With everything being so high-tech in the world today, you may be wishing for an upgraded toolbox too. Jason Neubauer and Chris Stoikos invented the Coolbox, redefining the toolbox to fit the modern age. What will the sharks think of the new and improved toolbox on
Shark Tank Coolbox Update
- Entrepreneur: Chris Stoikos and Jason Neubauer
- Business: Smart toolbox
- Ask: $500,000 for 10% equity
- Result: $500,000 loan at 5% interest for 15% equity
- Shark: Lori Greiner
After achieving success on IndieGoGo, Chris and Jason entered
PASS-THROUGH POWER: An 8 ft AC extension cable, integrated 3-way splitter and internal 4-hour 11.1V/3Ah lithium polymer battery makes it handy to power small tools and appliances.
The sharks were impressed by all the Coolbox included, especially the 20V rechargeable battery and the boombox capability. With many years of building expertise, Chris and Jason designed the Coolbox to meet their needs in a high-tech world.
The Coolbox cost $110 per unit to make, and pre-sold for $190 per unit, with just over $370,000 achieved in pre-sales. Chris and Jason were aiming to sell each unit at $249 with retailers. The sharks expressed wariness over the numbers being based on pre-sales.
Robert Herjavec highlighted that there was nothing to support their prices and valuation. Chris and Jason said that they had an order from Lowe’s for 8,000 units, and interest from Black & Decker for licensing.
Daymond John offered a deal of $500,000 for 25% of equity, conditional on licensing going through. Robert went out because he did not believe the target audience of blue-collar workers would spend that much on a toolbox.
Mark Cuban went out because he was not buying the valuation or the integrity of the business model. Lori Greiner made an offer of $500,000 for 30% contingent on Lowe’s following through with a purchase order.
Daymond went out after hearing Lori’s offer and Chris and Jason gave Lori the counter-offer of $500,000 for 20%. After some thought, she came back to them with an offer of a $500,000 loan at 5% interest, along with a 15% share of equity.
Chris and Jason accepted and left
Research for our Coolbox update revealed that the deal with Lori never came to fruition. Chris and Jason altered their business model slightly by creating a smaller Coolbox sold at a cheaper price.
Coolbox seems to have struggled a bit since
If you’d like to read more about the other products in Season 7 Episode 23, check out our other company updates in the links below.
Before you go, stop by our Season 7 Products Page for even more on companies and products!
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!