Have you ever played with Lego when young, what if I told you that the product, we are introducing is a competitor of Lego? It’s a uniquely designed piece and the other benefits brought by the piece are very interesting.
The product is used for kids who want to play easily and fast with a unique piece design that helps you play more and search less. The product is here to bring revolutionary thinking in 2D.
Pinblock at a glance:
|Business idea||Toy building block system|
|Asked for||$100,000 for 20%|
|Accepted deal||$100,000 for 50%|
|Sharks||Kevin O’ Leary|
|Business status||In business|
|Episode||Season 8 Episode 13|
The history behind the idea has its own unique twist. Vlad Smolyansky is from Kiev Ukraine and had come to Brooklyn New York because of his father. Where he found his passion for learning and venture out to learn about businesses. He came up with an innovation to try something new this time and he came up with the product Pinblock.
The idea came to him with the help of a friend in the year 2014. In February 2015 the company raised an investment of $18,573. The product offers tons of tutorial videos for kids to watch and build their creativity.
Did Pinblock get a deal on the Shark Tank?
Vlad enters the shark tank seeking an investment of $100,000 for 20%. He explains how each parent in the country values schooling more than creativity. This is the reason he created Pinblock. He tells the sharks that he owns 85% of the business while his friend owns 15%.
Talking about sales he says he has done $160,000 in sales. The starter packs cost $3 to make and retail it for $19.99. Vlad is asked by Kevin about his sales at the toy fair. Vlad answers by saying the product had to distribute samples and set up meetings and ended up signing with small retailers.
He also tells the sharks that he has a patent on the design of the piece. Kevin is the first one to offer a deal of $100,000 for 30%. He wants to license the product to a large manufacturer and distribute the product globally.
Vlad says that is not the vision he has in mind for the business. Barbara likes the offer that Kevin has made. Lori thinks the product has a long road to go, so she’s out. Robert is out as he thinks Vlad is waffling about the deals.
Mark thinks the industry he trying to venture into is brutal, he’s out. Now Kevin wants to have 50% of the company. He says that he will do deals with toy companies. If he gets any deals Vlad is allowed to refuse the offers brought to him on the table. Vlad gets the Deal with Kevin.
What happened to Pinblock after Shark tank?
There is no evidence or information on the deal closing with Kevin. As for updates on Facebook, that has not happened since December 2017. There was order chaos after the appearance on the shark tank. The product sells on Amazon and on its own website. Both Kevin and pin block’s website says nothing about the deal and what happened next.
- The product has a patent on the design of the piece.
- The product comes in one type of design for the piece and a variety of colors.
- The product bends and folds once made
- The building blocks create an image with a pixelating effect
- The dimensions of the piece to build are 1 cm in width and 1.5 cm long.
- Helps in creating pixelated art, 3D models, Designing wearables, and much more.
- The starter pack takes $3 to make and retails for $19.99.
- The design of the block is to increase the creativity of children who play with it.
What is the net worth of Pinblock?
At the time of the Shark tank appearance, Pinblock was valued at $200,000. As of 2021 Pin block’s net income is $2 million in revenue. The business has continued to expand.
Is Pinblock still in business?
Yes, Pinblock has dominated the game with their sales being everywhere from toy retailers to normal retailers and online. It is still in business and flourishing well. The business had a dream to expand and so they did. The future steps for this product are licensing their patents and expanding even further with the big ones in the market.
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What is Pinblock?
Pinblock is a toy building block system. The product is used for kids who want to play easily and fast with a unique piece design that helps you play more and search less. The product is here to bring revolutionary thinking in 2D.
Who founded Pinblock?
The history behind the idea has its own unique twist. Vlad Smolyansky is from Kiev Ukraine and had come to Brooklyn New York because of his father. Where he found his passion for learning and venture out to learn about businesses.