What Happened to IReTron After the Shark Tank Pitch?
What is iReTron?
IReTron is a Los Gatos, California-based ecommerce and recycling service provider. It enables users to sell their used technology for free, including cellphones, iPhones, iPods, MP3 players, tablets, iPads, e-readers, and calculators.
Users submit the model and condition of their old devices on the website and then receive a monetary offer, which they may accept or decline.
Additionally, iReTron restores and resells abandoned gadgets and offers gratis shipping.
Who is the Founded iReTron?
IReTron was founded by Jason Li. As a senior in high school, Li is the senior among the four young entrepreneurs; he hopes that his additional years of firm growth will gain him a Shark investor.
IReTron has a simple business model: they acquire used electronics such as mobile phones, tablets, and MP3 players and repair them for resale.
If they have an older iPhone, all they have to do is log in to the site, request a price, and IReTron will provide you a pre-paid shipping label.
Simply affix the label to a box holding your used iPhone and send it along; they will pay you by cheque or PayPal within 48 hours of receiving your delivery.
Li’s socially conscious mission is to eradicate electronic garbage globally by encouraging people to recycle – organically via his business.
He claims to have over 1,000 consumers in his first year of business.
What Happened to iReTron During the Shark Tank Pitch?
Jason Li, 16, of Los Gatos, California, the founder of iReTron, pitched his startup on Shark Tank season 5 episode 20 on March 14, 2014, seeking $100,000 for a 20% share. This implies valuation of $500,000.
He presents the Sharks to the company’s premise, emphasizing the “green” side of his enterprise.
However, the Sharks’ major interest is with money.
Robert Herjavec inquires as to whether the old devices have a “guaranteed customer.” Jason observes that in his two years of business, he has amassed no inventory since the goods he has bought have been swiftly resold.
IReTron’s client base is drawn to its reputation as a “social corporation.” They grab over 5,000 things, including some with little commercial worth. This plan, however, does not sit well with the Sharks.
“So you’re telling me that you’re going to make me a loss as an investment,” Kevin O’Leary says. “Because you’re purchasing products that nobody wants at inflated pricing, diminishing my margins.”
He highlights the fact that there are hundreds of rivals.
Jason points out that IReTron ranks top in a Google search, showing that the firm is popular enough to have captured a substantial portion of the market.
The company made $40,000 last year, with a profit of $10,000. Robert Herjavec is intrigued as to what inspires Jason. He states that he is inspired by a desire to give back via social business.
Herjavec admires Jason’s drive and vision, but he is dubious that this is a wise investment. He has left.
Mark Cuban argues that the investment is too early to help the business. He exits.
Kevin O’Leary says that the business is “not proprietary.” He advises Jason that an investor’s litmus test should be if they could produce the same service themselves for significantly less than the investment, removing the entrepreneur altogether and still gain.
In essence, O’Leary believes he could create this corporation on his own if he felt it would be sustainable. He has no motive to invest in Jason, and so goes.
Barbara ultimately talks and reveals that she is dubious about the business; she is unsure if it will thrive or fail, and thus it is a major question mark; but, she believes in Jason, and therefore makes an offer of $100,000 for a 20 percent ownership.
She would supply the cash on a “as-needed” basis and has stated that she would also obtain 20% of any business he develops in the next five years.
Lori Greiner, upon hearing the offer, feels she is incapable of matching or exceeding it, and consequently goes out.
Jason inquires as to whether Mark Cuban would be willing to engage in the Corcoran offer. Mark concurs, and Jason departs the stage with a Shark agreement for $100,000 for 20 percent equity.
What Happened to IReTron After the Shark Tank Pitch?
IReTron’s deal with the Sharks was never finalized.
Jason, who is currently a student at Chicago University, has launched a second start up, UProspie, which connects prospective college students with existing students, delivering tours and insider information about their desired universities.
IReTron’s website is active, indicating that business is being done. Although social media updates appear a touch delayed, this may be due to Jason’s preoccupation with his college studies and new career.
He is most happy of influencing other young people to achieve their dreams, recalling a younger student who visited him after watching him on Shark Tank and requested a photo.
Jason Li, without a question, has a great career ahead of him. He sold the firm in 2019 and is presently engaged as a product manager at Oscar Health, a startup that delivers virtual care.
He has been worked there for two years. He continues to deliver business tips seminars, such as at the University of Iowa.
What is the Net Worth of IReTron?
IReTron visits Shark Tank seeking $100,000 for a 20% stake. This values the property at $500,000.
He accepted an offer from Mark and Barbara of $100,000 for 20% share thereby valuing at the same valuation.
IReTron was closed in 2019 hence its current net value is unavailable.
Who are the Competitors of IReTron?
Back Market, asgoodasnew, 2GUD and Aihuishou are some of its competitors.
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IReTron FAQS
What is iReTron?
It is an online marketplace that enables people to recycle old iPhones, iPads and other Apple gadgets.
Who is the founder?
Jason Li, who resides in Los Gatos, California.
How much were seeking on Shark Tank?
Janson Li was seeking for $100,000 for 20% share of his firm.
Did he receive the deal?
He struck a contract with Mark Cuban and Barbara Corcoran for 100,000 for 20% equity.
Is iReTron still in business?
No, he closed the business in 2019.
How much money has iReTron taken in?
It has raked in $40,000 since its debut two years ago.
How does it work?
IReTron provides a free shipping label that people may use to submit their old phones or other electrical devices for processing.
The consumer will subsequently get money in the form of cheque or PayPal through iReTron.
Where is iReTron located?
It is located in Los Gatos, California.
What is iReTron phone number?
iReTron phone number is unavailable.
What happened to IReTron on Shark Tank?
IReTron’s deal with the Sharks was never finalized.
Jason, who is currently a student at Chicago University, has launched a second start up, UProspie, which connects prospective college students with existing students, delivering tours and insider information about their desired universities.
What is iReTron Net Worth?
IReTron visits Shark Tank seeking $100,000 for a 20% stake. This values the property at $500,000. He accepted an offer from Mark and Barbara of $100,000 for 20% share thereby valuing at the same value.
IReTron was closed in 2019 hence its current net value is unavailable.
Who are iReTron Competitors?
Back Market, asgoodasnew, 2GUD and Aihuishou are some of its competitors.
How was they making money?
They were charging for the service.
What was strengths of iReTron?
Its strength was in its technology which was ahead of the industry. It was also incredibly consumer friendly and efficient.
What were iReTron’s Weaknesses?
The biggest drawback was that they did not have a demonstrated track record.
