Have you always been a fan of makeshift furniture yet never found the right place to satiate this need? Do makeshift furniture trouble you with its quality?
So, here comes Five-minute Furniture to conquer all your worries and provide you with a hassle-free experience of makeshift furniture with excellent quality.
Five-minute furniture at a glance :
| Idea | A makeshift furniture-making company. |
| Founders | Jared Joyce |
| Asked For | $250,000 for 25% |
| Accepted Deal | No deal |
| Sharks | No shark |
| Business status | Out of Business |
| Episode No. | Season 3, Episode 6 |
Index:
What is Five-minute Furniture?
Five-minute Furniture is a furniture company founded by Jared Joyce that offers assembly-free, pre-designed furniture that comes in flat boxes with simple instructions and all necessary components. The furniture provides exceptional strength as well as luxury from its designs.
The furniture comes with a special locking technique developed by the founder that helps the furniture to stay intact and strong. The furniture can be easily adapted to various three-dimensional furniture pieces as well.
Founder Story:
The concept of Five-minute furniture is to provide simple and easy-to-assemble furniture that can be put together in even less than five minutes. The idea of Five-minute furniture came to Jared when he was struggling to assemble a piece of furniture at his home.
Driven first by personal motives and then by the aim to cover this gap in the marketplace, Jared quit his job and began working on this concept full-time, eventually perfecting it and presenting it on Shark Tank.
Did Five-minute Furniture get a deal on Shark Tank?
Jared appeared with his product on the platform of Shark Tank Season 3, with a demand of $250,000 for a 25% stake in the company. the valuation set by the owner was $1 million.
The main problem of this startup was that it already had a lot of investors in it and the founder just wanted to attach the Sharks name to the company without any real use of their expertise. The product was in a very early stage and had no sales to its name.
Despite this, Sharks Lori Greiner and Kevin O’Leary made a joint offer of $250,000 for the entire business. The sharks deal was something that Jared could not digest and hence decided to not take the deal and return empty-handed from the tank.
What happened to Five-minute Furniture after Shark Tank?
After the Shark Tank episode aired, Jared attempted to enter Five-minute Furniture in Wal-Mart’s Get on the Shelf contest but did not succeed. He continued working with Edison Nation on how to deal with the manufacturing problem of the firm.
He holds the patent for the furniture but has not been able to secure a license. Though he continued to invent and innovate, the Five-minute furniture ceased to function as of January 2022.
Product Details :
- The company Five-minute Furniture is a furniture company that aims at providing easy-to-assemble furniture products.
- It is a hassle-free way of constructing makeshift furniture with easier instructions.
- It has a revolutionary locking system that provides strength to the furniture.
- No tools are required to make the furniture products from Five-minute furniture.
What is the Net Worth of Five-minute furniture?
At the time of Shark Tank, the valuation of the company Five-minute Furniture was $1 million as per the founders. Though, the recent Net Worth of Five-minute Furniture cannot be estimated because the company is no longer a functional business.
Who are the Competitors of Five-minute Furniture?
Five-minute Furniture’s main competitors include Pottery Barn, Bar Stool US, and IKEA. Party City also sells similar products as Five-minute furniture.
Out of all these companies, IKEA remains one of the largest competitors for any furniture-based company. Since IKEA functions multi-nationally and consists of a wide range of furniture and other products, it is very difficult to compete against it.
Is Five-minute Furniture still in business?
No, as of 2023, the company no longer exists in the marketplace. There are no signs of activity from the social media accounts as well, which have been inactive for a long period of time now.
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FAQs:
What is Five-minute furniture?
Five-minute Furniture is a furniture company, that offers an assembly-free, pre-designed furniture that comes in flat boxes with simple instructions and all necessary components.
What's the net worth of Five-minute furniture ?
At the time of Shark Tank, the valuation of the company Five-minute Furniture was $1 million as per the founders. Though, the recent Net Worth of Five-minute Furniture cannot be estimated because the company is no longer a functional business.