Origaudio juicebox2/2/2024 Kevin, evidently fed up with good news, wanted to get back to business. Thankfully, including a ten thousand dollar loan from Jason’s mother, the two had only sunk forty thousand dollars into the business. After their contract, a large company could swoop in and pay more for distribution of the products.īarbara changed the subject to their investment numbers so far. Daymond and Kevin were worried that OrigAudio would have the difficult job of marketing its products for the first five years. Although Jason was confident that the factory would renew their five-year licensing deal, the sharks weren’t so sure. Specifically, the Rock-It was patented in China and distributed from a factory overseas. Also, it became clear that Michael and Jason didn’t develop or own the patents to their products. Taking salaries into account, the company was revenue-neutral. On seven hundred fifty thousand in sales, the pair netted only one hundred fifty thousand, and that was without paying themselves. He differentiated between gross sales and net income. Things got a little rocky when Daymond called their success into question. Weren’t they already successful enough on their own? Jason cited new hires, mass order fulfillment, and outsourcing accounting as reasons for seeking capital. Robert wanted the reason for an investment. Fifty dollars was affordable, but perhaps it ruled out shelf position at the registers of large electronics retailers. Daymond wondered about the Rock-It’s price point, probably envisioning how he would market the product. The Fold and Play Recycled Speakers brought OrigAudio its first five hundred thousand, and the remaining two hundred fifty came from the Rock-It. Kevin was impressed but wanted the breakdown, product by product. Robert asked the most important question – what were their sales? Jason maintained OrigAudio’s strong first impression and answered that one year in business brought the company seven hundred fifty thousand dollars. However, awe gave way to figures, and most of the sharks had questions about the details of the business. Jason Lucash shows off OrigAudio’s first product, the Fold and Play Recyclable Speakers. Most of the sharks looked like children in a toy store. This collapsible and environmentally friendly device inspired the name of the business. Michael and Jason also showed off their first product, the OrigAudio Fold and Play Recycled Speakers. The sharks were amazed by the Rock-It, as well as the follow-up. The Rock-It uses a transducer to turn any surface into a speaker. They called their newest addition the Rock-It. Lamenting the struggles of the traveling audiophile, the two claimed their line of products was the solution. After a quick introduction, Michael offered the sharks a fifteen percent stake in OrigAudio for one hundred fifty thousand dollars, a million dollar valuation. The OrigAudio team looked confident and ambitious in the tank. Let’s see if Michael and Jason can move past the PB and J. With some help from the sharks, they hope to grow beyond Michael’s house and take their business to the next level. Their days are largely order fulfillment in the garage and peanut butter and jelly sandwiches on paper plates. Although the two have high sales for their first year in business, they’re still in debt and unable to pay themselves. Their line of novelty, portable audio equipment combines their two passions: travel and music. Michael Szymczak and Jason Lucash are business partners and co-owners of OrigAudio. After Shark Tank – OrigAudio Now in 2018.
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