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is a consumer technology company that develops portable speakers and was founded by Jason Lucash and Michael Szymazk. They were seeking $150,000 for 15% of the company on The Shark Tank. This is an implied valuation of $1 million..
In one year of business, they have had $750,000 in sales. $500,000 of sales came from from a folded speaker product and $250,000 from their product The RockIt. It is sold in 500 stores. The company was featured on QVC.
The RockIt is licensed from a factory in China. So the product and underlying patent are owned by the Chinese manufacturer. They’ve invested $40,000 in the company with $10,000 from Jason’s mother.
asked if things take off why will the factory in China not just run with the business on their own? said he is out from a valuation perspective given the $1 million valuation is rich.
said deal with me and tell me how much the $150,000 investment gets me as the valuation currently is out of range. But Cuban strong-armed the duo saying deal with me and if I say no, then you can deal with the other Sharks. This didn’t go over well with the other investors. They then jumped in with their offers at which point Mark Cuban opted out saying the 24 second clock expired.
The other offers included Daymond John who offered $300,000 for 100%.
offered $150,000 for 15%. And laid into Mark Cuban quite a bit calling him a bully.
offered $150,000 for 25% and said she can provide access to her partner who manages “As Seen on TV”.
They opted for Robert Herjavec calling him “Uncle Rob” as he gave them the cash infusion and the equity they wanted.
If you’re an entrepreneur and want to see which of the Sharks your business might fit best with, check out our free invitation-only . Get an invite .
Check out how we analyzed for seasons 1 and 2. We also highlighted that in season 2 and that and that . And we’ve also discussed whether to the real world.
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