My question to the school-going club is, Can you guess the product? It was specially made for you. Vestpakz is the modified version of backpacks that is it is a combination of vest and backpack. The product was designed to evenly distribute the weight of the school belongings.
It was originally called Bookvest and was created as a solution for heavy backpacks. It contains both front and rear pockets, it is more comfortable and convenient that the traditional school backpacks. The company owns the licensing deal with Eastport. This invention was a unique one and won first place in the Houghton Mifflin National Invention Convention.
Vestpakz at a Glance:
| Idea | To reduce the weight and distribute it evenly. |
| Founders | Michael Woolley and Arthur Grayer (Invented by Christen Bell) |
| Asked For | $50,000 For 10% |
| Accepted Deal | No deal |
| Sharks | No Shark |
| Business status | Out of Business |
| Episode No. | Season 6, Episode 15 |
Index:
What is Vestpakz?
Vestpakz, a backpack that can convert into a vest, appeared on Shark Tank in 2015. The company’s founder, Michael Woolsey, pitched the product as a solution for travelers and outdoor enthusiasts who need a versatile and convenient way to carry their belongings.
During the episode, investor Daymond John made a deal with Woolsey for $50,000 in exchange for a 25% stake in the business.
Founder Story:
The story behind the design and invention of the product is very interesting, maybe because invented by 11-year-old Christen Bell during her science school project in 1998. As a part of her project Christen and her mates were assigned to find a problem that people face in their day-to-day lives and find a solution for the same.
She chose to solve her problem as a school-going kid, and millions like her. She first thought of it to be designed as a Poncho but realized that would not be a suitable design to carry the materials so created the Vestpakz and scored an A in her project.
It took two years for the company to receive a patent, and the design of the product remained the same except for the addition of colors and changes in the material. Arthur Grayer is an official licensee of the company and has been in the business of backpacks for 30 years and Michael Woolley, the proud father of Christen is the Chief Financial Officer of the company.
Did Vestpakz get a deal on Shark Tank?
No, Vestpakz did not make a deal on Shark Tank due to its low sales and a gap of over more than 10 years between the invention and its introduction to the market. The product was sold at 75 stores in Walmart, the largest retailer in the world, and yet made sales of only $10,000 in two months which was the main disappointment to the sharks.
It was a huge surprise for the sharks to know that the product was invented 16 years ago and since then only $10,000 in sales were made. Kevin was out as there was no certainty of reorders of the products from Walmart, followed by other sharks. Vestpakz couldn’t succeed in making a deal and got no investment of $50,000 for 10% of equity.
What happened to Vestpakz after Shark Tank?
The Vestpakz sought a $50,000 investment for 10% of the equity in the company but failed to get it. However, it was valued at $500,000 during the pitch. The Vestpakz tried a crowdfunding campaign but could only raise $95 which was not enough to run the business.
The company went out of business as soon after the show aired, it sold its products in Eastport but that too stocked out before it was aired. Vestpakz had three designs in colors Black, Pink Sizzle, and Camo which were sold at $19.99.
Since the show aired, Vestpakz has continued to sell its backpack/vest hybrid online and through various retailers. The company has also expanded its product line to include other bags and accessories. While Vestpakz has received mixed reviews for its functionality and design, the product has gained a small following among travelers and outdoor enthusiasts.
What’s the net worth of Vestpakz?
The net worth of Vestpakz during the pitch was $500,000. Today it is unknown as the company is no longer in business. Since the show aired, Vestpakz has continued to sell its backpack/vest hybrid online and through various retailers.
The company has also expanded its product line to include other bags and accessories. While Vestpakz has received mixed reviews for its functionality and design, the product has gained a small following among travelers and outdoor enthusiasts. As of 2021, the company’s net worth and revenue figures are not publicly available.
Is Vestpakz still in Business?
No, Vestpakz is no longer in business.
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FAQs:
What is Vestpakz?
Vestpakz is the modified version of backpacks that is it is a combination of vest and backpack. The product was designed to evenly distribute the weight of the school belongings.
What's the net worth of Vestpakz?
The net worth of Vestpakz during the pitch was $500,000. Since the show aired, Vestpakz has continued to sell its backpack/vest hybrid online and through various retailers. As of 2021, the company’s net worth and revenue figures are not publicly available.