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Locker Bones Shark Tank Update

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Are you a student that is very fond of keeping your school stuff organized but are unable to do so without the proper equipment?

Or are you a parent that wants their child to be organized with their school stuff no matter what?

Well, Locker Bones is here with their solution to your problem of lack of organization. They present to you a revolutionary way to organize all your stuff in a hassle-free and easy-to-setup product.

Locker Bones at a Glance:

IdeaAdjustable shelves for the organization of school supplies.
FoundersGreg Cronin and Dr.Stephen Cochys
Asked For$175,000 for 10%
Accepted Deal$175,000 for 50%
SharksRobert Herjavec and Lori Greiner
Business statusOut of Business
Episode No.Season 5, Episode 14
Buy on AmazonBuy Now!

Index:

What is Locker Bones?

Locker Bones is a startup that targets the ever-increasing market catering to the needs of children under the age of 17.

It is estimated that there are around 73.6 million children in this age group in the United States alone, giving testimony to the possibility of flourishing business here.

Locker Bones brings forth a simple yet useful concept of adjustable and foldable shelves for school lockers and can also be used as a cupboard organizer. It is aimed at teaching the need and importance of organization in one’s life.

Founder Story:

Greg Cronin was the real mind behind the idea of this venture.

He observed that his daughter went through a lot of hassle just to keep her school supplies in order and so he invented Locker Bones to help her daughter carry out her organization drives more easily.

Locker Bones came into existence because Greg’s daughter who was a middle school student back then, did not like putting her books into larger spaces but wanted the racks to be more compact and adjustable according to the supply sizes.

Did Locker Bones get a deal on Shark Tank?

Locker Bones appeared on Shark Tank with their initial product which was made out of wood.

They demanded an investment of $175,000 for 10% equity in the company, valuing the company at $1.75 million.

At the time of Shark Tank, the manufacturers were considering making the designs with plastic instead of wood to reduce their capital requirement.

Apart from educational institutions they also took orders from office depots and Staples for initial sales.

After their pitch, both Robert Herjavec and Lori Griener seemed interested to invest in the company and so they made a combined offer of $175,000 for 50% equity in the company, each taking a 25% stake, valuing the company to around $350k.

The founders accepted the deal with barely any hesitation.

What happened to Locker Bones after Shark Tank?

Before entering the Tank, Locker Bones was quite a small venture with only one program in Cronin’s daughter’s school, selling 500 units only.

Amazon offered the founders an inventory of 10,000 cabinets made out of wood, but they did not have the capital required to do so. They, therefore, had to accept manufacturing in plastic for Staples and Office Depots.

After the episode went on on-air and the company got enough hype created around it, Staples invited the founders to participate in that year’s “Back To School” program, where they finalized making Locker Bones available on Staples as well.

Even though their Shark Tank appearance was deemed a huge success, the company could not manage and purposefully use the hype around it and hence it eventually went out of work in and around 2018.

Product Details:

  • Locker Bones is a set of shelves that easily fits inside large spaces like lockers and can be accordingly adjusted.
  • It does not contain any hardware and is easy to just slide in and use.
  • It helps keep the organizational capabilities of children alive.
  • It is available in two varieties, one made of wood and another out of plastic.

What is the Net Worth of Locker Bones?

Before entering the Shark Tank platform, the company came with a valuation of $1.75 million and accepted a deal that brought its valuation down to $350k.

Currently, the company seems to be fizzled out of the market scene. Hence, no data on their current Net Worth has been available.

Who are the main competitors of Locker Bones?

The main competition that Locker Bones faces is from the local manufacturers who have way more networks and connections than the founders and can easily source their raw materials at a cheaper cost.

They can also fabricate similar-looking products at a much cheaper price.

Is Locker Bones still in business?

No, Locker Bones seems to be out of business now.

As of 2023, their products are no longer listed on Staples and their social media accounts have also been deactivated since 2018. But, plastic products are still available on Amazon.

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FAQs:

What is Locker Bones?

A startup dealing with adjustable shelves for the organization of school supplies.

What's the net worth of Locker Bones?

Currently, the company seems to be fizzled out of the market scene. Hence, no data on their current Net Worth has been available.

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