What Happened to Vestpakz After Shark Tank?
What is Vestpakz?
Vestpakz are a hybrid of a vest and a backpack with a useful design that helps distribute weight evenly. Christen Bell, a sixth-grade student looking for a more convenient way to carry her school supplies, created Vestpakz, a vest with front and rear pockets.
Who is the Founder of Vestpakz?
Christen Bell created Vestpakz in 1998.
Michael Woolley and Arthur Grayer, two members of the Vestpakz Company’s board of directors, have just entered the Shark Tank.
Arthur is the major licensee, while Michael is the chief financial officer.
What Happened to Vestpakz at shark Tank pitch?
Michael and Arthur Grier and asks for $50,000 in exchange for a 10% ownership. This implies a valuation of $500,000 of Vestpakz.
They are accompanied by two children dressed in Vestpakz.
Michael reports that they’ve earned a profit of $10,000 in two months.
While Michael notes that Eastsport has the sole rights to the product, they distribute samples.
Michael is compensated with a 6.5 percent royalty. They sold the product at 75 Walmart locations, earning a profit of $10,000. They launched it, and now they want Walmart to reintroduce it for Back to School shopping.
The Sharks are concerned about the sales statistics and the substantial amount of time that has passed since his daughter invented it.
They feel there is a problem with believability.
Kevin has withdrawn because he feels the investment is too risky and the valuation is excessive.
Robert feels the sales are far too low, noting that $10,000 in sales in 75 locations over two months is abysmal and unsettling for an investor, even more so since the product is offered by Wal-Mart, the world’s largest store. He has also departed.
Mikes adores the product, but the objective is to invest in entrepreneurs and firms, and because Vestpakz is already licensed via Arthur, there is just too much gray area and unsolved concerns in Mark’s mind– he is out.
Barbara like the product but believes the gentlemen are the wrong type of entrepreneurs.
Lori has chosen to resign due to her belief that sales are too low.
And Michael Woolley and Arthur Grayer exit the Shark Tank unhappy as their start-up Vestpakz fails to get an investment.
What Happened to Vestpakz After Shark Tank?
Michael and Arthur have taken no action following their failure to acquire an investment deal on Shark Tank. And Kevin put it succinctly when he commented, “Great product, awful entrepreneurs.” and they went out of business.
What is the Net worth of VestPakz?
Michael and Arthur Grier and asks for $50,000 in exchange for a 10% ownership. This implies a valuation of $500,000 of Vestpakz.
Who are the Competitors of Vestpakz?
Eastsport is the primary competition. Eastsport is Vestpakz’ primary rival, as the two goods are essentially identical, but for their names.
FAQS of Vestpakz
Who invented VestPakz?
VestPakz was invented by Christen Bell.
What was the idea of VestPakz?
Christen Bell desired a means of transporting her educational supplies.
Why did Christen Bell invent VestPakz?
Vestpakz was created as a means for her to carry her school supplies without having to wear a backpack or book bag.
Who is Michael Woolley?
Michael Woolley is the chief financial officer of Vestpakz and one of the company’s founders.
Who is Arthur Grayer?
Arthur Grayer is the originator and major licensee of Vestpakz, as well as Christen Bell’s father.
What is Vestpakz?
Vestpakz is a hybrid of a vest and a backpack with a practical design that helps distribute weight evenly.
When was the Vestpakz created?
Vestpakz was founded in 1998.
Where can they buy Vestpakz?
Walmart is VestPakz’s largest retailer.
Where can they find the VestPakz for sale?
VestPakz receives the majority of their revenues from Walmart.
Did Vestpakz secure a deal at Shark Tank?
Vestpakz was unable to clinch a contract on Shark Tank because the product lacked sufficient clarity and the financials were not in order.
What happened after Shark Tank?
Vestpakz escaped unharmed because the sharks refrained from pursuing it. Indeed, many expressed disappointment that nothing had been done.
Is Vestpakz still in business?
No, since the sharks refrained from investing in Vestpakz, which ultimately collapsed.
How much was a VestPakz cost?
Vestpakz ranges in price from $14 to $30 dollars, depending on the type.
