 50%
Outcomers – Founders walked away barefoot & bold
Brand Expansion: Crowdfunding to Olympic Fame
- In 2017, something magical happened: Xero Shoes asked everyday people to join their adventure, and over $1 million poured in through crowdfunding to help them make new styles!
- A few years later, in December 2020, a big friend named TZP Group gave them a growth partner and money to get even better (they bought a small chunk of the company).
- Then came the Olympic sparkle! In Tokyo 2020, Xero Shoes became the footwear choice for the USA Artistic Swimming and USA Archery teams walking around, not during dives, but shining beside the pool and field.
- By 2023, Xero Shoes had a dazzling new style called “Born to Run”, adding everyday, fashion-smart shoes to their sporty lineup.
| Year | Milestone | Highlight |
| 2017 | Crowdfunding | Raised $1M+ to launch new styles |
| 2020 | Investment | TZP Group joins with growth capital |
| 2021 | Olympics | Supported USA Artistic Swimming & Archery teams |
| 2023 | New Line | Launched “Born to Run” collection |
These milestones show the brand’s real magic, teamwork with smart investors, athlete excitement, and fresh designs all woven together with trust and creativity.
Trust Builds Success: Why People Believe in Xero Shoes
From the very start, Steven and Lena kept their special recipe secret: they didn’t give away too much of their company, so they could stay true to their brand and keep control, that’s like holding the steering wheel of their own magical shoe-cart!
They became Inc. 5000 regulars year after year, proving they’re real, not pretend.
Steven even talked about that brave “no-thank-you” moment on Shark Tank in a podcast called “Bet on You,” telling everyone how saying no became their secret power.
And through it all, people trusted them, because the shoes were rooted in DIY fun, the barefoot-running dream, and their big-hearted motto: “Feel the World.”
Walking the Talk: Lessons Entrepreneurs Can Walk Away With
- Sometimes, the biggest magic comes from listening to your heart. Xero Shoes’ founders chose authenticity over quick funding, trusting themselves to follow what felt right, even when a big deal dangled in front of them, showing real entrepreneurial daring.
- They knew timing was everything: first, they let their Shark Tank moment shine, then, when lots of curious feet were ready, they carefully grew the business. It’s like watching a flower bloom at just the right moment.
- Their minimalist sandals, just rubber and straps, became a powerful symbol. Simple but smart, they whispered on the ground yet roared in the market. That humble design taught an important lesson: sometimes less really is more.
True power isn’t in flashy deals; it’s found in being real, patient, and creative, building something that stands step by step.
Conclusion
From DIY sandals in a Boulder workshop to Olympic athletes on the world stage, Xero Shoes proves that authenticity and patience can outpace flashy deals. By turning down Shark Tank’s offer, Steven and Lena showed that trusting instincts builds stronger foundations than chasing quick wins.
Their barefoot philosophy, simple, natural, and empowering, became more than footwear; it became a movement. Today, their story leaves a clear lesson: when you walk with purpose and stay true to your vision, each step carries the power to create a lasting footprint.
