IReTron Shark Tank Update | iReTron after the Shark Tank Pitch
What is iReTron?
IReTron is a Los Gatos, California-based ecommerce and recycling service provider. It enables people to sell their used equipment for free, including smartphones, iPhones, iPods, MP3 players, tablets, iPads, e-readers, and calculators.
Users enter the model and condition of their used gadgets on the website and then receive a monetary offer, which they may accept or deny.
Additionally, iReTron fixes and resells discarded devices and offers complimentary delivery.
As a senior in high school, Li is the senior among the four young entrepreneurs; he thinks that his additional years of company development would earn him a Shark investor.
IReTron operates a simple business model: they purchase used electronics such as mobile phones, tablets, and MP3 players and restore them for resale.
If they have an older iPhone, all they have to do is log in to the site, request a quote, and IReTron will issue you a pre-paid shipping label.
Simply attach the label to a box containing your used iPhone and send it along; they will pay you through check or PayPal within 48 hours of receiving your delivery.
Li’s socially conscious goal is to eliminate electronic trash globally by encouraging people to recycle – naturally via his business.
He claims to have over 1,000 consumers in his first year of operation.
Who is the founded iReTron?
IReTron was founded by Jason Li.
What happen to iReTron at the Shark Tank Pitch?
Jason Li, 16, of Los Gatos, California, the inventor of iReTron, pitched his firm on Shark Tank season 5 episode 20 on March 14, 2014, seeking $100,000 for a 20% stake. This values the property at $500,000.
He introduces the Sharks to the company’s idea, emphasizing the “green” aspect of his firm.
However, the Sharks’ primary concern is with money.
Robert Herjavec inquires as to whether the old gadgets have a “assured customer.” Jason notes that in his two years of operation, he has accumulated no inventory since the things he has acquired have been promptly resold.
IReTron’s customer base is attracted to its reputation as a “social corporation.” They take over 5,000 items, including some with no market value. This strategy, however, does not sit well with the Sharks.
“So you’re telling me that you’re going to make me a loss as an investment,” Kevin O’Leary explains. “Because you’re purchasing items that nobody wants at inflated costs, eroding my margins.”
He emphasizes the fact that there are hundreds of competitors.
Jason points out that IReTron ranks first in a Google search, indicating that the business is popular enough to have taken a sizable chunk of the market.
The firm earned $40,000 last year, with a profit of $10,000. Robert Herjavec is curious as to what motivates Jason. He says that he is motivated by a desire to give back via social entrepreneurship.
Herjavec admires Jason’s ambition and vision, but he is unsure that this is a sound investment. He has departed.
Mark Cuban feels that the investment is too early to improve the firm. He exits.
Kevin O’Leary asserts that the firm is “not proprietary.” He informs Jason that an investor’s litmus test should be if they could develop the same service themselves for far less than the investment, eliminating the entrepreneur totally and still profiting.
In essence, O’Leary believes he could launch this firm on his own if he believed it would be viable. He has no reason to invest in Jason, and hence departs.
Barbara eventually speaks and admits that she is unsure about the firm; she is unsure if it will succeed or fail, and so it is a large question mark; yet, she believes in Jason, and thus makes an offer of $100,000 for a 20% stake.
She will provide the funds on an “as-needed” basis and has stipulated that she would also receive 20% of any firm he establishes in the following five years.
Lori Greiner, upon hearing the offer, believes she is incapable of matching or exceeding it, and therefore goes out.
Jason inquires as to whether Mark Cuban would be willing to participate in the Corcoran offer. Mark concurs, and Jason exits the stage with a Shark deal for $100,000 for 20% stock.
IReTron after the Shark Tank Pitch
IReTron’s arrangement with the Sharks was never completed.
Jason, who is now a student at Chicago University, has created a second start up, UProspie, which connects prospective college students with current students, giving tours and insider information about their ideal campuses.
IReTron’s website is operational, indicating that commerce is being conducted. Although social media updates seem a touch delayed, this might be due to Jason’s focus with his college academics and new employment.
He is most pleased of inspiring other young people to pursue their aspirations, recalling a younger student who came him after watching him on Shark Tank and requesting a photo.
Jason Li, without a question, has a bright career ahead of him. He sold the firm in 2019 and is currently employed as a product manager at Oscar Health, a company that provides virtual care.
He has been employed there for two years. He continues to provide business tips lectures, such as at the University of Iowa.
IReTron Net Worth
IReTron enters Shark Tank seeking $100,000 for a 20% stake. This values the property at $500,000. He accepted an offer from Mark and Barbara of $100,000 for 20% stake thus valuing at the same value.
IReTron was closed in 2019 thus its current net worth is unavailable.
IReTron Competitors
Back Market, asgoodasnew, 2GUD and Aihuishou are some of its competitors.
IReTron FAQS
What is iReTron?
It is an online platform that enables consumers to recycle old iPhones, iPads and other Apple products.
Who is the founder?
Jason Li, who lives in Los Gatos, California.
How much were seeking on Shark Tank?
Janson Li was asking for $100,000 for 20% stake of his company.
Did he get the deal?
He got a deal with Mark Cuban and Barbara Corcoran for 100,000 for 20% stake.
Is iReTron still in business?
No, he closed the business in 2019.
How much money has iReTron taken in?
It has taken in $40,000 since its launch two years ago.
How does it work?
IReTron provides a free shipping label that consumers can use to ship their old phones or other electronic devices for processing.
The consumer will then receive payment in the form of check or PayPal through iReTron.
Where is iReTron located?
It is located in Los Gatos, California.
What is iReTron phone number?
It is unavailable.
What happened to IReTron on Shark Tank?
IReTron’s arrangement with the Sharks was never completed.
Jason, who is now a student at Chicago University, has created a second start up, UProspie, which connects prospective college students with current students, giving tours and insider information about their ideal campuses.
What is iReTron Net Worth?
IReTron enters Shark Tank seeking $100,000 for a 20% stake. This values the property at $500,000. He accepted an offer from Mark and Barbara of $100,000 for 20% stake thus valuing at the same value.
IReTron was closed in 2019 thus its current net worth is unavailable.
Who are iReTron Competitors?
Back Market, asgoodasnew, 2GUD and Aihuishou are some of its competitors.
How was they making money?
They were charging for the service.
What was strengths of iReTron?
Its strength was in its technology which was ahead of the industry. It was also very customer friendly and efficient.
What were iReTron’s Weaknesses?
The main weakness was that they did not have a proven track record.
What is the Jason Li’s net worth?
Unknown.
