CFO Michael Wooley entered the Shark Tank, asking for $50,000 for 10 percent of Vestpakz. His daughter Christen invented the bag as her sixth grade science fair project. It distributes weight better than a regular schoolbag. Arthur Grayer, a licensor who has been in the backpack business for 30 years, was alongside him. He signed an agreement with Wooley to ensure that he is the only one who can sell the product.
The pack was in 75 Walmart stores, but only sold 10,000 units in the January and February leading up to the show. It was also featured on Oprah, shown above. The entrepreneurs were shocked when Wooley revealed that he daughter is now 27, meaning that 16 years passed since the Vestpakz was born with very little sales to show for it.
They did not get a deal.
To read all of Heavy’s Shark Tank coverage, click here.
