Coco Jack Shark Tank Net Worth 2023
Coco Jack Shark Tank Net Worth
As of December 2022, Dave Goodman’s net worth was estimated to be $1.25 million. The company is still running successfully and Mark Cuban’s investment has been proven to be one of the most successful.
However, the exact net worth of Coco Jack in 2023 is unknown. Dave Goodman’s net worth is also unknown.
Dave Goodman, inventor of Coco Jack, appeared on Shark Tank in episode 618 in March 2015 seeking an investment of $125,000 for 10% equity in his company. At the time of the appearance, Coco Jack was valued at around $500,000.
What is Coco Jack? Who is the founder of Coco Jack?
Coco Jack is a coconut opener invented by Dave Goodman in 2012, designed to make it safe and easy to cut open a coconut with just a few hammer strikes. It is the safest and simplest way to obtain fresh coconut water, as well as coconut meat.
With the Coco Jack, anyone can cut open a coconut without worrying about using a sharp knife or having complex skills.
The tool features a hitting ring and a mallet that produce a perfect hole at the top of the coconut, allowing for easy access to the coconut water.
The Coco Jack also includes a unique scooper that can be used to remove the entire coconut meat in one scoop. This means you can enjoy the coconut milk without wasting any of it.
Dave Goodman founded Coco Jack after traveling across the country and coming up with the idea. In 2013, he raised over $5,000 through an Indie GoGo campaign to support the first manufacturing run.
Thai coconuts are packed with essential nutrients such as Lauric acid, chloride, iron, potassium, magnesium, calcium, sodium, and phosphorus.
However, they can be challenging to open, which is why the Coco Jack is a convenient and straightforward solution.
While other coconut openers are available on the market, they require drilling, making them more complicated to use. In contrast, the Coco Jack is a simpler and easier option. The Coco Jack Pack, which includes the mallet, Coco Jack, and scooper, is available for purchase online for $49.95.
Coco Jack Shark Tank Pitch
In episode 21 of season 6 of Shark Tank, Dave Goodman presented his innovative product called Coco Jack, which makes opening Thai coconuts much more convenient.
He was hoping that the Sharks could help him get his product into retail stores. Dave asked for a $125,000 investment in exchange for a 15% stake in his company, which was valued at $1.25 million.
During his pitch, Dave demonstrated the traditional method of opening coconuts, which was messy and difficult. He then showed how his product, Coco Jack, made the process much easier. Robert and Mark even tried it out and were successful.
Dave also introduced another tool called the scooper, which Robert found even more impressive than the Coco Jack.
Kevin asked about the laxative properties of coconut milk and jokingly asked Dave to offer some to Barbara. Kevin was also curious about Dave’s background and how he earned money.
Despite the initial interest, Barbara decided to pass on the investment because she felt Dave was disorganized. Lori liked the product but also passed.
Robert appreciated the uniqueness of the product but ultimately passed as well. Kevin, who had a personal connection to coconuts, offered $125,000 for a 50% stake in the company. Mark loved the product and offered a $125,000 loan with a 7% interest rate that could convert to 25% equity shares.
Dave countered with an offer of 20% equity shares, but Mark declined. Dave eventually agreed to the original offer of a $125,000 loan with a 7% interest rate that would convert to equity when the company became successful. After the show aired, the deal with Mark was never completed.
Despite facing competition from knock-off products, the Coco Jack was successful and was even endorsed by Malibu Rum, which allowed the company to use its logo on their packaging.
However, the product’s success was short-lived, and the price of Coco Jack decreased over time. The company’s website is no longer operational, but the product can still be found on Amazon. The total lifetime sales for Coco Jack were $5 million.
Competitors of Coco Jack
The Coco Jack primary competitors are; Stainless Steel Coconut remover and MDT India Steel Plated Iron.
Net Worth of Coco Jack
The company valuation was $1.25 million during the pitch. The company has been selling their product up to August 2021 and since the company is no longer in business the net worth of the company is unavailable.
Coco Jack FAQs
What is Coco Jack?
Coco Jack is the safest and simplest way or resource for cutting hand coconut with a few strikes of a hammer to drink fresh coconut water, also known as a coconut opener.
Who is the founder?
Dave Goodman invented Coco Jack in 2012, which is used to whack the coconut. After selling his New York City residence and traveling across the country, Goodman came up with the Coco Jack.
How much was asking on Shark Tank?
Dave Goodman asked for $125,000 in exchange for 10% stake of his company.
Did they have the deal?
Yes, he has a deal with Mark Cuban.
How much was the deal?
Mark Cuban offered $125,000 loan to Dave at a 7% interest rate, which turns to 20% equity when the firm becomes successful
Is Coco Jack still in business?
No, the business has stopped operating since August 2021.
What do they sell?
Coco Jack, the company sells a patented product of whacking a coconut with a hammer. The company’s goal for the future is to become the number one source for all things coconut.
Coco Jack is proud to provide their customers with fresh and healthy raw coconut water, which has been said to be the best thirst quencher on earth.
How do you use a coconut opener tool?
The tool opens the coconut by hammering a spike into the coconut to remove the meat.
How do you open a young coconut?
Hammer either end of its narrow eyes until it breaks open.
Can you use a drill to open a coconut?
A power drill can be used to open a coconut provided you have an attachment for it. A special screw is made for attaching to the drill, but you can also use one from hardware store.
How long does it take to open a coconut?
It takes about 36 seconds from cutting the end to drinking the water.
What is the best way to cut a coconut with Coco Jack?
Cutting a coconut with Coco Jack requires you hit the hammer with a few strikes onto the spike, and then it’s ready for drinking in about 2 minutes.
Coco Jack is an original patented design, which provides safe and easy alternative for opening coconuts.
Why does the hammer have a rubber tip?
Coconut milk is not meant to be drunk after consumption. The coconut milk is first extracted from the meat upon consumption.
Where can I find Coco Jack in Thailand?
It can be found in many outlets and groceries. It’s a common product for Thai people especially for children who think it’s cool.
What is the purpose of Coco Jack?
The primary purpose of Coco Jack is an easy to use, quick and economical method for opening a young coconut to drink fresh coconut water. It’s used for this purpose only.
How does it work?
Coco Jack works by drilling a hole into the top of the young coconut with a steel spike, then hammering a steel spike into the plug to open it up. The force comes from hitting it with the hammer or mallet.
What is the net worth of Dave Goodman?
Dave Goodman net worth is estimated at $1.5 million.