Invisiplug is a great way to replace the old, plain white power strips. Invisiplug comes in three different colors- Natural, Dark Oak, and Medium Cherry. These power strips come in two types- standard and deluxe, and in the price of regular white power strips, its wood grain look blends with wood floors.
Invisiplug has a surge protector built-in. Invisiplug was available for sale in Lowes Home Improvement Stores and on Amazon.
Invisiplug at a glance:
| Business Idea | Easy way to replace the old strips adapter with a more aesthetic one |
| Founders | Michael Barzman and Bryan O’Connell |
| Asked For | $125,000 for 15% equity |
| Accepted Deal | $125,000 for 10% equity with addition of $1per unit royalty and 25 cent per unit perpetuity. |
| Sharks | Lori Greiner |
| Business status | Not in Business |
| Website | Invisiplug |
Index:
Who are the founders of Invisiplug?
Invisiplug was designed by Michael Barzman and Bryan O’Connell. They designed this product to replace the regular power strips with these unique ones that can make an office or a house more attractive in appearance.
Did Invisiplug get a deal on Shark Tank?
Michael and Bryan came on Shark Tank to get some help with purchase orders and distribution. They came seeking an investment of $125,000 for 10% equity. They had made sales of 1,500 units in less than two months of them coming into the market. Mark Cuban went out because he wanted the product to be more high-end. Robert also went out because he didn’t like the product.
Kevin O’Leary was not convinced with the valuation and hence, he went out. Barbara Corcoran liked the product but she too was not convinced with the valuation and therefore, she was out. Only Lori Greiner was left in the tank and when she enquired more, it was revealed that the product was going to be featured on Oprah’s O Magazine.
Lori offered $125,000 for 10% equity and $1 per unit royalty until she recoups her investment, plus 50 cents per unit in perpetuity. The founders countered with 25 cents per unit royalty until recoup and 5 or 10 cents royalty in perpetuity. Lori only lowered her perpetuity royalty to 25 cents per unit but was not ready to modify her offer.
Robert jumped back in with a offer of $125,000 for 25% and he was countered with $125,000 for 20%. Robert agreed only if they accepted the deal immediately. He was out because the founders seemed in doubt. The deal with Lori was done for $125,000 for 10% of the company plus a $1 per unit royalty until she recouped her investment, plus 25 cents per unit in perpetuity.
What happened to Invisiplug after Shark Tank?
After the deal was struck with Lori, Invisiplug had huge sales numbers. Invisiplug was available on Amazon as well as in Staples and Target. In July 2016, Michael was caught up in a police case for felony assault with a firearm. In November 2016, he pleaded not guilty, with a bail of $50 K.
The business went out in December 2017. In January 2020, Michael was again charged with similar case but it was dismissed. As of August 2021, Michael engaged himself in auction business and Bryan has been in hiding.
What is Invisiplug worth?
At the time of the shark tank appearance, Invisiplug was valued at around $1.25 million. Despite of doing great business, they went out of business in 2017.
Is Invisiplug still in business?
No, Invisiplug is not in business currently because Michael was caught up in a police case and Bryan has been keeping a low profile.
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What is Invisiplug?
Invisiplug is an easy way to replace the old strips adapter with a more aesthetic one.
Who founded Invisiplug?
Invisiplug was designed by Michael Barzman and Bryan O’Connell. They designed this product to replace the regular power strips with these unique ones that can make an office or a house more attractive in appearance.
