Corded headphones on MP3 players and smartphones can become a tangled mess when you try to store them. That’s why Sandy Hyun and Roman Pietrs have created a case that stores the wires in an organized manner. Will the sharks be attracted to the convenience of their product on
Shark Tank Mr. Poncho Update
- Entrepreneurs: Sandy Hyun and Roman Pietrs
- Business: Case for smartphones and MP3 players with headphone storage
- Ask: $50,000 for 25% equity
- Result: No deal
- Shark: None
Sandy and Roman entered
The sharks were intrigued, with Kevin O’Leary immediately wanting to know if there was a patent. Roman and Sandy stated they had a patent pending on the unit, but the cup was repurposed from a different product. This made the sharks’ enthusiasm start waning.
Kevin Harrington asked how much it cost to make a unit. Sandy and Roman said the materials cost $3 and the units retailed for $18.
Daymond John wanted to know if the duo had talked to manufacturers about bulk prices for Mr. Poncho. Sandy admitted they hadn’t, and couldn’t give exact figures. This showed Roman and Sandy’s inexperience, which the sharks immediately honed in on.
Robert Herjavec went out because he didn’t see the profit for an investor without a patent on the most essential part of the product.
Barbara Corcoran followed out, for the same reason. Daymond considered that Mr. Poncho was too premature to invest in, and also went out.
Kevin O’Leary also went out, because he couldn’t see it as profitable for an investor either, with Kevin Harrington following.
With all the sharks out, Sandy and Roman left
Our Mr. Poncho update reveals that the lack of a patent on the rubber cup was a definite issue for the business. Further, with the rise of bluetooth headphones, the company had a hard time staying relevant.
Mr. Poncho is no longer operating, but Sandy and Roman seem to have achieved success in their respective careers without it.
This will be our final Mr. Poncho 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!