Shane Cox entered “Shark Tank” looking for $200,000 for 15% fairness in PeeQ Applied sciences, the dad or mum firm behind his product, the Qball. The Qball is a wi-fi microphone that is available in a throwable rubber ball, with the receiver having an aux output that may be plugged into virtually any form of sound system. As Cox defined, the Qball was primarily designed as each a classroom device to assist maintain youngsters’ consideration and make it simpler to listen to lecturers, notably since auditory cognitive processing totally matures round 15 years previous.
On the time, the Qball retailed for $179 with a producing price of $52, and he had finished $177,000 in gross sales year-to-date on the time of taking pictures. (Primarily based on the same old “Shark Tank” taking pictures schedule the place the season can be shot in two separate “pods” in June and September, the episode was probably shot in June 2017, which means that was lower than half a yr’s price of gross sales.) Cox pegged about 90% of Qball gross sales as being to colleges, with church teams and different public audio system making up the ten%, together with his major advertising and marketing efforts being a sales space at commerce reveals.
Robert Herjavec, citing his previous points with promoting cybersecurity merchandise to colleges, opted out, however different Sharks have been . Lori Greiner, Mark Cuban, and visitor Shark Rohan Oza needed to go in collectively, providing $200,000 for 30%. Barbara Corcoran confirmed curiosity in making her personal deal however was rebuffed by Cox, given the three-Shark deal in play earlier than making a suggestion. After Cox’s counter-offer of dropping the fairness to 25% was rejected, he agreed to the Sharks’ authentic deal.
