TROBO Shark Tank Update – Net Worth, Pitch & Deal

In Shark Tank’s season 7 episode 23, the two engineers and fathers, Jeremy Scheinberg and Chris Harden, pitched their educational product, TROBO. The plush robot toy aims to engage youngsters in STEM learning through interactive storytelling.

Chris and Jeremy sought a $100,000 investment in exchange for a 10% share in their educational toy firm. TROBO blends the comfort of a plush animal with interactive storytelling on an iPad or tablet to teach youngsters STEM topics entertainingly.

The sharks included Cubans Daymond John, Kevin O’Leary, Barbara Corcoran, Robert Herjavec, Lori Greiner, and guest shark Chris Sacca.

The duo’s novel method drew notice by mixing the warmth of a plush animal with instructional value. Sharks Mark Cuban, Kevin O’Leary, Daymond John, and Lori Greiner questioned the entrepreneurs’ product strength and price.

Finally, TROBO agreed with Robert Herjavec—$166,000 for 33.3% equity, based on a prospective licensing arrangement with Dreamworks. Want to find out more about this episode? For that, you will have to stay with me until the end of this update.

TROBO Net Worth

TROBO’s net worth was $1 billion in 2016, at the time of his appearance on Shark Tank. After appearing on Shark Tank, they appeared on Shark Tank and made a deal with Robert Herjavec for $166,000 for 33.3% equity. The net worth valuation after appearing on Shark Tank was $498,498. As for the recent update for 2024, TROBO is no longer available and has been out of business since 2017.

Did TROBO Get a Deal on Shark Tank?

The duo successfully secured a deal for TROBO on Shark Tank. The entrepreneurs eventually agreed with Robert Herjavec, who contributed $166,000 for 33.3% of the stock. The sale was reliant on a prospective license arrangement with Dreamworks, which would benefit from Robert’s industry contacts.

Shark(s) InvolvedOffer MadeDemandEquityOffer Accepted?
Mark Cubans, Kevin O’Leary, Barbara Corcoran, Daymond John, Lori Greiner and Chris Sacca.        OutN/AN/AN/A
Robert Herjavec  $100,000 for 10% equity$166,000 for 33.3% 33.3%  Yes

TROBO Shark Tank Update – Plush Robot Toy for STEM Learning

trobo shark tank deal

The entrepreneurs, Jeremy Scheinberg and Chris Harden approached Shark Tank with TROBO, an interactive STEM toy with educational features. The toy supports children’s learning along with fun and enjoyment. The duo appeared on Shark Tank, asking for $100,000 in exchange for 10% equity in their company.

Mark Cuban, Kevin O’Leary, Daymond John, and Lori Greiner withdrew for several reasons, including doubts about the product’s strength. After that, Robert Herjavec offered $166,000 for 33.3%, subject to reaching an agreement with Dreamworks for content distribution.

Following Shark Tank, TROBO experienced issues when the Dreamworks transaction fell through due to complex legal requirements and a lack of interest.  

Despite failures, TROBO had some success, with its innovative approach to integrating teaching and play appealing to parents and educators. The episode demonstrated the benefits and drawbacks of combining technology and teaching in the competitive toy business.

Background Information on the Founders:

Jeremy Scheinberg and Chris Harden, engineers, and fathers, founded TROBO. Both individuals contributed a distinct combination of technological knowledge and parental understanding to the creation of their amazing plush robot toy.

Chris and Jeremy founded TROBO to transform children’s education through play. Before their presentation on Shark Tank, the entrepreneurs successfully launched a Kickstarter campaign, exhibiting a strong knowledge of the market need for their interactive STEM toy.

The creators were inspired to create TROBO to make education interesting for youngsters. Combining the comfort of a stuffed animal with the educational benefits of contemporary technology, TROBO aims to offer a unique and interesting learning experience for young people.

The early phases of TROBO’s development had to go through various obstacles. The creators faced product design, production, and market acceptance challenges. Overcoming these challenges needed a strategic approach and imaginative thinking, demonstrating Chris and Jeremy’s tenacity and commitment.

TROBO’s pitch on Shark Tank and Deal

trobo shark tank pitch and deal

The initial pitch:

Chris and Jeremy, both engineers and fathers, expressed their desire to create a unique educational toy experience for children. The entrepreneurs requested $100,000 for their firm’s 10% equity investment. They stressed their existing $166,000 sales and TROBO’s potential to change educational toys for children by mixing narrative with STEM ideas.

Shark’s Interests: Concerns and Offers:

Mark Cuban had concerns regarding the potential of the product. Kevin O’Leary and Daymond John also backed out due to concerns about the product’s efficacy and excessive cost. Lori Greiner rejected it, citing pricing issues and a lack of interest from large retailers. Conversely, Robert offered $100,000 for 33.3% of the stock.

Final Deal:

At the same time, Robert Herjavec showed interest by offering $100,000 for a 33.3% ownership stake, subject to a license deal with Dreamworks. Chris counteroffered $166,000 for 33.3%, and Robert accepted the deal then and there.

Challenges Faced:

Dreamworks transaction falls through: Following Shark Tank, the company had difficulty concluding the deal with Robert Herjavec. It was based on a partnership with Dreamworks. The anticipated collaboration with Dreamworks could not materialize due to a lack of interest or complex legal restrictions.

Intricate Legal Demands: The intricacy of the planned agreement with Dreamworks may have produced difficulties for TROBO, contributing to the partnership’s failure. Navigating such issues may be a significant challenge for any firm.

Motivations:

Scheinberg and Harden’s technological expertise and passion for educational advancement propelled TROBO. The children wanted to enjoy studying. Before entering Shark Tank, the founders ran a successful Kickstarter campaign, demonstrating their belief in the market demand for their instructive toy.

This early validation boosted their confidence and drive to pursue their proposal. The pair were motivated to create a smart, interactive toy that could teach STEM concepts through an engaging narrative. This innovative approach to education inspired them to push the boundaries and bring TROBO to fruition.

TROBO’s Product Description:

TROBO is a plush robot toy that blends the comfort of a cuddly animal with educational benefits. It employs interactive stories to teach STEM concepts in an innovative and entertaining manner. The most significant innovation is its integration with modern technology, which shows stories on an iPad or tablet screen as an animated book, increasing the learning experience.

Unique Features and Innovations:

  • Interactive storytelling using animated books on tablets.
  • STEM ideas are emphasized in the educational setting.
  • Plush robots are designed for comfort and familiarity.

Comparison to Traditional Products:

TROBO separates itself from traditional educational toys by offering a unique blend of storytelling and technology. The interactive function distinguishes it from ordinary toys, providing children with a more engaging learning experience.

Retail availability:

TROBO costs $59.95 and includes a plush toy and a pick of five titles. The device has caught the curiosity of small and medium-sized businesses, with 600 orders in production.

Pricing and retail presence:

TROBO’s $59.95 price tag differentiates it as a premium educational toy. It is available for purchase online and maybe in physical locations. The 600 orders in production indicate a good market reaction.

Potential Impact on Industry:

TROBO aims to disrupt the educational toy industry by offering a fresh approach to learning. Its blend of technology and narrative sets it apart, pushing the industry’s trend toward more interactive and engaging educational products.

Feedback:

While the sharks on Shark Tank were interested in the product, Mark Cuban rejected it due to worries about its strength. Kevin O’Leary and Daymond John voiced concerns over pricing and market interest. Robert Herjavec recognized the potential of pushing TROBO as a content delivery system.

Conclusion

Jeremy Scheinberg and Chris Harden created TROBO, an interactive STEM toy. The duo appeared on Shark Tank, proposing $100,000 in exchange for 10% equity. Based on a prospective Dreamworks license agreement, they arranged with Robert Herjavec, who paid $166,000 for 33.3% ownership. However, after Shark Tank, the deal with Robert fell due to Dreamworks’ lack of enthusiasm and demanding legal requirements.

TROBO’s tale demonstrates entrepreneurs’ challenges and uncertainty in the highly competitive product development and fundraising field. The inventors’ goal was to make education fun for youngsters, and their technological competence prompted them to create a unique and engaging educational toy.

The future remains uncertain as the company starts on its post-Shark Tank adventure. Stay tuned for future updates on TROBO’s progress, upgrades, and expansions. The world of educational toys is always evolving, and TROBO’s story demonstrates the never-ending drive for originality and perseverance in creating meaningful learning experiences for children.

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