The last update was made 3 seconds ago.
Michael Wooley applies for funding for the Vestpakz, a hybrid vest and backpack, which she created in 1999 for a science project in the sixth grade.
Christen was already well-known as a child thanks to her appearance on Oprah and the Disney Dreamers and Doers Award.
Christen, who holds the Vestpakz patent, was unable to participate in Shark Tank due to her grueling schedule as a teacher, babysitter, and graduate student at Wake Forests Southeastern Baptist Theological Seminary.
In November, Wooley will appear on the Shark Tank programme alongside Eastport representatives. Vestpakz products are now sold at Walmart thanks to a licensing agreement with Eastport.
Wooley appears to be looking for brand recognition and even financing to help his business flourish.
Do Sharks make an effort to fit Vestpakz?
Christen Bell, a sixth-grader, created the vestpakz, a vest with front and back pockets, as a more practical way to carry school supplies.
Vestpakzs' design distributes weight equally and comfortably compared to traditional backpacks.
|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|
VestPakzs is founded by who?
Christen Bell created Vestpakz, a vest with front and rear pockets, to carry her schoolbooks.
The Vestpakz Vest, one of Shark Tank's most interesting products, excels in many ways.
The Vest Pack/Backpack isn't a wholly original concept; it was created in 1998 as part of a science experiment by Christen Bell, who was 11 years old.
VestPakz was introduced before Shark Tank.
Michael Woolley and Arthur Grayer, who serve on the VestPAKz board, have recently been approved for the Shark Tank. Arthur is the most powerful licensee, while Michael is the main financial officer.
The company has contacted Shark Tank in exchange for a $50,000 investment and a 10% equity share in the company. Arthurs daughter founded VestPakz when she was only in sixth grade.
Her teacher gave her a simple science project that involved finding a problem and coming up with a solution.
After discovering that backpacks were unusable, he developed a new model that is more stylish, practical, and comfortable than a regular rucksack.
What Would You Rate VestPakzs Shark Tank Pitch?
VestPakz is a hybrid vest and backpack with a practical design that allows for equally dispersing weight.
Michael has never seen anything quite like the VestPak in his more than 30 years in the backpack business.
Michael concludes by saying that the Sharks may begin putting a lot more money into the vests' front pocket thanks to their investment in the VestPak.
Kevin, who has been gloomy throughout the episode, has suddenly turned his attention to the sales.
In January and February, about $10,000 worth of goods were sold, which, as the Sharks pointed out, isn't a lot of money.
Michael claims to own the goods when Robert asks about the men's relationship, which he then grants to Arthur so that he may sell it. Only Arthur has the authority to sell VestPAKz.
Arthur and the two kids handed each shark a lollipop and some samples following their entrance.
Kevin thinks it's wise to get rid of the kids, because Shark Tank will turn ugly.
Arthur purchases the product and then pays a fee to Michael. Robert then asks for clarification.
Michael reveals that when Robert asks for money, it will be in the form of six and a half royalties. During Marks' questioning, Arthur reveals that the sale price of each VestPak varies from $14 to $30 depending on the model; the VestPak Mark had a retail price of $14.88 and a manufacturing cost of roughly $4.75.
Robert asks Arthur what he thinks are the total sales for VestPakz, but Arthur starts off by introducing a quick account.
Wow! Cool product, but these guys are no salesmen. #SharkTank #VestPakz
In November, a licensing agreement was agreed, and for January and February, the product was available at a Wal-Mart store.
The low sales indicated that there was little interest in the VestPakz program, although there will be 75 shops where the products may be purchased.
Despite Arthurs intention to make the product accessible before the holidays, the product manufacturing would not be completed until after Christmas.
VestPakz has not yet received a Wal-Mart commitment to order again, and Arthur claims he is waiting to see what happens during the summer back to school season in July and August. At this point, they will know if Wal-Mart will place another order.
Robert asks Arthur to put himself in Robert's shoes when a business approaches Robert, an investor.
Robert believes this is a bad scenario, but Barbara and Mark encourage the pair to provide further information, and in November, they provide Robert with some good news.
Michael asks for a brief delay so that he may clarify some information on VestPAKz, but Arthur believes that Wal-Mart might reorder owing to their enormous interest.
Michaels' daughter took first place in a sixth-grade science competition and the item was submitted to the Oprah Winfrey programs Million Dollar Idea Challenge.
What Happened After Shark Tank at #VestpakzU http://t.co/nPUOxtC1Ho #Sharktank #Entertainment pic.twitter.com/BthzpectlN
Barbara explains that despite being featured on Oprah and Walmart, they are still selling only $10,000 worth of merchandise; however, Michael admits that this was back in 2003.
Robert believed that the children who sat on the Shark Tank with Michael and Arthur were Michael's children; however, Michael's daughter is now 27 years old, which enrages all of the Sharks.
VestPAKz was misinterpreted as a recent series of events rather than ten years of the same because Michael had made it appear like a new product with a lot of momentum.
The Sharks mention the reason for the ten-year wait, and Kevin jokes that Michaels daughter was working at the time in product development.
The Sharks have lost their vigilance and appear to be mocking Michaels' tardy approach to what might be a very lucrative business.
Lori, on the other hand, wonders why there has been such a long time of inactivity. Michael explains that he did not have the resources to launch the business and acquire enough products.
When Robert mentions that his daughter, who is now 27, was just 11 when the company was founded, he questions Mark about the two men who contributed to VestPAKz's 16-year depreciation in credibility.
Mark agrees with Robert that it would have been better if the two men had alerted the Sharks immediately after entering the Shark.
Lori then inquires about VestPAKz's sales in the previous 16 years, before moving on to more pressing investing concerns. However, Arthur insists that the $10,000 in sales of VestPAKz in January and February were the only ones.
Kevin apologises, claiming that the Mandy backpack design was still very popular at the time the VestPakz were manufactured.
Vestpakz Carry No Weight For Investors In Shark Tank http://t.co/PMPQCCGEfL pic.twitter.com/EITfnz5zCX
VestPakz has only recently joined Wal-Mart, and it is unclear if the product will be sold until the start of the next school year.
Kevin was fascinated by this since, until he learned that Wal-Mart would keep it for the rest of its history, he did not think it was worth $500,000 in the first place.
VestPAKz's dedication to Shark Tank and their involvement with the Sharks will be a watershed moment in their history, whether it be today or in ten years.
If he went to the Smithsonian and saw the VestPAKz, Kevin made light of the fact that he would instantly regret his lack of investment.
Kevin appeals to Michaels and admits that he is no longer a party to the agreement, Michael initially claims that the Smithsonian will display the goods in 2015. However, Arthur acknowledges that the weight of textbooks is a concern.
Through testing, the VestPak proved that it did indeed disperse weight and that it may be beneficial for children in handling their heavy loads.
Robert acknowledges that Michael appears to be an honest individual and that the two of them did not try to deceive them, but he has good reason to be concerned.
A company that offers a product at Wal-Mart, the world's largest retailer, generates $10,000 in sales over the course of two months at 75 locations.
Because Robert is no longer a party to the transaction, the data is accurate.
Mark likes the product, but the fact that VestPakz is already licensed through Arthur and that the intention is to invest in entrepreneurs and businesses leaves him with too many questions and too much room for doubt. Mark also soon withdraws from the transaction.
Vestpakz Hold No Weight For Investors in Shark Tank http://t.co/PMPQCCGEfL pic.twitter.com/EITfnz5zCX
Barbara and Lori are the only remaining sharks, and Barbara expresses her love for the item, which is a kid's present every year.
Barbara responds that this is a sad instance because the product is excellent, but the entrepreneurs are wrong, and she withdraws from the sale.
Although Lori admits that the constant rush and bustle might make her tired, she believes Arthur and Michael have done well for themselves thus far.
The issue, according to her, is that regardless of whether or not the Sharks think the product is a good idea, the customers speak when a product is sold to so many outlets and only sells $10,000 in two months.
Lori has also terminated her employment agreement as the last Shark, as evidenced by the decrease in sales at Wal-Mart in the last two months.
Michael Woolley and Arthur Grayer resigned from the Shark Tank after failing to secure funding for their business Vestpakz.
Following Shark Tank, what transpired with VestPakz?
I was hoping that Michael and Arthur would further develop the idea, but unfortunately, they haven't done anything since making their Shark Tank debut. As Kevin put it, it's a fantastic product, terrible business people.
Visiting the VestPakz website will take you to a poorly designed Google Forms page, where VestPakz will ask for your name, email address, subject, and message.
The whole project is managed by Andross Computers, which appears to be a computer repair business.
Perhaps the presence of the Smithsonian Innovation Festival and the Christmas season this year have aided in the sale of all backpack vests?
If the Vestpakz product cannot be purchased before tomorrow night's show, it appears like a great loss.