Backpacks are necessary for students, helping them carry their books and supplies back and forth between school and home. Unfortunately, they can be heavy and uncomfortable to wear. Michael Wooley’s daughter invented a vest backpack to solve this problem, and he and his business partner Arthur Grayer are hoping the sharks like it. Will they offer them a deal on
Shark Tank Vestpakz Update
- Entrepreneurs: Arthur Grayer and Michael Wooley
- Business: Backpack vests for kids
- Ask: $50,000 for 10% equity
- Result: No deal
- Sharks: None
Michael and Arthur entered the tank with a couple of child models, showing off their Vestpakz backpacks. They explained that the design of the product helped to distribute the weight for the child wearing it, making it more comfortable and easier to use. They passed out samples and the sharks seemed impressed at first but Kevin O’Leary wanted to talk numbers right away.
A single unit costs $4.75 to manufacture and it sells for $14.88. The company only had $10,000 in sales during the first two months of the calendar year that they appeared on
With such low sales numbers and not a whole lot of credibility from the company’s entrepreneurs, Kevin became the first shark to drop out. Robert Herjavec went out for similar reasons. Mark Cuban had too many questions, so he went out next. Barbara Corcoran said it was the right product but the wrong entrepreneurs, so she went out too. Lori Greiner felt that the consumer interest wasn’t there, so she was the last shark to go out.
With none of the sharks making an offer, Michael and Arthur were forced to leave the tank without a deal. So, what became of their company? Keep reading our Vestpakz update to find out!
It’s sad news to report for Michael and Arthur’s company. Research for our Vestpakz update revealed that the company went out of business shortly after appearing on
Are you interested in learning more about the other companies featured on Season 6 Episode 14? Follow the links below for our other company updates from this episode.
For even more on companies and products, be sure to check out our Season 6 Products Page!