When they entered the Tank in October, we spoke to John Devecka, Al Roque and Eric Berkowitz about what makes their product stand out from the rest on the market. As their episode re-airs on Shark Tank Week, we caught up with them again to see how the business is faring since the show.
When asked what their advice to future contestants is, they said, “It’s easier to get into Harvard than to get on Shark Tank. Don’t count on it. You need a lot of passion, a great start-up story, and an amazing product. Be willing to put everything on the line!” Here is what else they told us about…
How The Company Grew
Shark Tank was an amazing experience for us. Singtrix sold out within a few weeks of our first airing on Oct 31. During the holidays, some ‘entrepreneurial customers’ were selling Singtrix for $600-$900+ dollars on eBay. As mentioned on the show, we signed a distribution deal with Voxx International, a $700mm American-based consumer electronics company for North America and Europe. Singtrix will be sold in approximately 4,000 retail locations in the USA, Canada, Latin America and Europe this holiday season including Target, Toys R Us, Sam’s Club, Guitar Center and Fry’s Electronics.
Not Accepting a Deal
We definitely wanted a Shark to be a mentor and partner with us. We hoped to close a deal with Mark, so when he went out, we were really disappointed. Daymond’s offer was good but we were already close to finalizing the large distribution deal with Voxx International when we taped the show. I’m sure some people commented that we were crazy for not taking a deal but we did very well so far and are on track for a remarkable holiday season. Maybe we will be back on Shark Tank again like Copa Di Vino. Who knows?
The Sharks’ Assessments & How Each One Has a Singtrix
Mark was correct that our business is very expensive to scale up. To solve that issue, we partnered with Voxx International. They had the infrastructure in place. Our core company stayed small but we grew quickly with a large company partner. There was some drama and confusion surrounding our counter offer. We dropped from $30m to about a $20m valuation which in percentage terms seemed like we didn’t move much. When we aired we had millions invested in Singtrix, a solid team in place and a finished product that was already being sold. So we had to hold to the valuation we believed in. In the end, all the Sharks supported us and each has a Singtrix at home.
For this holiday we are also selling a new Personal Bundle that only includes the Singtrix studio and mic- this plus an assortment of accessories. We will also be expanding our current product line with additional models later next year.
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