What Happened to Coco Jack After Shark Tank?
What is Coco Jack?
Coco Jack, also known as a coconut opener, is the safest and simplest means or resource for cutting hand coconut with a few hits of a hammer to consume fresh coconut water.
In 2012, Dave Goodman designed the Coco Jack, which is used to bash the coconut. Coco Jack also provides a one-of-a-kind scoop for extracting the whole coconut meat with a single scoop. Anyone may cut a coconut without the need for a sharp knife, the worry of injuring themselves, or intricate expertise.
This way, you may get the coconut milk without wasting any of it. Goodman also makes a patented “scooper” for efficiently removing the coconut meat.
Who is the man behind Coco Jack?
Dave Goodman invented Coco Jack in 2012, which is used to whack the coconut. Goodman created the Coco Jack after selling his New York City home and traveling throughout the country.
He earned $5,775 through an Indie GoGo campaign in December 2013 to finance the first production run.
Coco Jack is largely made up of a mallet and a striking ring. Place the ring on top of the coconut and strike it with the mallet to create a “perfect” hole in the coconuts top.
Lauri acid, chloride, iron, potassium, magnesium, calcium, sodium, and phosphorus are all abundant in Thai coconuts. It’s tough to open them, which is why Goodman designed Coco Jack.
Other coconut openers exist on the market, but they need drilling. Coco Jack is less complicated and easy to use than other market openers.
The Coco Jack Pack costs $49.95 and includes the mallet, the Coco Jack, and a scooper. Goodman’s merchandise is currently available for buy online.
What Happened to Coco Jack’s Pitch on Shark Tank?
In Shark Tank episode 21 season 6, Dave Goodman chose to pitch the Sharks about Coco Jack, his handy innovation for easily opening Thai Coconuts, in order for the Sharks to help him get into retail outlets.
Dave entered the Shark Tank pitch seeking $125,000 for 15% stake in his firm, worth $1.25 million.
What a disaster! He demonstrates the traditional way of opening coconuts! Then, with his ingenuity, he does it much more effortlessly. Robert and Mark come onstage to try their luck, and they are successful.
Next, he takes out the scooper, which Robert thinks is even better than the Coco Jack.
Kevin inquires about coconut milk’s laxative qualities and suggests that Dave provide some to Barbara.
Kevin was intrigued by Dave’s diverse background and asks him how he makes money.
Dave has generated $325,000 in sales in 9 months, despite having considered the concept for 12 years. He thought it was a little product, but others informed him it had a big potential!
Barbara exits because she thinks Dave was unorganized. Lori likes the product and thinks he’ll do well, but she exits.
Robert likes the concept and the uniqueness of the product, yet he also exits.
Kevin grew raised in Cambodia and saw how they were harvested; he like coconuts and is ready to spend $125,000 for a 50% stake.
Mark was enamored with the product and asks Dave if he can focus on only one item at a time. He offers $125,000 at a 7% convertible debt to 25% equity share ratio.
Dave responds to Mark by asking if he will accept 20% stock; Mark declines.
Dave chooses to accept Mark’s offer of a $125,000 loan at a 7% interest rate, which converts to equity when the business becomes profitable! The pitch was then end with a deal.
What Happened to Coco Jack After Shark Tank?
After the show aired, the deal with Mark was never completed, and Dave left the pitch with a bargain.
In 2016, Malibu Rum consented to allow the company uses its logo on their packaging. Throughout the years, several knock-offs were launched to the market, forcing the price of Coco Jack down.
As of August 20, 2021, the company website is no longer online, although the items are still available on Amazon. Total lifetime sales total $5 million.
Coco Jack’s Competitors
The chief rivals of Coco Jack are Stainless Steel Coconut Remover and MDT India Steel Plated Iron.
Coco Jack’s Net Worth
During the pitch, the firm was valued at $1.25 million. The firm sold its goods until August 2021, and because the company is no longer in operation, the net worth of the company is unknown.
Coco Jack FAQs
What was Coco Jack?
Coconut Jack’s mission was to develop the best coconut opener in the world. The Coco Jack is an innovative and unique tool for quickly, safely and effortlessly opening coconuts. It was invented by Dave Goodman and was sold through his company, Lighthouse Honey. The Coco Jack consists of a mallet, a striking ring and a scooper.
Who was Dave Goodman?
Dave Goodman was the Founder and CEO of Lighthouse Honey. He’s a serial entrepreneur and spent over ten years working in the marketing field.
As a former stock broker, Dave became frustrated by how hard it was to invest his own money in companies he was interested in. To solve this problem, he started his first company, ShareBuilder.com in 1999, which allows individuals to buy fractional shares of stocks online.
Where was the Coco Jack created?
The Coco Jack was invented in NYC. The company is based in Brooklyn, NY.
What is the price of the Coconut Jack?
The Coco Jack Pack costs $49.95 and includes everything customers need to open up a coconut effortlessly, including a mallet, the Coco Jack and a scooper.
How does the Coco Jack work?
All customers have to do is place the ring over the coconut, place it on a table or hard surface and give it a few good whacks with the mallet. The hard shell will split open, and they can use the scooper to remove all of the meat.
Was Coco Jack safe?
Absolutely! The Coco Jack doesn’t use any blades and is completely safe to use around children and pets.
Was Coco Jack for everyone?
Absolutely! There are a lot of different types of coconuts, and one can even use it to open up a coconut with a soft husk.
Where can I use it?
People can use it in any country where coconuts are available.
Does it work on all coconuts?
Mostly. However, there are three different types of coconuts where it will not work. If one have a Green Coconut, the Coco Jack won’t work because the shell is too hard If they have a Lotus Coconut, the Coco Jack won’t work because the shell is too soft. If they have a Hardened Coconut, the Coco Jack can’t open it (no matter what method is used).
What was Coco Jack made of?
The Coco Jack was made of stainless steel.
What was the difference between the Coco Jack and other coconut tools on the market?
Coco Jack is an innovative product that makes opening a coconut much easier. It doesn’t use any blades, and it is extremely safe to use around children and pets.
Other coconut tools are made from wood, which makes them not nearly as durable as Coco Jack. Coco Jack is also much more affordable at $49.95 compared to $10 for other brands on Amazon and other retailers.
What was the return policy of Coco Jack?
The Coco Jack return policy was very generous. Customers could return the product to have their money refunded or have a new one sent out.
Why did people buy the Coco Jack?
Customers liked the idea of opening a coconut in a much more safe and efficient manner than with other products on the market. People who open coconuts every day said that they would also be willing to purchase a second Coco Jack as well because they were impressed by how well it worked.