Amber is a mobile phone charging station company that is seeking a $200,000 investment during
Shark Tank Amber Update
- Entrepreneurs: Bill Shuey and Kyle Byrd
- Business: Mobile Phone Charging Stations
- Ask: $200,000 for 20% equity
- Result: No Deal
- Sharks: None
Amber offers a couple of different ways for business owners to acquire a mobile charging station. The product can be purchased for a flat-out upfront fee of $2,000, or it can be leased for periods of time at lower prices during these intervals. The monthly cost is $150 per month if the buyer decides to not pay for it upfront.
Robert Herjavec had concerns about the low-cost fingerprint scanner in the product’s design. He suggested that it may not be as effective or accurate as the high-end fingerprint scanners. Other sharks seemed to agree with this concern.
Making a single unit, costs about $1,000 for Amber to produce. The sharks couldn’t believe that the manufacturing costs were so high. Lori Greiner had other concerns, believing that the product was lightyears behind the competition, so she dropped out without making an offer.
Mark Cuban dropped out quickly after Lori decided to drop out for similar reasons, but Kevin O’Leary wasn’t going to drop out gracefully. He called the mobile phone charging station that Amber had produced ‘one of the worst ideas he has ever seen’.
Daymond John and Robert Herjavec weren’t interested either, so that would mean that all of the sharks had dropped out and that no investment would be received for Amber.
Let’s get a quick Amber update to see if the sharks were right about passing on this investment. It turns out that the instincts of the sharks were correct.
After a lengthy struggle, Amber ultimately went out of business in 2015. Bill and Kyle have moved onto new projects but have used their experience at Amber to help them with their current jobs.
So, this will be our final Amber update.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!