|SEASON 3 EPISODE 6|
|Pitch||Furniture that can be assembled quickly without the use of screws, nails or tools|
|Asked For||$250,000 for 25%|
|Status||Out of Business|
What is Five Minute Furniture?
Five Minute Furniture offered an assembly-free, pre-designed furniture line in flat packs that come with easy-to-follow instructions and everything needed for assembly.
This allowed customers to purchase all the furniture they need for their home without leaving their home, therefore saving time and money.
The customers could assemble the furniture without needing screws, nails, or sophisticated tools.
Who Owns Five Minute Furniture?
Jared Joyce is the inventor behind Five Minute Furniture. Describing Jared as a seasoned entrepreneur would be quite an understatement.
Before founding Five Minute Furniture, he already had over 70 inventions to his name.
Jared is currently a Virtual Consultant, as indicated on his LinkedIn page. There is no mention of Five Minute Furniture on his LinkedIn, and there isn’t any website linked to the company.
However, the companies felt that despite the manufacturing costs being high, the benefits surpassed using the Five Minute Furniture model.
Therefore, the resistance by traditional furniture companies denied Jared an opportunity to penetrate the market.
Before appearing on Shark Tank, he was able to get Edison Nation to invest in the company.
The dream was shortly extinguished as he wasn’t able to stock his products in stores like Walmart. Jared was forced to close Five Minute Furniture for three reasons.
What Happened After Shark Tank Update
One, the company was not able to penetrate the traditional furniture stores. Therefore, it was denied the traction to grow. Two, the company didn’t get the requisite capital injections it needed to mass-produce the furniture.
Finally, Jared had exaggerated the value of his venture. Putting a tag of $1 million before making any sales put off investors (the Sharks) who could have given the venture a lifeline.