|SEASON 7 EPISODE 23|
|Entrepreneur||Chris Stoikos and Jason Neubauer|
|Asked For||$500,000 for 10%|
|Deal||$500,000 line of credit at 5% interest for 15% equity|
Jason Neubauer and Chris Stoikos described the Coolbox as a smart toolbox for the new millennia. The structure features a cord for plugging into a socket, magnetic lid, speakers, USB detachable whiteboard, and removable LED lamp fueled by a rechargeable battery. The presence of a bottler opener was a cool addition to Coolbox, which doubled as a cooler. The invention combined storage and numerous user features, bringing in safety, ease, and fun in projects.
The toolbox has been present for years, but it required significant improvements to enhance its functionality to match modern times. The first order was dispatched in February 2017. Neubauer and Stoikos are dynamic, intelligent spirits with a professional eye for opportunity and innovation. Their personalities and passion for innovation have compelled them to push Coolbox forward through improvements that made the product convenient and a great addition that combines work and fun.
Successes and Challenges before Shark Tank
Before pitching on Shark Tank, Jason Neubauer and Chris Stoikos Coolbox had made a preordering of around $400,000 after it launched an Indiegogo campaign on January 26, 2015. They had made discussions with corporates such as Black & Decker and Lowe’s about partnerships and investments. The two entrepreneurs were confident that due to lack of competition in the Coolbox market, the product would be a success since inventors have not managed to generate new and exciting products for the specific market. The two invested their life savings in producing the product and partnered with an incredible team for managing and producing both the company and the product. Crowd funding significantly enabled the production and delivery of the Coolbox.
Apart from financial struggles, Neubauer and Stoikos experienced significant production delays. They were committed to producing flawless products and thus decided to pitch Coolbox on Shark Tank in search of funding that would ease and stabilize production.
Coolbox Appearance at the Shark Tank
Both entrepreneurs and Jason Neubauer and Chris Stoikos appeared on Shark Tank for $500,000 for 10% equity. Despite the numerous challenges identified by the sharks, Lori Greiner made an offer for 30% equity for $500,000. She later countered with a ten percent loan for 15 percent equity, which the two entrepreneurs accepted.
Insufficient funding for the production was a significant setback revealed during the Indiegogo campaign. They resorted to the issue by personally casing production costs. Through the marketing agreement, a prior shark investor Kevin Harrington aided in raising funds for the Coolbox. They were confident to have the product accessible to the customers by June 2017.
After Shark Tank, Coolbox developers arranged to have a lesser and cheaper product. The company received significant funding through the Indiegogo campaigns after the exposure. They developed a plan to advance their business. Further, they were confident to license their business into a more significant tool manufacturer and make the products available on their website. The website features a Coolbox product that ranges from $169.99, featuring different colors and specifications. Coolbox is an excellent addition during camping, fishing, beach, and other escapades.