Featured Shark Tank Post
Sound Bender on Shark Tank Show
I-Pad Audio Enhancer - Season 4 - Episode 414
|Mosche Weiss Inventor of the|
Sound Bender for iPads
What's more impressive than having a successful Kickstarter campaign to impress the Shark Tank Investors? How about complete two within 6 months and raise at least double your goal in each successful campaign. That's exactly what Moshe Weiss, a rabbi from St Paul, MN.and the Inventor of the SoundBender for iPads did. The Sound Bender is powerless iPad accessory that amplifies the sound by several times. You just connect the power bender to any iPad device with built-in magnet's and it bends noise from the back and directly amplifies to the front for a dramatic increase in sound. Now why didn't Steve Job's think of that?
|Ipad Sound Bender in Action|
Moshe Weiss has been on a crash course in the past year to bring the Sound Bender to market. Along with this bumpy and accelerated path, Weiss has learned some valuable business lessons that have finally led him to the biggest Angel Investing Panel in the entire country, The Shark Tank Show. Having two successful Kickstarter campaign's may of what got him here, but the story actually begins in late 2011 when his first attempt at a campaign didn't meet its goal to fund Sound Bender.
There's no reference that I can find on the exact numbers of his first Kick Starter campaign but I did find the video used to promote his new invention. Mosche quickly learned what he needed to do for a successful campaign and re-launched on January 10, 2012. On February 28th, Weiss successfully completed his campaign with 360 backers' that pledged over $10,000.00 and help bring the Sound Bender to market. Trying to bring any brand new product to market will always involve a learning curve with unexpected obstacles that you really cannot plan for. It is how you choose to handle those problems that will determine how successful you will ultimately become. This was no exception for Moshe. The Sound Bender was built to attach to your iPad using two magnet's that are embedded within the gadget. The only problem was some folks that received the first Sound Bender's reported that the magnets were facing the wrong way and would repel the Sound Bender away from the iPad. Oops. That problem was quickly resolved and Mosche made good on his word to replace the malfunctioning Sound Benders
Keeping Up with Apple
Sound Bender before the Shark Tank Update
Moshe Weiss has already managed to get the Sound Bender in 350 Walgreen Stores around the country with more soon to be added. This type of distribution is usually music to the Sharks ears. Weiss recently was quoted saying he has so far sold more than 10,000 units at that time.
What has me baffled on this particular product is the lack of online presence Weiss has chosen not to pursue when millions of people see the Sound Bender for the first time. The SimplyAmazinc.com website is as simple of a 3-page site and no way of ordering the Sound Bender directly. It does have a phone number 952-951-8434 which maybe a way of buying the Sound Bender directly but that doesn't make much sense (or dollars) in this day and age. Especially if 10,000 people all try to call at the same time. Instead, the site refers you to either Amazon or EBay to buy it online.
They also include the following:
"Please contact us with your specific requests, including interest in becoming an Authorized Reseller."
Unfortunately for Weiss, the Shark Tank Show is on Friday Night, the day he observes the Sabbath and will be unable to watch the Show when he's seen by millions of people. No doubt he will watch it Saturday Morning for sure.
SoundBender Now Available at Amazon
Sound Bender after the Shark Tank Show
Moshe Weiss came into the Shark Tank requesting a $54k investment for 26% of the Soundbender business. I'm not exactly sure where these numbers came from but it had a few Sharks scrambling to figure out the valuation. If you don't want to be eaten by a Shark the best thing to do is make Friends very, very fast. That's exactly what Moshe did with his very likable personality. He had them all laughing and having fun, and at the same time, slowly reeling in a giant Shark for this simple invention. In fact, he even makes a joke about how simple it is. But this simple invention has HUGE margins and that's music to the Sharks ears. Weiss defends his high margins by saying" Hey a rabbi's got to eat too, right?". He says it cost about a dollar to make the Sound Bender (without the packaging) and retails for $12.99 each. Yes, that's indeed very large margins and well above the average of 4 times the cost the Sharks are used to seeing.
So far, Weiss has sold 7000 Sound Benders in just the past 6 months mostly to the online distributors mentioned above. With such high margins, why not also sell them directly to the consumer? This is a great way to sell in large quantities and maximize your profits while sharing the wealth with online marketers. He also happens to mention Walgreen's has a strong interest in caring this product on a national level.
Barbara Corcoran asks Weiss a question all Angel Investors want to know, and he comes up with the Very Best Answer anyone could ever come up with. Barbara wants to know how she would get her money back from this invention. Moshe responds "I will write you a check." Right answer!
Daymond John is the first to make an offer of 40% of the business for the $54k Moshe is seeking if indeed a Walgreen's deal can be completed. Robert Herjevic makes the same offer but will take Moshe's word the Walgreen's deal is real. He is given 10 seconds to make up his mind.
Daymond John makes a Deal with Moshe Weiss and the Sound Bender Business!
You got a heck of a deal Daymond. I can't believe Mosche didn't try to counter your offer which you KNOW you would have accepted: )