Jared Joyce appeared on Shark Tank season 3 to pitch his business Five Minute Furniture. He introduced a furniture system that allowed people to easily assemble furniture using a patented joint system. The unique feature of this system was that no tools were required. People could assemble the furniture in just five minutes which was a lot faster than traditional methods.
Jared believed his product could change how people built furniture. Instead of spending hours with complicated instructions and tools people could quickly assemble items like bookshelves and tables. Jared had over thirty designs available. The pitch was ambitious as Jared asked for $250,000 in exchange for 25% of the business. Will the entrepreneur get a deal on Shark Tank? Check out the Five Minute Furniture update to find out!
Five Minute Furniture Net Worth Shark Tank Update 2025
Cale Nelson went on Shark Tank asking for $250,000 for 25% of his company. This meant he thought his business was worth $1,000,000. He did not make a deal with any Shark. The episode was aired on February 17, 2012. The foldable furniture concept never scaled and ended operations in 2022. The current net worth of Five Minute Furniture is $0 in 2025.
After appearing on Shark Tank Five Minute Furniture struggled to get off the ground. Jared tried to get a licensing deal but was not able to make significant progress. Despite having a product that could change the furniture industry Jared faced difficulties in growing the business. Even though Jared worked on other products after Shark Tank Five Minute Furniture did not see the success he had hoped for.
Jared eventually decided to close down the company in 2022. Five Minute Furniture was no longer in business after that. Jared’s failure to secure a deal with the sharks left him with the challenge of getting his product into stores or finding a company to license it. The product never really gained traction in the market despite Jared’s best efforts. In the end Five Minute Furniture was a product that had a lot of potential but was unable to survive in the competitive furniture market.
No Five Minute Furniture did not get a deal on Shark Tank. Jared pitched his business offering $250,000 for 25% equity but the sharks were not convinced. Kevin O’Leary and Lori Greiner did make an offer but it was for 100% equity meaning they wanted full control of the business. Jared did not want to give up all control of his company and rejected their offer.
The other sharks also passed on the deal. Mark Cuban questioned whether Jared had fully paid back any of the investors who had supported him. Jared admitted that he had not been able to pay back the investors which caused Mark to exit. Daymond John did not think the product was ready and excited as well. Robert Herjavec was not convinced by the lack of sales and exited too.
In the end, the sharks were not interested in investing in the company. Although the product had potential they did not believe the company was ready for investment.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Herjavec | out | N/A | N/A |
| Lori Greiner | $250,000 for 100% equity | N/A | N/A |
| Kevin O’Leary | $250,000 for 100% equity | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Five Minute Furniture Shark Tank pitch
Jared Joyce was the creator of Five Minute Furniture. Before coming up with the idea for Five Minute Furniture, Jared had experience in the research and development field. He ran a research and development company, which helped him gain experience in creating new products. Jared’s frustration with the traditional process of assembling furniture led him to create a better solution.
He had experienced first-hand the long hours spent assembling furniture using instructions and tools. It was frustrating to spend so much time building something that should have been simple. That’s when he came up with the idea for a furniture system that used patented joints to make the assembly process easier and faster. The system eliminated the need for tools and allowed customers to put furniture together in just five minutes.
Jared believed that this was a game-changer for the furniture industry. He felt that many people would benefit from a simpler way of assembling furniture. However, the road to bringing Five Minute Furniture to life was not easy. Jared faced numerous challenges in the early stages of product development. The first challenge was finding a way to create a system that worked. It took a lot of trial and error to develop a joint system that would fit together easily and securely.
Jared also had to deal with patent issues. It took time and effort to secure the necessary patents to protect his invention. Despite these challenges, Jared believed in his product and continued to work on it. He invested a significant amount of his own money and time into developing the product. He hoped that Five Minute Furniture could eventually change how people looked at furniture assembly.
However, the early stages of the company were difficult. Jared struggled with getting his product into stores and making sales. He had spent $250,000 of investor money on the development of the product but had not seen any returns. This put a lot of pressure on Jared. He had to figure out how to turn his idea into a profitable business. Despite the challenges, Jared kept pushing forward. He believed in the potential of his product and was determined to make it work.
When Jared Joyce entered the Shark Tank he had a clear goal in mind. He wanted to secure an investment for Five Minute Furniture. He wanted the sharks to see the potential of his product and to help him grow the business. Jared demonstrated how easy it was to assemble the furniture. He showed how the joints fit together without the need for any tools. He explained that the system could be applied to a variety of furniture types including bookshelves, tables, and chairs.
Jared also highlighted that he had more than thirty designs available. He compared his product to Ikea furniture but pointed out that his system was much easier to assemble. Jared’s pitch was ambitious and he asked for $250,000 in exchange for 25% equity in the company. He believed that his product had the potential to change the way people thought about furniture assembly.
He also mentioned that he had received a second patent for his system which showed that his product was innovative. Jared believed that with the right investment and partners, Five Minute Furniture could grow quickly. The sharks had several questions for Jared after his pitch. Kevin O’Leary asked Jared about the sales of the product. Jared admitted that he had not made any sales yet. This raised a red flag for the sharks.
They wanted to know why Jared had not been able to generate sales despite having such an innovative product. Jared explained that he had two companies interested in licensing the product but he had not yet secured a deal. This seemed promising but Kevin remained skeptical. He questioned the valuation of the company and asked Jared how much money he had invested in the business. Jared explained that he had invested $250,000 of investor funds.
This made Kevin even more concerned. He felt that the valuation was too high for a product that had no sales. Lori Greiner and Robert Herjavec also asked about the products that Jared had in the market. Jared explained that he only had one product available for sale. This raised more concerns as the sharks wanted to see more products in the market. The sharks wanted to know if Jared had any products to make money.
Jared admitted that he had not yet made any money from the product. This made the sharks more cautious about investing. Daymond John asked Jared if he was pitching just the product or the entire company. Jared explained that he was pitching the product but hoped to grow the company with the right partners. Daymond did not think the product was ready for investment and decided to exit.
Mark Cuban questioned Jared about his investors and asked if he had paid them back. Jared admitted that he had not fully paid back the investors which caused Mark to exit as well.
The sharks had many questions about Five Minute Furniture. Kevin O’Leary asked Jared how much money he had made from the product. Jared explained that he had not yet made any money but was working on licensing deals. Kevin was not convinced by this answer. He felt that a product with no sales and no clear path to revenue was too risky. Lori Greiner and Robert Herjavec also asked about the product’s availability and potential.
Jared explained that the product was still in the early stages and was not widely available. This made the sharks question whether the product was ready for investment. Jared also had to explain his plans for the future. The sharks wanted to know how he planned to scale the business. Jared mentioned that he was working on other products and hoped to grow the company over time.
However, the sharks were not convinced that Five Minute Furniture could grow quickly. They wanted to see more progress before investing. The lack of sales and the lack of products on the market made it difficult for the sharks to see the potential of the business.
Kevin O’Leary and Lori Greiner made an offer of $250000 for 100% equity in the company. They wanted full control of Five Minute Furniture. This offer was very different from what Jared had hoped for. He wanted to remain a partner in the business and continue to grow the company with the sharks. However, Lori and Kevin were firm in their offer. They did not want Jared to stay on board.
They wanted full control and they made it clear that there would be no royalties or partnership. Jared tried to negotiate but the sharks were not interested in giving him what he wanted. He wanted to keep working on the product and have a say in the company’s future. However, Lori and Kevin were not willing to budge. They wanted to take full control and run the business as they saw fit. Jared ultimately decided not to accept the offer. He left the Shark Tank without a deal.
What Went Wrong With Five Minute Furniture On Shark Tank?
There were several reasons why Five Minute Furniture did not get a deal on Shark Tank. First, the product had no sales at the time of the pitch. This made it difficult for the sharks to justify investing in the company. Second, Jared had not paid back the investors who had already supported the product. This raised concerns about his ability to manage the business and repay future investors.
Third the product was still in the early stages and the sharks did not see enough potential for it to succeed. Jared was also unable to convince the sharks that he was ready to scale the business. While he had an innovative product he did not have enough traction in the market to attract investment. The lack of sales and the limited availability of the product made it difficult for the sharks to see a clear path to profitability.
Product Availability
Five Minute Furniture was designed to make assembling furniture easier and faster. The product used patented joints that allowed customers to assemble furniture in just five minutes without the need for tools. This system could be applied to many types of furniture including bookshelves, tables and chairs. The product was not widely available for purchase after the Shark Tank appearance. Jared struggled to secure licensing deals and did not find success in retail.
Conclusion
Five Minute Furniture did not succeed after its appearance on Shark Tank. Jared Joyce struggled to get the product into stores and find investors who believed in it. Despite his hard work the business was not able to survive and closed down in 2022. Jared learned valuable lessons from his experience and moved on to other projects.
While Five Minute Furniture is no longer available Jared’s experience on Shark Tank helped him grow as an entrepreneur. The product had great potential but lacked the market readiness to succeed.
Hi, I’m Laiba Khurram, a BBA student specializing in Marketing at FAST NUCES ISB. My background includes experience in finance, marketing, and event coordination. My skills include teamwork, time management, and Microsoft tools. Watching Shark Tank has always inspired me, as I admire the innovative pitches and entrepreneurial spirit showcased on the show. This passion drives my approach to finding creative solutions and understanding market dynamics. Read more About me.
