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TROBO Shark Tank Update

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Trobo is a robot toy made up of plush and an educator too. Trobo is a speaking toy that narrates and tells stories and answers the kids’ questions like, What is lightning? How does the iPhone work? How do birds fly? And others. Trobo teaches children about the basic world around them through an accompanying application.

Trobo shares stories, information, and lessons related to STEM ( Science, Technology, Engineering, and Mathematics). Trobo is a toy with a robot machine in it that performs activities with the help of an application and teaches kids about subjects. Trobo is available in two different models. One is ‘Edison’ and the other is ‘ Curie’. Trobo is a duo addition through which children can play and study with them. Now, playing with toys no longer affects the studies of kids.

Trobo at a Glance:-

IdeaPlush soft toy, STEM learning stories
FoundersJeremy Scheinberg and Chris Harden
Asked For$100,000 For 10 %
Accepted Deal$166,000 For 33.3%
SharksRobert Herjavec
Business statusOut of  Business
Episode No.Season 7, Episode 21

Index:

 Who are the founders of Trobo?

Two engineering graduates and dads: Jeremy Scheinberg and Chris Harden are the founders of Trobo. The duo is well experienced and knowledgeable in interface technology and consumer electronics. They got the idea of Trobo when they noticed that these small kids were curious about their near world.

Taking a step into the market was not easy for Trobo founders as they faced difficulties while finding manufacturers that could scale the product to demand and can develop an application for it.

Did Trobo get a deal on the Shark Tank?

Jeremy and Chris came on the platform looking for an investment of $100,000 in exchange for a 10%equity in Trobo. They demonstrated their product in front of sharks and explained how Trobo narrates and reads stories of children. Mark Cuban didn’t feel that the idea of selling technology through this would be able to capture the market and was disappointed with the same and went out.

Kevin O’Leary said you are selling this crap for more than $50 would not be able to work and went out as he said stores like Walmart and Target will not keep this on their shelf. There is already free content available for kids, so why would anybody pay for it? Chris supported Trobo with a statement that in 1985 there was a toy company that used to sell toys for $70. Daymond interpreted Chris by saying that the era during that time was different, technology was not so valuable at that time and went out. Lori Greiner appreciated that they had made it to the toy stores but big retailers still had not responded to them. Lori believes it could be a big problem in the future and goes out.

Chris shared his childhood story and went out. Robert Herjavec was the one shark left and his perception of Trobo was different. He said Trobo is a content delivery product like DreamWorks, where Robert is already an investor promising that he’ll make it buy them and gave an offer of $100,000 in exchange for 1/3 of their business. Jeremy gave a counter offer of $166,000 in exchange for a 33.3% equity in their business. Robert Herjavec accepted the counter and a deal was made on the platform.

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What happened to Trobo after Shark Tank?

After the Shark Tank show, once their show aired, they enjoyed success with their shark tank appearance. The deal made on the show between Robert and the duo was not closed in the end. The non-disclosure agreement signed between them didn’t allow Jeremy and Chris to disclose any information related to the deal cancellation. After the show, the price of the Trobo also went down. The business was doing well for a few years.

During the pitch, they asked for a valuation of $ 1,000,000 and by the end of the pitch, Robert was the only shark left, who gave an offer of $300,300.30. Immediately, the duo gave a counter and made the deal final by valuing the business at $498,498.49.

After the show, Trobo tries to reach some big retailers to expand their business. Trobo successfully made it on Amazon. Trobo used to sell their products on Amazon and their website to create revenue and earn profit.

Trobo was sold for $59.95 and includes 5 stories and the cuddy animal. Later, it came down to some extent. In 2017, business took its last breath and went out of the market. They share it on their social platform that ‘We are no longer manufacturing Trobo, Trobo IOS is not available for free to play and learn.’ Happy Farewell.

Competitors of Trobo

The major characteristics of Trobo which affected its market and made its way out are:

  • Anki
  • Furhat
  • Robotics
  • Brain POP

What is the net worth of Trobo?

Robert Herjavec gave an offer valuing the company at $300,300.30 but was not accepted by Trobo, so, they finally agreed to value it at $498,498.49. Currently, TROBO is out of business.

Is Trobo still in business?

Trobo is no longer in action and operation. Trobo enjoyed a bit of success but for some unfortunate reasons, they went out of business in 2017.

TROBO social links:

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FAQs:

What is TROBO?

Trobo is a robot toy made up of plush and an educator too. Trobo is a speaking toy that narrates and tells stories and answers the kids’ questions like, What is lightning? How does the iPhone work? How do birds fly? And others. Trobo teaches children about the basic world around them through an accompanying application.

Who founded TROBO?

Two engineering graduates and dads: Jeremy Scheinberg and Chris Harden are the founders of Trobo. The duo is well experienced and knowledgeable in interface technology and consumer electronics. They got the idea of Trobo when they noticed that these small kids were curious about their near world.

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