OrigAudio Shark Tank Update | OrigAudio after Shark Tank
What is OrigAudio?
OrigAudio is company that creates eco-friendly, folding Bluetooth speakers and headphones. The speakers are intended for travel and music fans who want to step up their game.
Mike Szymczak and Jason Lucash established OrigAudio in 2009. The creators have invented a transducer that can turn any object, even plastic cups, into speakers. The device was the 3rd place winner in the Boston University’s ‘Business Plan Competition’ in 2011.
Their first product, The OrigAudio Exo, is a Bluetooth speaker that folds into a book-like shape and fits in your backpack.
The Exo comes with an RF remote control, and it takes 5 hours to charge the battery. They’ve spent the last 7 years perfecting their craft, and their newest product is called The OrigAudio Miracle.
Who is the founder of OrigAudio?
Mike Szymczak and Jason Lucash founded OrigAudio in 2009. While Mike previously worked as the Marketing Coordinator at Spanglish Ideas, LLC, Jason previously worked as an events manager at Major League Soccer.
Mr. Szymczak is currently the Vice President of Business Development at HPG Brands, while Mr. Lucash is the Chief Development Officer at HPG Bran.
OrigAudio, which was inspired by a Chinese take-out box, promises to combine ecological technology with fantastic audio. The pair hopes to attract the Sharks with a novel audio technology concept: customizable, environmentally friendly portable speakers and headphones.
Mike and Jason have fulfilled their goal to create custom-fit audio products in an eco-friendly manner. The sustainable and consumer friendly technology is a potential game changer.
The first audio transducer product, The OrigAudio Exo, is a Bluetooth speaker that folds into a book-like shape, so you can take it anywhere, even to the beach or a lake. The Exo comes with an RF remote control and it takes 5 hours to charge the battery.
What Happened to OrigAudio at Shark Tank pitch?
In episode 8 of Season 2 of OrigAudio, Lucash and Szymczak chose to pitch their idea to Sharks in order to assist them grow their business via production and distribution.
Lucash and Szymczak enter the presentation wanting $150,000 for a 15% stake in the firm valued at $1 million.
They begin their talk by outlining the difficulties that music enthusiasts face when traveling. Speakers are large and inconvenient to transport. They assert that they are reshaping the portable audio market.
They show off The Rocket, a transducer that converts any item into a speaker. It may be put on a cup or trashcan to rapidly transform it into a speaker. They then show out foldable speakers.
The Sharks are interested in numbers. Szymczak breaks down the sales, stating that the product has been sold in over 500 retail outlets as well as online.
The Sharks are impressed, until they hear that the product is licensed through a Chinese corporation and that the actual profit on the $750,000 is $150,000.
Neither of the men has been paid. Robert Herjavec believes that if they haven’t taken money for themselves, it doesn’t “count” as profit.
Although the Sharks are thrilled with the product, Kevin O’Leary believes it is a very competitive industry, and the pair’s connection with the corporation that provided the license isn’t strong enough to warrant investment. He’s gone.
Barbara Corcoran is intrigued, but she wonders how they sell products without showing them. At this point, the couple informs the Sharks that the OrigAudio has been featured on QVC, which impresses them.
Mark Cuban is curious as to what percentage the couple is willing to take. He’s determined to eliminate the other Sharks from the game. The other Sharks respond by making their own proposals.
Daymond offers $300,000 in exchange for full ownership of the firm. Barbara offers $150,000 in exchange for 25% of the company’s equity.
Robert Herjavec sweetens the proposal to $150,000 in exchange for 15% stake in the firm. The sharks are frenziedly feasting. Cuban is out after being challenged by the other Sharks.
The two take a little break to discuss the proposals on the table. When they return, they accept Herjavec’s offer, much to the chagrin of the other Sharks. Finally they exit the pitch with a deal.
What Happened to OrigAudio after Shark Tank?
The two walked away from the stage with a deal that would catapult OrigAudio into the stratosphere. Following their participation on Shark Tank, OrigAudio went on to appear on a number of talk programs and in magazines.
Today, the product is doing well in both retail and online markets. This is one transaction that played a melody that could calm even the most ferocious Shark.
The firm received an update piece in Season 3, Episode 310, boasting almost $4 million in sales! The update left out the fact that the contract with Herjavec never concluded. They increased their revenues between tape and airing and couldn’t justify giving up 15% of the firm.
The Advertising Specialty Institute awarded Mike and Jason Supplier Entrepreneurs of the Year in 2017. Hub Promotional Group purchased the firm in 2018 for an unknown sum. Lucash and Szymczak will continue to serve as president and chief operating officer of OrigAudio, respectively.
In addition, Lucash was promoted to senior vice president of marketing and product for HUB, while Szymczak was promoted to vice president of business development for HUB.
They are still in such roles as of December, 2021. Hub Promotional Group rebranded to HPG in 2020 and generates more than $190 million in yearly sales.
Competitors of OrigAudio
The company competes with the following opponents in the market space; Weistec Engineering, Element Case, Soundcore, Avanca International, John Hardy USA, Catalyst, Yogibo and Case Logic.
Net Worth of OrigAudio
The company was valued at $1 million during and after the pitch. Since then the company have been doing well in sales with annual revenue of $190 million. This justify that the company net worth has increased.
What is OrigAudio?
OrigAudio is an audio technology firm that was created to reshape the way we listen to music. The company uses recycled, sustainable materials and environmentally friendly technology in all of their products.
Who is the founder?
Mike Szymczak and Jason Lucash started the audio technology firm in 2009.
How much were asking on Shark Tank?
They were asking for $150,000 for 15% of the company.
Did they have the deal?
Yes, the founders accepted an offer from Robert Herjavec for $150,000 in exchange for 15% of the company’s equity.
Is OrigAudio still in business?
Yes, the company is still in business as of December 20, 2021.
What are their products?
OrigAudio sells a number of products including, speakers, headphones and microphones. The speakers retail for $50 while the headphones and microphones retails for $100.
How old is the company?
OrigAudio’s was created in 2011 by Mike Lucash and Jason Szymczak. Szymczak is the vice president of sales while Lucash is their chief operations officer.
Is OrigAudio legit?
Yes, OrigAudio is a registered firm that sells a number of products.
How can I connect OrigAudio?
Connect to the device labeled “Wristler” in the mobile device’s wireless pair settings. Users will hear a noise and watch the white LED light turn solid, indicating that the pair has been successful. If no devices are linked after 15 minutes, the speaker will shut down automatically.
Where can I get OrigAudio?
OrigAudio provides a variety of audio devices, including an eco-friendly set of headphones. It was formed in 2009 by Jason Lucash and Mike Szymczak and is headquartered in Costa Mesa, California.
What is causing my Bluetooth speaker to emit a busy signal?
When either ones audio device or the speaker runs out of battery, Bluetooth connections will either fail or the speaker will emit a busy signal sound. If their Bluetooth speaker is old and continues to produce the busy signal even when charged, the battery has to be replaced.
How can I deactivate OrigAudio?
Slide the power button on the side of Boxanne to ON, and a blue LED will flash to show that the device is turned on. When users slide the power button to the OFF position, the blue LED will turn off.
What is the net worth of Mike Szymczak?
Michael Szymczak net worth is $600,000.
What is the net worth of Jason Lucash?
Jason Lucash net worth is $16 Million.