What Happened to Five Minute Furniture after Shark Tank? Jared Joyce [aka: Five Minute Furniture] Shark Tank Update|
What is Five Minute Furniture? Who is the founder of Five Minute Furniture?
Five Minute Furniture is a furniture company founded by Jared Joyce that offers an assembly-free, pre-designed furniture collection that comes in flat boxes with simple instructions and all necessary components.
Customers can build the furniture without screws, nails, or specialized tools, saving time and money. Jared, a seasoned entrepreneur with over 70 patents, has over 30 designs for Five Minute Furniture that can be adapted to various three-dimensional furniture pieces.
He believes in not licensing the furniture as he believes the world will always need it, and the furniture can be assembled in just five minutes using his revolutionary locking method. The furniture is made of plastic and each piece locks into place.
What Happened to Five Minute Furniture at Shark Tank pitch?
During his appearance on Season 3, Episode 302 of Shark Tank, Five Minute Furniture’s founder Jared Joyce sought a $250,000 investment in exchange for a 25% stake in his company, valued at $1 million.
Despite having other investors already committed, there was still room for equity. However, the business was still in its early stages and had no sales, causing Kevin O’Leary to be concerned and Robert and Daymond to be skeptical of its potential.
Mark Cuban felt there were too many individuals involved with the company, and Lori and Kevin made a joint offer of $250,000 for the entire business. However, Jared was more interested in forming a relationship with the Sharks and declined the offer, ultimately leaving the pitch without a deal.
What Happened to Five Minute Furniture after Shark Tank?
After appearing on Shark Tank, Jared attempted to enter Five Minute Furniture in Wal-Mart’s Get on the Shelf contest but was unsuccessful. He continued to work with Edison Nation on manufacturing plans.
In 2013, there was a significant development for Five Minute Furniture, but due to non-disclosure agreements, Jared could not reveal details.
He holds the patent for the furniture but has not been able to secure a license. Despite this, he continues to innovate and invent, having worked on over 200 projects as of July 2021. However, as of January 2022, the company has ceased operations.
Competitors of Five Minute Furniture
Competitors include Pottery Barn, Bar Stool US and IKEA. Party City also sells similar products as Five Minute Furniture.
Net Worth of Five Minute Furniture
The net worth of Five Minute Furniture is unknown as the company is no longer operating. During and after its pitch on Shark Tank, the company was valued at $1 million.
Five Minute Furniture FAQs
What is Five Minute Furniture?
Five Minute Furniture was a furniture company that offered flat-packed furniture that could be assembled in only five minutes. There are no tools required and the assembly is hassle-free.
Who is the founder?
Jared Joyce is the founder of Five Minute Furniture.
How much was seeking on Shark Tank?
Jared was seeking for $250,000 for 25% of the company, which is worth $1 million.
Did Five Minute Furniture have the deal?
No, Jared did not secure a deal.
Is Five Minute Furniture still in business?
No, business is no longer operating.
How many employees and in what locations?
There were no employees working for Five Minute Furniture.
What is the net worth of Five Minute Furniture?
The net worth of this firm is unknown. The company is no longer operating since January 2022.
Where is Five Minute Furniture headquarters?
Headquarters are located in Denver, Colorado at an undisclosed location as of October 2017.
Was Five Minute Furniture a scam?
No, Five Minute Furniture was not a scam. Jared Joyce pitched a legitimate product and is looking to expand the business.
What did Five Minute Furniture products cost?
Five Minute Furniture’s cost ranged from $30 to $140 depending on the size. The dimensions of each range from 10″x6″x5″ for an end table to 96″x24″ for an entire bed frame.
Was Five Minute Furniture shipping?
No, the company did not support shipping.
Did Five Minute Furniture sell in stores?
Yes, Five Minute Furniture sold in major chains such as Target and IKEA. It was also available through third-party vendors such as Party City.
What is the warranty for Five Minute Furniture?
Five Minute Furniture offered a 90-day warranty for their products, excluding items that don’t include any moving parts. The company also had a 60-day return policy.
Did Five Minute Furniture have a return policy?
Yes, Five Minute Furniture had a 60-day return policy.
Did Five Minute Furniture offer gift wrapping?
Five Minute Furniture did not provide any gift wrapping.
What was the delivery time of Five Minute Furniture?
The company offered same-day delivery service in the Denver metropolitan area.
How long Five Minute Furniture did take to deliver their product?
Orders were delivered within 2-3 business days, pending availability.
What was Five Minute Furniture business model?
The company was planning to source most of its products from other vendors, and hence the company relied on profit from marking up items.
What was Five Minute Furniture marketing strategy?
The company counted on word of mouth for the majority of its advertising. Jared also posted about Five Minute Furniture on social media pages, such as Facebook and Twitter.
Why did Five Minute Furniture fail?
The company ceased operations in January 2022 with lack of licensing deal.
What were the materials used to make Five Minute Furniture?
The company’s furniture is made from premium materials including MDF, pressed wood, plywood, plastic and particle board.
Was Five Minute Furniture a franchise?
No, Five Minute Furniture was not a franchise.
What was the business goal of Five Minute Furniture?
The business goal was to offer flat-packed furniture that could be assembled in only five minutes, which would eliminate any tools required or any tape and glue required. The objective was to offer consumers a convenient alternative that requires no tools or craftsmanship.
What was the revenue model of Five Minute Furniture?
Jared’s hope was to open a larger web of retail stores that sell the furniture.
How much does Jared Joyce worth?
The net worth of Jared Joyce is estimated at $200,000.
