OrigAudio on Shark Tank - UPDATE
Portable Speakers - Season 2 - Episode 207
|Michael Szymczak and Jason Lucash|
Owners of OrigAudio Portable Speakers
The OrigAudio first product demonstrated is The Rock-It. This clever device allows you to turn just about anything into a workable speaker simply by attaching it to whatever you wish to make into a speaker. The vibration technology used in The Rocket attaches to the object ans then amplifies your music using such things as a disposable cup, different sized trash cans or containers and even a boat turned on its side when you will really want to crank the volume up. It's just a super cool invention that will have you experimenting turning all kinds of things into a portable speaker.
Mike and Jason then pull out the next Orig Audio product called the "Fold and Play." The affordable speaker is made out of all Eco-friendly products and requires no direct power to turn it into a speaker for you iPhone, Smart Phones, Tablets, and Computers. Again, all the Shark Tank Inventors seem very impressed with this invention and want to learn more about the business side.
Robert Herjevic asks " does Orig Audio have any sales"? Jason responds "We have only been in business for a year and already have $750,000.00 in sales".
Kevin O'Leary yells out a big "Woo," being impressed with the early success Orig Audio has already had. Daymond John wants to know how much of that was net profit which came in around $150,000.00 without them taking a salary out themselves.
Mark Cuban asks " Is this your technology or did you license it"? Lucash answers "The Rock-It Technology is actually patented in China and they have an exclusive distributorship with our factory." The license agreement is good for 5 years and must be re-negotiated after that time. OUCH. Both Lucash and Szymczak reassure the Sharks they have a very tight relationship with their partners in China, and wouldn't be a problem renegotiating a new contract in the future.
When pressed how they managed to sell so much of Orig Audio products in such amount of time they finally confess that they've been Featured on QVC with the products doing exceptionally good.
Why would you hold out a vital piece of information during negotiations when you're trying to justify a million dollar valuation in the Shark Tank? Because tThey were waiting for Kevin O'Leary to go out first.
LOL, Hey at least they're honest and had no plans from the beginning with working with Mr. Wonderful.
Most businesses wanting to get their product on QVC have gone to great lengths and still, have failed to get noticed. Then there are a select few inventions that have QVC knocking on your door and asking if they can sell your product on their show. That's exactly what happened when QVC discovered the Orig Audio Speakers at a Trade Show.
OrigAudio Negotiating With the Sharks
|Rock-It Pocket Speaker By|
Turns ANYTHING Into
Daymond John decides he better make an off quick before Mark snags a deal before they think about it too much. He offers them $300k for 100% of OrigAudio and, well he never got to finish before Barbara Corcoran finally steps in and offers $150k for 25% stake in the company. Then Robert Herjevic decides he better step up his game because ALL the Sharks are circling in on this deal and He better make a move fast before the "bully shark" takes the deal away.
Robert offers exactly what Jason and Michael came in the Shark Tank looking for, a $150,000.00 for a 15% stake in the portable speaker business. The Best Deal on the table and one they gladly accepted during the Show.
Orig Audio Shark Tank UpdateJason and Michael came into the Shark Tank and got an offer for exactly what they were looking for, a $150,000.00 investment for a 15% stake in the business with Robert Herjevic. This is such a cool invention that by the time the Shark Tank finally did air Orig Audio, the valuation for the company had already doubled. Apparently, the numbers didn't make sense during the Due Diligence phase of the 90 grace period after the airing, and the final deal with Herjevic, unfortunately, did not go through. This easily could have been one of Robert's best investment's on The Shark Tank Show, even if he would have agreed to double his investment to conform with the new valuation.
Despite turning down a deal with Robert Herjevic, the OrigAudio Business continues to thrive and sell exceptionally good wherever they are demonstrated. Jason and Michael have since moved from the garage and spare bedroom into a large warehouse for greater distribution and continue to expand with new products.
The newest speaker's available from OrigAuido is the Volcano with a built-in bass expansion with the quality of a subwoofer. It may not be as portable as The Rock-It, but the quality of sound is significantly enhanced compared to using a cup or similar device.
You think this little speaker that plugs into any headphone jack can't Rock?
Check this video out and see how powerful the Volcano Speaker's by OrigAudio has become. Want more volume? You can keep adding to an unlimited amount of Volcano Speakers to a single device. Super SUPER COOL!
Is the OrigAudio on it's way to a very successful future? If you are tired of those crappy speakers in your mobile devises and want to improve the sound and quality by about 1000% then YES, this company has a very promising future ahead of itself. Whats not to like about this product?
I LOVE IT! You can now even design you own speakers making them truly one-of-a-kind masterpieces.