Entrepreneurs Michael Szymcak and Jason Lucash pitched their speaker company during
If you’re short on time, here’s a quick overview of what happened to Origaudio after
Michael Szymcak and Jason Lucash appeared on
|Robert Herjavec||Accepted deal for $150,000 for 15% equity|
|Daymond John||$300,000 for 100% of the business|
|Barbara Corcoran||$150,000 for 25%|
|Kevin O’Leary||No offer|
|Mark Cuban||No offer|
Shark Tank Origaudio Update
- Entrepreneur: Michael Szymczak and Jason Lucash
- Business: Portable speakers and headphones
- Ask: $150,000 for 15% equity
- Result: $150,000 for 15% equity
- Shark: Robert Herjavec
Michael and Jason walk into the tank to introduce their company, Origaudio. They present the Rock-It to the sharks, showing them how this device helps to turn anything into a speaker through vibration technology.
- Turn any object into a speaker
- Works with any audio device that has a headphone jack
- Perfect for: traveling, office, around the house, and anywhere you want your music
- No Speakers? No Problem
No matter what the Rock-It is stuck to, it produces sound as a transducer. They also show the sharks their original foldable speakers.
Robert Herjavec asks about sales, and the entrepreneurs say they’ve been on the market for a year, and further, have achieved $750,000 in sales. Additionally, $250,000 of those sales have been through the Rock-It.
Also, the net profit for the previous 12 months were $150,000.
Barbara Corcoran asks how much money they’ve invested altogether. Jason says they’ve put in $40,000, which also includes an investment from his mom.
Kevin O’Leary is curious about the high valuation of the company. He thinks the industry is too competitive, so for this reason, he is out.
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Barbara asks if they need to show people how it works. Jason says they are going to invest in point of sale in stores, and that their current biggest channel is TV.
They are retailing through QVC, which impresses the remaining sharks.
However, Mark Cuban is also wary of the valuation. He does not want to enter a bidding war with the other sharks, and asks Michael and Jason to counter with a different percentage for the $150,000, without considering anyone else.
This bothers the other sharks, who immediately enter the bidding session.
Daymond John offers $300,000 for 100% stake, then Barbara offers $150,000 for 25%.
Robert says he’ll give Michael and Jason their ask of $150,000 for 15% equity. Mark goes out because his condition isn’t met.
Barbara says she will bring both her expertise, and an ideal partner in New York City. Then, Kevin summarizes the offers on the table.
Michael and Jason eventually go outside the room to talk about what to do. When they finally return, they accept Robert’s offer of $150,000 for 15%.
What do you think happened following
Our Origaudio update shows that the company is one of the most successful in
The business continues to operate today, even though it was sold in 2018 to Hub Promotional Group, for an undisclosed amount. Then, it rebranded to HPG in 2020, and reports indicate $190 million in yearly revenue.
Both Michael and Jason continue to hold leadership roles within the company. The company has also continued to grow their line of products over the years.
Additional products include wireless headphones, drones, bags, and much, more more! You can check out the products on the Origaudio website.
If you are curious about the other companies appearing in Season 2 Episode 8, follow the links below to see how they did in the tank.
For even more on companies and products, be sure to stop by our Season 2 Products Page!
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!