Entrepreneur Jared Joyce pitched his furniture company during
If you’re short on time, here’s a quick overview of what happened to Five Minute Furniture after
Jared Joyce appeared on
|Lori Greiner & Kevin O’Leary||$250,000 for 100% equity|
|Mark Cuban||No offer|
|Daymond John||No offer|
|Robert Herjavec||No offer|
Shark Tank Five Minute Furniture Update
- Entrepreneur: Jared Joyce
- Business: Furniture line with easy assembly
- Ask: $250,000 for 25% equity.
- Result: No deal
- Shark: None
Jared, the inventor and entrepreneur behind Five Minute Furniture, entered the tank with confidence, ready to show the sharks how his patented, and quick-building furniture system works. His suggested competitor is Ikea, but his furniture is a bit different.
For instance, a bookcase would be put together by connecting patented, joints. Further, the whole furniture piece goes together without any tools whatsoever.
This is great news for people who don’t want to deal with long instruction booklets, and bags of pegs and screws. Also, the joint system can be applied to all kinds of furniture concepts and designs.
After his presentation, Kevin O’Leary immediately wanted to know about sales. Jared admitted that there had been no sales yet, as he had just received his second patent.
He did say that two companies were interested in licensing, which shocked Kevin to hear, especially given the valuation.
Jared talked about his experience running a research and development firm. Robert Herjavec and Lori Greiner wanted to know how many products he had out there making money, and there was only one.
We’ve partnered with six companies to put together a Shark Tank Stocking Stuffer Box that’s worth $100! Here’s everything that’s in the box:
- Sheets Laundry Club Travel Packs x2
- Honey Bee Bars - 12 Pack
- Snactiv Finger Chopsticks
- FryAway Cooking Oil Solidifier
- Pizza Pack
- Nature’s Wild Berry Sampler Pack
Kevin asked Jared how much money he’d invested in the Five Minute Furniture, and he said $250,000 of investor funds had gone into it so far. Daymond John wanted to know if Jared was pitching the company or just the one product.
Jared said he was actually offering just the product on that day, but that could build into more after some experience as partners. Because of this, Daymond went out.
Mark Cuban grilled Jared further, asking if he’d fully paid back any of his investors so far. Jared admitted that none of them had been fully paid back at that point.
Because of that, Mark ultimately went out based on that information.
Then, Robert went out next, because although he liked the product, he didn’t have enough confidence in Jared.
Lori thought the product had potential, and offered to partner up with another shark for 100% equity on $250,000.
Kevin eventually said that he would agree to that partnership, and also advised Jared to take the deal for the patent. He then encouraged Jared to focus on his other products.
However, Jared said he wanted to be a partner, but Lori said she wanted to take the 100% without him remaining on board. Kevin also added that there would be no royalty payments.
Nonetheless, the two sharks stuck to their deal. Jared reiterated that he wanted to work together, or that he’d take a royalty. Kevin repeated that he wouldn’t get any of that.
Ultimately, Jared did not take the deal, leaving the tank without a deal.
What do you think happened following
Our Five Minute Furniture update shows that this product never got to take off. Jared tried to get a licensing deal through the years, but didn’t succeed.
Although he had been achieving some success with some of his other products, Five Minute Furniture eventually went out of business in 2022.
For this reason, this will be our final Five Minute Furniture update.
Would you like to know more about the other companies featured on Season 3 Episode 6? Follow the links below to get all the details on them.
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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!