OrigAudio on Shark Tank - UPDATE
|Michael Syzmczak and Jason Lucash|
Owners of OrigAudio Portable Speakers
Mike and Jason then pull out the next Orig Audio product called the "Fold and Play". This fordable 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", They all seem 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 for 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 Luchash and Syzmczak reassure the Sharks they have a very tight relationship with their partners in China and it will not be a problem renegotiating a new contract in the future.
When pressed how they have managed to sell so much of Orig Audio products in such amount of time they finally confess that they have been Featured on QVC in which their products have done exceptionally good.
Why would you hold out a key piece of information during negotiations when you are trying to justify a million dollar valuation on the Shark Tank? They were waiting for Kevin O'Leary to go out first.
LOL, Hey at least they are honest and had no plans from the beginning with working with Mr. Wonderful. Who would of thought that even Mr. Wonderful could o
Most businesses wanting to get their product on QVC have gone to great lengths and still have failed to get noticed. Then there is a select few inventions that has 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 did not 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 of been one of Robert's best investment's on The Shark Tank Show, even if he would of 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 of a sub woofer. It may not be as portable as The Rock-It, but the quality of sound is greatly enhanced compared to using a cup or similar devise.
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 on an unlimited amount of Volcano Speaker's to a single devise. 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.
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