Trobo Shark Tank Update | Trobo after Shark Tank
What is Trobo?
Trobo is a verbal plush robot that teaches very little about science, mathematics, technology, and engineering (STEM). It’s compatible with an iPads app and uses games, tales, and quizzes to pique the child’s interest.
It presents stories that explain questions for youngsters, such as “Why do birds fly?” How do Smartphones function? What exactly is lightning?
The Trobo app and toy were created by two Orlando-based engineering fathers who previously worked in the theme park and gaming park development industries.
Harden gained the most of his expertise as a development director at EA Sports, whereas Scheinberg graduated from Penn State University and has worked for Disney, NBC, and Universal.
Trobo came to them after they had their children and started thinking about how the world was impacting their children.
Who is the founder of Trobo?
Trobo app and toy were founded by Orlando-based engineering fathers Jeremy Scheinberg and Chris Harden, who had previously worked in theme park and gaming park development.
When they had their children and began to consider how the world was influencing their children, the concept for Trobo arose.
Jeremy ached for something essential for Sophia’s (Jeremy’s daughters) growth as he watched her spend hours learning to be a princess. He wished to share his enthusiasm for technology and engineering with Sophia. Trobo was born after the two met at Orlando’s Startup Weekend event.
Originally, the plan was to build a programmed robot, but they subsequently changed their minds and chose to incorporate a speech-enhanced robot that could be used with an iPads.
What Happened to Trobo at Shark Tank pitch?
In Shark Tank episode 23 seasons 7, Jeremy Scheinberg and Chris Harden introduce Trobo, their plush robot that talks and offers STEM stories to youngsters via an accompanying app, in exchange for Shark’s assistance in scaling up production and an infusion of funds for inventory and future development.
Chris and Jeremy enter the Tank looking for a $100,000 investment in exchange for a 10% stake in Trobo at a $1 million valuation.
They show the plush robot and explain how it communicates wirelessly with a tablet or iPads to produce unique stories that youngsters can play and read along with.
The plush animal functions as a speaker. Trobo costs $59.95, which includes the plush toy and the first five stories. They’ve received 600 orders from small to medium-sized retailers. With articles in 45 media, they believe they are ready to enter the kid educational toy industry.
Mark Cuban is underwhelmed. He doesn’t believe the notion is powerful enough to grab the market with crowd-sourced stories and a stuffed toy that is just a gimmick for selling the technology. He departed.
“You can’t sell a $50 plush toy with a speaker in it,” Kevin O’Leary adds. This isn’t going to work. At $4, the real material isn’t going to work.
There is a plethora of free content for children’s books available to everyone. Free. “There is no charge.” He’s out because he doesn’t think large shops like Target and Walmart would stock the toy.
Chris mentions Teddy Ruxpin, a toy that cost $70 per unit in 1985. “That was a different period, when technology wasn’t what it is now,” Daymond John answers. He departed.
Lori Greiner considers the $50 price range to be a “true challenge.” She goes on to say that, despite taking Trobo to toy fairs, they haven’t had a great reaction from large stores. She thinks it’s a negative omen for the future, therefore she quit.
The final Shark standing is Robert Herjavec. Chris makes one more impassioned plea, recalling his upbringing as the kid of a single, alcoholic mother who urged him to break out of poverty by focusing on his studies.
Trobo, according to Robert, is a “content delivery product.” He believes that a corporation such as DreamWorks, with whom he has already made contact, may purchase the technology as a new way to monetize their material.
He offers the couple an offer: $100,000 for 33% equity in the company in exchange for signing a licensing deal with DreamWorks.
Chris counters with a $166,000 offer in exchange for a 33% stake of the firm. Robert accepts the offer, and the Trobo team secures a Shark deal.
What Happened to Trobo after Shark Tank?
After an episode has aired, we track the status of the featured firms, whether they obtain funding or not, and report on their success.
Despite the fact that the duo shook hands with Robert in the Tank, the deal did not went through.
Non-disclosure agreements restrict the entrepreneurs from discussing the specifics of what transpired to scuttle the transaction, but it’s likely that DreamWorks’ interest in Trobo was tepid, and Robert’s legal demands were too demanding for the two.
They are still riding a wave of success thanks to the Shark Tank effect, and Trobo stock has dropped.
Trobo is still available through Amazon and their website, and the couple hopes to license its “content delivery platform” in the future.
The company went out of business in 2017. As of May 20, 2021, the following statement is available on their website: Little Robot, Big Dreams: The Highs, Lows, and Lessons Learned of a Toy Startup is a book about their journey. It’s for sale on Amazon.
Competitors of Trobo
The main competitors of Trobo are; Anki, Furhat Robotics, BrainPOP, BOOKR Kids among others.
Net Worth of Trobo
The company was valued at $1 million during the pitch, since then the company went out of the business in 2017 and hence the company net worth is unavailable.
What is Trobo?
Trobo is a chatting plush robot that teaches very little about science, math, technology, and engineering (STEM). It’s iPads-compatible and includes games, stories, and quizzes to capture the child’s attention.
Who is the founder?
The founder of Trobo is Jeremy Scheinberg, who is a former Marine. He runs the company with his spouse and co-founders, Mark Harden and Alexis Diggins.
How much were asking on Shark Tank?
They were asking for $100,000 for 10% stake of their company.
Did they have the deal?
Yes, they did from Robert Herjavec.
How much was the deal?
Robert Herjavec offered $166,000 for 33% ownership of the company, but they never finalized the deal.
Is Trobo still in business?
No, it is out of business, as the company is not able to sustain in Shark Tank Effect.
What is Trobo’s phone number?
There isn’t any phone number available for Trobo.
What are their revenue sources?
They have used revenue from Kickstarter for the deposit on inventory (which was returned to the Crowdfunding campaign contributors). They plan to roll out more toys toward the end of 2018, which will generate revenue from sales at retail locations.
What is Trobo educational toy?
The Trobo educational toy is programmable toys that interact with children via an app. They offer a blend of learning opportunities for youngsters in the fields of Science, Technology, Engineering, Arts and Math to aid in their cognitive development through exciting stories and fun activities.
Was Trobo working?
Yes, Trobo was working.
Was Trobo safe of Kids?
Yes, Trobo was safe for Kids.
How does Trobo work?
Trobo works by downloading stories, audio books and games from the company’s website and the app unlocks content via a secure code. The toy requires a tablet for use.
What is the goal of Trobo?
The goal of Trobo is to help children discover the world through STEM learning with interactive stories, music, games and more through mobile devices.
What is the net worth of Jeremy Scheinberg?
Jeremy Scheinberg’s net worth is unknown.
What is the net worth of Mark Harden?
Mark Harden’s net worth is estimated at $1 million.