The Vestpakz, a vest and backpack combo that Michael Wooley created in 1999 for a science project in the sixth grade, is the subject of a grant application.
Christen was well-known even as a young child, thanks to her appearance on Oprah and achievement of the Disney Dreamers and Doers Award.
Due to her busy schedule as a teacher, babysitter, and doctoral student at Wake Forest's Southeastern Baptist Theological Seminary, Christen, the Vestpakz patent holder, could not participate in Shark Tank.
In November, Wooley will appear on the Shark Tank program with members from Eastport. Vestpakz products are now available at Walmart thanks to a license agreement with Eastport.
To help his business succeed, Wooley appears to be looking for funding and perhaps brand recognition.
Quick Facts About Vestpakz
|Founder||Michael Woolley and Arthur Grayer|
The vest and backpack work together to distribute weight evenly throughout the body
|Investment Seeking||$50,000 for 10% equity in VestPakz|
|Final Deal||No Deal|
|Business Status||Out Of Business|
What Is The Fortune Of Vestpakz?
Kevin, who has had a melancholy expression the entire show, suddenly starts to focus on the sales.
- In January and February, merchandise worth about $10,000 was sold, which, as the Sharks point out, is not a lot of money.
- When Robert inquires about the men's relationship, Michael responds that he owns the product's rights and has granted Arthur a license so that he may market it. The only person with the power to sell VestPAKz is Arthur.
When they arrived, Arthur and the two youngsters presented a lollipop and some samples to each Shark.
How Unique Was VestPakz's Shark Tank Pitch Compared to Other Entrepreneurs On The Show?
VestPakz is a combination vest and backpack with an efficient design that helps distribute weight evenly.
- Michael has been in the backpack market for more than 30 years and has never encountered anything like the VestPak.
- Michael concludes by adding that because of their investment in the VestPak, the Sharks can start placing a lot more money in the front pocket of the vest.
- But irritable, Since things will get messy on Shark Tank, Kevin advises getting rid of the kids.
- As the arrangement is set up, Arthur buys the item and then pays Michael a charge. Robert then requests more information.
- Michael tells Robert that the payment will come in six and a half royalties when Robert requests money.
- The sale price of each VestPak varies from $14 to $30 depending on the model, Arthur reveals during Mark's interrogation; the VestPak Mark had a retail price of $14.88 and a manufacturing cost of around $4.75.
- Before answering Robert's question about VestPakz's overall sales, Arthur tells a brief story.
- A licensing agreement was negotiated in November, and a Big Box retailer carried the product (Wal-Mart) for January and February.
- Even though there will be 75 locations where the products may be purchased, the lackluster sales indicated little demand for the VestPakz product.
- Despite Arthur's desire to have the product available before the holidays, the truth was that the manufacture would not be finished until after Christmas.
- The reorder of VestPakz from Wal-Mart has not yet been confirmed, and Arthur says he is awaiting the results of the “back to school” season in July and August. They will then be aware of whether Wal-Mart will place another order.
- Robert, an investor, begs Arthur to put himself in Robert's position when a company approaches him and claims they have penetrated the Wal-Mart market but have only sold $10,000 in two months.
- Robert believes this is a pessimistic scenario, but after Barbara and Mark approach the two for further details, they inform Robert of some positive news in November.
- Michael requests a little delay so that he can discuss VestPAKz, but Arthur informs him that there is good news in that Wal-Mart might place another order due to their strong interest.
- Michael's daughter came up with the concept and won the sixth-grade science competition. The item was then entered into the “Million Dollar Idea Challenge” on the Oprah Winfrey program.
- Barbara points out that they are only selling $10,000 worth of goods despite being featured on Oprah and Walmart; Michael clarifies that this was back in 2003.
- Robert assumed that the children who entered the Shark Tank with Michael and Arthur were Michael's children, but when he learns that Michael's daughter is now 27 years old, all of the Sharks chuckle or look on in amazement.
- VestPAKz was viewed as a recent series of events rather than ten years of the same since Michael had made it appear like a new product with a lot of momentum. He and Michael's children were both in sixth grade.
- The Sharks bring up the ten-year delay, and Kevin jokes that Michael's daughter was engaged in product development at the time.
- The Sharks seem to be making fun of Michael's belated approach to what could be a very lucrative business now that they have lost their cool.
- On the other hand, Lori is perplexed as to why there hasn't been any activity in such an extended period. Michael explains that he lacked the resources to start the company and purchase good goods.
- When Robert mentions that his daughter, now 27, was only 11 when the company was founded, Mark is questioned by Robert about the two guys who were accountable for VestPAKz's 16-year drop in credibility.
- Mark concurs with Robert that the two men should have immediately alerted the Sharks after entering the Shark.
- Then Lori moves on to more critical investing concerns after asking about VestPAKz sales during the past 16 years. But according to Arthur, the $10,000 in VestPAKz sales in January and February were the only ones.
- Kevin then expresses his viewpoint, asserting that the “Mandy” backpack style was still widely used when the VestPakz were developed.
- Since then, only VestPakz has been added to Wal-Mart, and it is currently unknown if the product will continue to be sold until the beginning of the new school year.
- Until he realized that Wal-Mart would keep it once more, Kevin did not believe it was worth $500,000, which is why he was intrigued by this.
- Given the longevity of VestPAKz, their appearance on Shark Tank and their association with the Sharks will go down in history as a footnote, whether they do so right away or in ten years.
- Kevin joked that if he visited the Smithsonian and saw the VestPAKz, he would immediately regret his lack of investment.
- Michael initially asserts that the Smithsonian will display the products in 2015 when Kevin calls his attention to him and admits that he is no longer a party to the deal. However, Arthur is aware that the burden of textbooks is a problem.
- They conducted tests to demonstrate that the VestPak did, in fact, evenly distribute weight and could assist kids in carrying considerable burdens.
- Robert acknowledges that Michael appears to be a trustworthy individual and that the two of them did not appear before them to fool them, but he has good reason to be concerned.
- When a product sold by Wal-Mart, the biggest retailer in the world, earns $10,000 in sales over two months in 75 stores, an investor finds it even worse.
- Robert is no longer a party to the transaction. Hence the data are accurate.
- Even if Mark likes the product, the fact that VestPakz is already licensed through Arthur and that its goal is to invest in business owners and entrepreneurs raises too many concerns. It gives rise to too much uncertainty in Mark's mind. Mark quickly exits the trade as well.
- The two sharks left are Barbara and Lori, and Barbara demonstrates her enthusiasm for the product, a reimagining of something youngsters purchase every other year.
- Barbara states that this is a sad occasion since the goods are excellent, but the entrepreneurs are wrong, and she walks away from the deal when Arthur momentarily interrupts her.
- Although Lori admits that the constant commotion might get weary, she believes Arthur and Michael have done well for themselves.
- She sees an issue when a product is marketed to so many outlets and only sells $10,000 in two months, regardless of whether the Sharks think the product is a brilliant idea or not.
- As the last Shark, Lori also ends her work contract, as shown by the disappointing Wal-Mart sales over the previous two months.
Michael Woolley and Arthur Grayer dejectedly leave Shark Tank after failing to secure investment for their company Vestpakz.
What Transpired With Vestpakz Following Shark Tank?
I was expecting Michael and Arthur would expound on the intriguing idea. Sadly, they haven't accomplished anything since they were on Shark Tank. Fantastic product, terrible business people, to quote Kevin.
- If you go to the VestPakz website right now, it will direct you to a Google Forms page that is poorly structured, where you will be required to enter your name, email address, subject, and message.
- “Andross Computers,” which seems to be a computer repair business, powers the entire enterprise.
- Due to the Smithsonian Innovation Festival and the holiday shopping season, they may have sold out of backpack vests this year.
If the Vestpakz product can't be acquired before the event tomorrow night, it seems like a big chance was lost.