— JMU (@JMU) September 26, 2014
They want to raise 200,000 for a 20 percent stake. They surprise the sharks when they say it costs $1,000 to make the product.
Lori Grenier is out right away because she thinks there are similar products on the market.
“The cost is horrible,” Mark Cuban said.
Kevin O’Leary says that it’s one of the worst ideas he’s ever seen.
Although they left without a deal, here’s what you need to know about the service they provide.
1. It’s a Phone-Charging Station
At 24-inches wide and 12-inches tall, the station attaches to wall outlets for use in public locations.
It can also be put into restaurants, airports, bars and even parks. Business owners can charge their customers a fee for usage.
The unit can hold up to four phones or one tablet.
2. The Business Partners Met In College
Happy first day of fall! pic.twitter.com/Pc3L7kfksV
— JMU (@JMU) September 23, 2014
Both 2014 graduates of James Madison University, Bill Shuey studied political science and Kyle Byrd was an industrial design major.
The company started simply because Shuey’s phone was dying.
“This is a pain everyone experiences and I wanted to find a way to solve it,” he told his school’s publication, The Breeze.
3. They Offer a Location App
This app enables people to find which areas have the service. The app also allows for businesses to promote other aspects. According to the site, it also, “sends push notifications to nearby users with dying phones.”
4. The Show Reached Out to Them
While working as an analyst, Shuey created a portfolio for Amber and the show found it.
When he received an email during spring break, he thought it must have been a trick of some sort.
“I didn’t really know what it was. I called [Byrd] and we thought it was a joke,” he told The Breeze.
5. The Company Is Named After a Stone
Amber was the first material used to conduct a charge. Amber stones are also said to give a feel of security and peace of mind, which is what we want to bring to our customers.