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What Happend to Measuring Shovel After Shark Tank?

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Meet Maddox Prichard, a 13-year-old innovator who has redefined the way we approach gardening tools. In a stroke of brilliance, he has transformed a mundane necessity into the ideal gardening companion.

Introducing the Measuring Shovel – a revolutionary advancement in the world of gardening implements. This ingeniously crafted tool boasts an integrated yardstick along its handle and blade, ensuring precise depth and spacing for every plant.

Gone are the days of guesswork and estimation; with the Measuring Shovel, every hole is impeccably measured, and every seed is perfectly placed. It’s a game-changer in the world of gardening equipment.

While it may seem like a simple addition, the impact of Maddox’s innovation cannot be overstated. Planting trees, flowers, or vegetables becomes a breeze with this remarkable tool by your side.

Innovation often lies in the intersection of necessity and creativity. Maddox Prichard’s Measuring Shovel is a testament to this principle, proving that even the most routine tasks can be elevated to extraordinary heights with a touch of ingenuity.

Measuring Shovel at a Glance:-

IdeaMaddox and Amanda Prichard
FoundersGarden shovel with an engraved yardstick
Asked For$40,000 for 15% equity
Accepted Deal$40,000 for 30% equity
SharksLori Greiner and Kevin O’Leary
Business statusIn Business
Episode No.Season 11
Buy on AmazonBuy Now!

Index:

Founder Story:

This measuring shovel was made by Maddox Prichard as a project for his fourth-grade students. He participated at the Middle Tennessee State Invention Convention in 2016 and took first place.

He received the Household Tool Award from the National Invention Convention in Washington.

At the State Invention Convention, he met a patent attorney who provided him with a free patent for this product.

Did The Measuring Shovel get a deal on Shark Tank?

At just thirteen years old, Maddox and Amanda stepped into the Shark Tank, ready to showcase their groundbreaking innovation to the world.

With the calm confidence of seasoned entrepreneurs, Maddox outlined the financial needs of their venture. He projected that the mould for their revolutionary product would require an initial investment ranging from fifteen to twenty-five thousand dollars.

As offers rolled in from the Sharks, Maddox and Amanda carefully weighed their options. Kevin O’Leary and Lori Greiner made a joint offer of $40,000 but at the cost of a 30% stake in the company. Meanwhile, Daniel Lubetzky proposed the same investment amount for a slightly smaller share, 25% of the company.

Seeking to retain more equity in their company, Maddox made a counteroffer to Kevin and Lori, offering the same $40,000 investment in exchange for a 25% stake. However, Kevin turned down the offer, prompting Maddox to sweeten the deal with an additional $50,000 in exchange for a 30% stake.

Despite Maddox’s efforts to negotiate, Kevin remained firm in his position. Finally, after careful consideration, Maddox agreed to accept the $40,000 investment from Kevin and Lori, relinquishing a 40% stake in “The Measuring Shovel.” With this agreement reached, Maddox and Amanda could now focus on fulfilling their first order and bringing their innovative product to market with the support of their new partners.

What happened to The Measuring Shovel after the Shark Tank?

It’s with a heavy heart that we announce the discontinuation of The Measuring Shovel. Despite a promising start and successful launch, unforeseen challenges have led to the closure of our operations.

See also  What Happened to Boogie Box Fitness After Shark Tank?

One of the most apparent signs of our closure is the absence of our product on our website. We understand the inconvenience this may cause to our loyal customers, and we sincerely apologize for any disappointment.

Our social media presence, once vibrant with updates and engagement, has also dwindled. With minimal activity on our Facebook and Instagram pages, it’s evident that our journey has come to an end. We recognize and appreciate the support of our 600 Facebook followers and 300 Instagram followers throughout the years.

Several factors have contributed to our decision to discontinue The Measuring Shovel. Despite our innovative approach, it’s possible that our product didn’t resonate enough with users to replace traditional shovels. Nonetheless, we remain proud of the impact we’ve made in the gardening community.

As we close this chapter, we want to express our gratitude to everyone who supported us along the way. Maddox, in particular, has gained invaluable experience and knowledge from this venture. Located in Tennessee, our company has provided him with valuable lessons that will undoubtedly shape his future endeavors as he transitions from high school.

Though The Measuring Shovel may no longer be in operation, the spirit of innovation and determination that drove our company forward lives on. We thank you for being part of our journey.

What’s the net worth of The Measuring Shovel?

At the time of the pitch, the founders believed that The Measuring Shovel was worth approximately $266,666. However, as is customary in the Shark Tank negotiation process, the Sharks often offer different valuations based on their assessment of the company’s potential and current standing. In this case, the Sharks mitigated the valuation to $133,333.

This adjustment in valuation likely reflects the Sharks’ considerations regarding various factors such as market demand, competition, revenue projections, and scalability. While the founders may have had high expectations for the company’s value, the Sharks’ valuation reflects a more conservative estimation, possibly aligning with their investment strategy and perceived risks.

Ultimately, the agreed-upon valuation of $133,333 would have influenced the equity stake offered to the Sharks in exchange for their investment, shaping the terms of the partnership between The Measuring Shovel and the investors.

Is The Measuring Shovel still in business?

Yes, as of March 2024, The Measuring Shovel is still operating.

As of March 2024, The Measuring Shovel’s official website and social media pages are active, indicating a continued online presence. However, it’s noted that the product itself is currently unavailable for purchase.

Despite the ongoing presence of these online platforms, there seems to be a lack of information about the company’s current status and plans. This lack of clarity may leave followers and potential customers in a state of uncertainty regarding the future of The Measuring Shovel.

In response to this situation, many individuals and organizations, including yourself, are now closely monitoring the author and company for any updates or further details. By keeping a watchful eye on their activities and announcements, you hope to gain insight into the company’s direction and any potential developments regarding the availability of their product.

As the situation unfolds, the hope is that more information will emerge, providing clarity on the future of The Measuring Shovel and its offerings.

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FAQs:

What is Measuring Shovel?

Measuring Shovel – a revolutionary advancement in the world of gardening implements. This ingeniously crafted tool boasts an integrated yardstick along its handle and blade, ensuring precise depth and spacing for every plant.

What's the net worth of Measuring Shovel?

At the time of the pitch, the founders believed that The Measuring Shovel was worth approximately $266,666. However, as is customary in the Shark Tank negotiation process, the Sharks often offer different valuations based on their assessment of the company’s potential and current standing. In this case, the Sharks mitigated the valuation to $133,333.

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