QBall Shark Tank Update Net Worth 2023
Shane participated in an episode of Shark Tank where he was seeking $200,000 in exchange for a 15% stake in his company, which was valued at $1.3 million. However, he ultimately accepted a different offer from Mark, Lori, and Rohan, who invested $300,000 in exchange for a 30% stake, resulting in a lower valuation of $1 million.
Since then, the company has experienced growth and its current valuation is higher than the initial $1.3 million valuation.
Not long after the show aired, the company integrated with Alexa. In the two years following the episode, the company achieved $3.9 million in sales. As of December 2022, the company is still operating and generating $1 million in annual revenue.
What is QBall?
The Qball is a wireless microphone that has a unique feature of being able to withstand rough handling, such as being passed, thrown, dropped or rolled, due to its lightweight, soft, and resilient foam construction. To avoid unpleasant sounds during its movement, the Qball automatically turns off when in flight.
Additionally, the Qball has a Battery-Saver function, which preserves power by switching to standby mode after ten minutes of inactivity. It is perfect for use in events, conferences, schools, and audience participation.
The founder of Qball is Shane Cox, based in Salt Lake City, Utah. After noticing that traditional methods of encouraging students to speak up, such as using a talking stick or passing around cumbersome microphones, were not effective, Cox created the interactive Qball to make classroom participation more fun and engaging.
After a successful Indiegogo campaign in October 2015, where Cox and two others raised $46,895, the Qball moved to the mass-production phase. It is now available for purchase at $179 per system, with a ten-hour battery life and a range of approximately 75 feet from the signal source.
What Happened to QBall at the Shark Tank Pitch?
Shane made an appearance on the second episode of season 9 of Shark Tank, seeking $200,000 in exchange for a 15% stake in his company. This would value his company at $1.3 million.
During his pitch, Shane demonstrated his product and Mark spoke into it using a Q Ball. When Lori expressed interest in trying it out, Shane believed Mark was better suited and gave her a “blank.”
Shane disclosed that his product had a selling price of $179 and a manufacturing cost of $52. He also shared that his company had generated $177,000 in total sales, with 90% of those sales coming from public speakers and research organizations buying for schools and other customers.
When Lori asked about his patent, Shane revealed that he had filed for a patent for the feature that allowed the product to be thrown without making a noise. He anticipated earning $650,000 by the end of 2017 and believed that once one teacher used his product, others would follow suit, prompting him to invest in acquiring more goods.
Robert, who owned a multinational cybersecurity firm, was skeptical about the investment, believing that selling to companies would be easier. Despite this, Lori, Rohan, and Mark decided to offer Shane $300,000 for a 30% ownership stake. Shane countered with a 25% stake, but eventually agreed to their terms.
The deal was successful, and the company merged with Alexa, resulting in $3.9 million in sales in the two years following the episode’s air date. As of November 2021, the company is still in business and has an annual revenue of $1 million.
What is Net Worth of QBall?
Shane appeared on Shark Tank season in search of $200,000 for a 15% stake in his company. This translates to a $1.3 million valuation.
He accepted an offer from Mark, Lori and Rohan of $300,000 for 30% stake which brings valuation to be $1 million.
Current valuation is evidently higher since the Company has grown.
Who are the Competitors of QBall?
QBall face some faces competitions in its market space from other companies such as;
Tonor and Rode Microphones.
QBall FAQS
What is QBall?
Qball is a wireless microphone that can be passed, dropped, thrown, or rolled. The Qball is comprised of a lightweight, soft and resilient foam that can withstand a battering.
While in flight, the Qball automatically turns off to prevent unpleasant thumps or bumps over the speaker.
Who founded QBall?
Shane Cox of Salt Lake City, Utah, is the creator of Qball.
How much was he asking in the Shark Tank?
Shane asked for $200,000 in exchange for 15% equity.
Did he get the deal from the Sharks?
Yes he did secure the deal from Mark, Lori and Rohan.
How much was the deal?
The deal was $300,000 for 30% stake in the company, which brought the valuation of Qball to $1 million.
Where can they buy QBall?
Qball is sold on Amazon and on the company website.
How much does the QBall cost?
The QBall, which costs $179, has a 75-foot operational range, automated frequency selection, and silent toss capabilities.
What is the website address of QBall?
The official website is www.peeq.us or www.buyqball.com
Where is QBall located?
Qball is manufactured and distributed in Fuquay-Varina, North Carolina.
When was QBall aired on Shark Tank?
Shane Cox appeared in Shark Tank season 9 episode 2 in 2016.
What is the name of the episode?
The episode titled of Qball was aired on October 1st, 2017.
What is their Returns Shipping policy?
They will be liable for their own shipping fees when returning their merchandise. The cost of shipping is non-refundable.
What is their refund policy?
When they get their goods, they will check it and tell them that it has been returned. After checking the goods, they will tell customers of the status of their reimbursement.
If their return is accepted, a refund will be issued to their credit card (or original method of payment).
What is their Standard Shipping Times?
Please keep in mind that purchases are usually sent within 10-15 business days. If they want expedited shipment or further information, please contact them at [email protected]
Single-item purchases are normally shipped by USPS, however purchases of two or more items are often shipped via FedEx.
What is Qball made of?
Qball is made of soft, lightweight, resilient foam.
What is the net worth of Shane Cox?
Shane Cox’s net worth is unavailable.
