In spotlighting one of the innovations on Friday night’s new episode of “Shark Tank” in the Coolbox, one of the first reactions that we have to it is that it’s an impressive idea! While almost every product out there these days seems to be coming with some sort of battery for phone-charging and some other features designed to innovate, what we like about this one is that it also doubles almost as a speaker for your phone. You attach it, and you can get some good music or podcasts going while you work on projects. It’s something new-age for a product that has been around pretty much forever.
However, there are some parts to this product the Sharks may not find cool, as evidenced from the video below.
First things first, let’s talk valuation: $5 million is a steep asking price for a business that has not even sold a tenth of that in pre-sales, and also one that has a high cost per unit and margins that are not particularly great. They’re already doing production in China to save money there, so they really may need to scale upward to get lower prices there.
Another issue, at least to us, is the price of the unit itself. While this does a lot of cool things, you’re having to convince people that they really should go out and spend basically $250 on something that they could more or less get much cheaper without all of the innovations. Unless you’re someone who uses a toolbox regularly, we’re not sure you will have the need for it.
Now that we’ve said all of this, the sneak peek may contain one of the best investor beards we’ve seen. Kudos.
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