Michael Wooley submits a grant application for the Vestpakz, a vest and backpack combination that she developed in 1999 for a scientific project in the sixth grade.
Due to her appearance on Oprah and receipt of the Disney Dreamers and Doers Award, Christen was well-known even as a young child.
Christen, the Vestpakz patent holder, was unable to appear on Shark Tank because of her demanding schedule as a teacher, babysitter, and graduate student at Wake Forest's Southeastern Baptist Theological Seminary.
Wooley will join representatives of Eastport on the Shark Tank show in November. Thanks to a license arrangement with Eastport, Vestpakz items are now offered at Walmart.
Wooley seems to be looking for funding and possibly brand recognition to help his firm take off.
Who Founded VestPakz?
Christen Bell designed Vestpakz, a vest with front and back pockets, to carry her school supplies.
The Vestpakz Vest is among the most intriguing goods to ever-present on Shark Tank.
The Vest Pack/Backpack was developed in 1998 by Christen Bell, who was 11 years old at the time, as part of a scientific project.
Brief Information About VESTPAKZ
|Founder||Michael Woolley and Arthur Grayer|
|Product||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|
How Do You Think VestPakz's Shark Tank Pitch Compares to Others?
VestPakz is a vest and backpack hybrid with a useful design that helps distribute weight evenly.
With over 30 years of backpack experience, Michael has never seen anything like the VestPak.
With their investment in the VestPak, the Sharks can now start to put a lot more money in the front pocket of the vest.
Kevin, who has been melancholy throughout the program, suddenly shifts his focus to sales.
In the months of January and February, only $10,000 worth of items were sold, as the Sharks point out.
To explain their relationship to one other, when Robert inquires, Michael explains he owns the good, which he licenses to Arthur so that he can sell it. Arthur is the only person who can sell VestPAKz.
Each shark was given a lollipop and a few samples by Arthur and the two children after their arrival.
In spite of this, though, Things are going to get ugly on Shark Tank, so Kevin advises getting rid of the kids.
Arthur buys the merchandise from Michael and then pays Michael a fee. Robert then inquires about the matter.
When Robert requests money, Michael tells him that he'll get six and a half royalties in return for his cooperation. Aside from the $14.88 selling price and the $4.75 production cost revealed by Arthur during Mark's interrogation, Arthur says that VestPaks often sell for between $14 and $30.
Robert asks Arthur for VestPakz's total sales, but Arthur begins by relating a story about a customer.
For the months of January and February of this year, a licensing agreement was reached in November, making the product available at a large-format store (Wal-Mart).
Despite the fact that VestPakz items will be available in 75 locations, sales were disappointingly low.
Because the product would not be finished until after Christmas, Arthur had hoped that it would be available for purchase before the holiday season.
We have not yet gotten an order commitment from Wal-Mart, and Arthur indicates he will wait until the “back to school” season in July and August before making a decision. If Wal-Mart places another order, they'll know about it now.
Arthur asks himself what it would be like to be Robert, an investor if a company came to him and said they had entered the Wal-Mart market but had only sold $10,000 in two months!
On the other hand, when Barbara and Mark ask the two to elaborate, they give Robert some good news.
A little delay is requested to give Michael time to provide some information on VestPAKz, but Arthur warns that Wal-Mart may reorder due to their great interest.
Michael's daughter won first place in a sixth-grade science competition after he came up with the idea for the invention. The idea was then submitted to the “Million Dollar Idea Challenge” on the Oprah Winfrey show.
Though Oprah and Walmart featured them, Barbara points out that they only sold $10,000 worth of stuff. Michael points out that this was back in 2003.
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As Arthur and Michael walked into Shark Tank, Robert assumed they were bringing their children; however, it turns out that Michael's daughter is now 27 years old, much to the amusement of the Sharks there.
For the sake of convenience, VestPAKz was misconstrued as a recent occurrence rather than ten years of the same since Michael had presented it as though it was a new product with significant momentum.
According to the Sharks, Michael's daughter was working in product development during the ten-year delay.
The Sharks appear to have lost their composure and are making fun of Michael's delayed approach to a potentially lucrative business.
The reason for such a long period of inaction puzzles Lori, on the other hand. Due to a lack of funds, Michael could not start the firm or purchase enough products to meet demand.
When Robert mentions that his daughter, now 27, was only 11 when VestPAKz was established, he questions Mark about the two individuals responsible for the company's 16-year loss in reputation.
If the men had warned the Sharks immediately after entering, Mark and Robert agree, it would have been better.
Prior to moving on to more pressing investment matters, Lori inquires about the sales of VestPAKz throughout the preceding 16 years. The $10,000 in VestPAKz sales during January and February, according to Arthur, were the only ones.
When it comes to Kevin's take on things, he claims that the “Mandy” backpack design was still extremely popular when the VestPakz were designed.
VestPakz has only been added to Wal-Mart since then, and it's not clear if the product will be available till the new school year begins.
The fact that Wal-Mart was going to keep it for another year surprised Kevin, as he had previously thought it was worthless.
What they do on Shark Tank will be a footnote in VestPAKz's history regardless of whether they do it now or ten years from now.
Kevin made light of the idea that if he went to the Smithsonian and saw the VestPAKz, he would immediately regret his lack of investment there.
The Smithsonian will exhibit the products in 2015, Michael states when Kevin brings this up and concedes that he is not a party to the deal anymore. Michael However, Arthur recognizes that textbook weight is an issue.
Through testing, they found that the VestPak was able to distribute weight and help children carry their heavy loads.
In spite of the fact that Michael appears to be sincere, Robert is apprehensive about the two of them and their motives.
Even worse for an investor is when a product sold at Wal-Mart, the world's largest retailer, earns $10,000 in sales in 75 shops over the period of two months.
Because Robert is no longer involved in the transaction, the data are accurate.
Despite Mark's enthusiasm for the idea, the fact that VestPakz has already been licensed through Arthur and is intended to invest in small firms and entrepreneurs raises too many questions and creates too much uncertainty in his mind. Mark, too, will soon be out of the deal.
Barbara and Lori are the two surviving Sharks, and Barbara demonstrates her enthusiasm for the item, which is a reinvention of something that kids purchase every other year.
Barbara walks away from the deal after Arthur abruptly ends their conversation, saying that it's a shame because the product is great but the business owners are wrong about it.
Arthur and Michael have done well for themselves so far, even if Lori admits that the continual commotion may be exhausting.
There is an issue with this product, according to her, because people speak when a product is sold to so many stores and only sells for $10,000 in two months.
As a result of Wal-recent Mart's sales slump, Lori also decides to end her contract as the final Shark.
Michael Woolley and Arthur Grayer leave the Shark Tank disappointed after failing to secure finance for their startup Vestpakz.
What happened to VestPakz after Shark Tank?
The concept is intriguing, so I was hoping Michael and Arthur would expand on it. Unfortunately, they haven't done anything since their appearance on Shark Tank. As Kevin put it, “fantastic product, awful business people.”
Visiting the VestPakz website right now will send you to a poorly designed Google Forms page where VestPakz will ask for your name, email address, subject, and message.
The entire operation is powered by “Andross Computers,” which appears to be a computer repair company.
Perhaps the Smithsonian Innovation Festival and the holiday season helped them sell out of all backpack vests this year?
If the Vestpakz product cannot be obtained before tomorrow night's event, it appears that a significant opportunity has been missed.