Greg Smith, Lisa Love, and Brad Johnston pitched their tablet company company during
If you’re short on time, here’s a quick overview of what happened to Tanoshi after
Entrepreneurs Greg Smith, Lisa Love, and Brad Johnston appeared on
|Accepted deal for $500,000 for 20% equity
Shark Tank Tanoshi Update
- Entrepreneurs: Greg Smith, Lisa Love, and Brad Johnston
- Business: Tablet with preloaded education app for children
- Ask: $500,000 for 8% equity
- Deal: $500,000 for 20% equity
- Shark: Daymond John
Tanoshi founders, Greg Smith, Lisa Love, and Brad Johnston, bring their kid-friendly tablet computers to
With greater durability, more educational content developed by award-winning educators, and with Zoom and Google Meet compatibility, the Scholar is ideal for distance learning.
Because parents have to worry about what their kids will come across online, they’ve come up with a problem that all parents must face; how to let kids safely have access to technology in a technology-driven world.
The devices come pre-loaded with age-appropriate and educational content. However, kids can also use them for homework, play games, and even learn to code.
With parent controls, the parents can also approve and deny what the kids will have access to on their Tanoshi. It’s a win-win for both the parents and the kids.
Kevin O’Leary immediately asks why parents wouldn’t just buy an iPad, and they say it’s because their product costs half of what an iPad does.
The tablet costs $199, all in, which includes all of the programs as well. Each unit however costs around $120, which doesn’t leave a lot of margin for profit.
When asked about their story, Brad shares that he was a consultant for some big-name brands in consumer electronics, which include Dell, HP, Intel, and more. He then began working at Toshiba, where he inherited a business that he grew from $500,000 a year to $20 million.
Around that time, he became interested in developing his own product, especially when he learned that kids from low-income schools couldn’t even find the correct keys on a keyboard. This is when he knew he could create a solution to this and the many other problems that exist in the kid’s technology market.
At the time of filming, the company had $720,000 in year-to-date sales and sold out three times since launch. They didn’t have a huge margin on sales, which made some of the sharks hesitant to invest in the company.
Mark Cuban is the first to go out. He says the field is too competitive, and they need to reduce costs or raise prices.
Kevin follows, stating that he hates the commodity hardware space and that they need too much help.
Guest shark Anne Wojcicki loves the mission, but it would be a challenge to get it to kids. Because of this, she is also out.
Lori Greiner agrees that the market is too competitive, and she ultimately goes out too.
This leaves Daymond John who makes an offer contingent on licensing: $500,000 for 20%. He says that they can continue with their software as well.
The entrepreneurs counter for 15%, but Daymond says he believes in the mission too much and needs more equity. As a result, they accept his offer.
How are they doing now? Our
Research for our Tanoshi update revealed that the company has released a new model, the Tanoshi Scholar, which has helped grow the brand to over $4 million in annual revenue.
The Tanoshi Scholar is more durable than the previous model and even includes access to meeting programs like Zoom, which was huge during the pandemic.
Prices have increased for the new model, which has likely helped the company be more profitable.
If you’d like to learn more, be sure to check out the Tanoshi website.
It seems like the company is headed in the right direction, and we hope that our next Tanoshi update will be bright!
But what about the other company updates from Season 11? You can find the rest of our episode coverage below.
After that, make sure to stop by our Season 11 products page for all of our Season 11 company updates.
Kimberly is a writer for Shark Tank Recap. She has written episode summaries and updates across multiple seasons of Shark Tank, with a focus on complete and accurate information since 2021. She believes that getting the business aspects of each deal correct is extremely important for viewers and fans. Her favorite Shark Tank products are The Wobbles and Rocketbook!