VestPakz Shark Tank Update | Vestpakz after Shark Tank
What is Vestpakz? Who invented Vestpakz?
Vestpakz is a functional design that combines a vest and backpack to evenly distribute the weight of school materials.
It was invented by Christen Bell in 1998 as a solution for carrying school materials without the use of traditional backpacks or book bags. The company was founded by Michael Woolley and Arthur Grayer.
What happen to Vestpakz at shark Tank pitch?
On Shark Tank, Michael Woolley and Arthur Grayer, who are part of Vestpakz’s board of directors, pitched their company and asked for $50,000 in exchange for a 10% stake.
They were accompanied by two children wearing their product, Vestpaks, and shared that they had made a profit of $10,000 in two months through exclusive sales rights with Eastsport and sales at 75 Walmart stores.
However, the Sharks had doubts about the sales figures and credibility of the business and ultimately did not invest. Michael and Arthur left the show without securing an investment.
Vestpakz after Shark Tank
Despite not receiving an investment on Shark Tank, Michael and Arthur did not continue with their business and their company, Vestpakz, is no longer active. As Kevin said, they had a “Great product, horrible entrepreneurs.
Net worth of VestPakz
Michael and Arthur estimated the value of Vestpakz to be $500,000.
Competitors of Vestpakz
Eastsport is the main competitor of Vestpakz, as they both offer similar products under different brand names.
FAQS of Vestpakz
Who invented VestPakz?
Christen Bell invented the VestPakz.
What was the idea of VestPakz?
Christen Bell wanted a way to carry her school materials.
Why did Christen Bell invent VestPakz?
She invented Vestpakz because she wanted a way to carry her school materials without having to wear a backpack or a book bag
Who is Michael Woolley?
Michael Woolley is the chief financial officer and one of the founders of Vestpakz.
Who is Arthur Grayer?
Arthur Grayer is a founder of Vestpakz and the primary licensee and he is the father to Christen Bell
What is Vestpakz?
Vestpakz is a combination of a vest and a backpack that has a functional design which helps to evenly distribute the weight
When was the Vestpakz created?
The vestpakz was created in 1998
Where can I buy Vestpakz?
Walmart is the biggest retailer of VestPakz.
Where can I find the VestPakz for sale?
Walmart is the biggest source of sales for VestPakz.
Did Vestpakz secure a deal at Shark Tank?
Vestpakz did not secure a deal at Shark Tank because there was too much gray area with the product and the financials were not in order
What happen after Shark Tank?
Nothing happened to Vestpakz because the sharks did not go for it. In fact, they were disappointed that nothing was done.
Is Vestpakz still in business?
No, because the sharks did not invest in Vestpakz and it failed.
What is the net worth of Vestpakz?
Vestpakz was valued at $500,000 by Michael and Arthur.
How much does a vestpakz cost?
A Vestpakz costs $14 to $30 dollars depending on the model.
What exactly is a VestPak?
VestPaks are a hybrid of a vest and a backpack with a practical design that helps to distribute weight equally.
Who designed Vestpakz?
Christen Bell, a sixth-grade girl searching for a more practical method to carry her school materials, designed Vestpakz, a vest with front and rear pockets.
What is the price of VestPak?
During Mark’s interrogation, Arthur discloses that each VestPak retails for between $14 and $30, depending on the model – the model Mark possesses retailed for $14.88 and costs about $4.75 to make.
What are the VestPakz sales figures?
Approximately $10,000 in products was sold in January and February, which, as the Sharks point out, is not a lot of money.
What is the cost of VestPakz?
After enquiry from Mark, Arthur discloses that each VestPak sells for between $14 and $30, depending on the model.
The type Mark had was being sold for $14.88 and cost roughly $4.75 to build.
How much did VestPakz earn?
There were around $10,000 in sales in January and February that year, which, as the Sharks point out, is not a lot of money.
What is Christen’s invention?
Christin designed VestPakz when she was only in sixth grade.It is a vest-backpack hybrid with a practical design that distributes weight equally.
What inspired Christen to design Vestpakz?
Christen was seeking for a more convenient method to carry all of her school materials, so she designed a vest that functions like a backpack but has compartments in the front and back.
Why did Michael Wooley approached shark tanks?
In episode 607, Michael Wooley aims to pack it in with a Shark as he seeks financing for Vestpakz, a hybrid backpack and vest.
Wooley is most likely looking for brand awareness and maybe some cash to fund expansion.
What were the sales figures?
Michael explains that they’ve made $10,000 in sales in two months.
What was the deal?
Results At the end: NO DEAL
Is Vestpakz Limited to Eastport?
People previously knew they had a deal with Eastport, but it now appears that it may be exclusive.
Unfortunately, the Vestpakz.com website redirects to the Eastport.com website, which sells Vest Packs.
What happed to VestPakz concept?
Perhaps as matter of fact, while He liked the concept and was truly interested in the future of how children will commute to school and carry their entire backpack-load of books and supplies, VestPakz is a terrible failure.
VestPakZ Pitch on Shark Tank