popSLATE – Smartphone Case
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 15, 2016
Asking For:
$500,000 for 5%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
popSLATE transforms the back of your phone into an always-on second screen, providing instant access to customizable information and images.
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Background Story
Yashar Behzadi, the CEO and co-founder of popSLATE, enters the Shark Tank seeking $500,000 for a 5% stake in his company. He presents popSLATE as a solution to utilize the often overlooked back of smartphones. The back, according to Behzadi, is valuable real estate that popSLATE aims to turn into an always-on second screen for users.
The idea is to offer instant access to information such as calendars, to-do lists, recipes, and more, without the need to unlock the phone. Behzadi emphasizes the customization aspect, allowing users to personalize their phone cases with images or information of their choice. The pitch focuses on the potential for popSLATE to become a ubiquitous accessory for smartphones worldwide.
The Product
popSLATE utilizes an e-paper screen, similar to those found in e-readers, connected wirelessly to the phone via Bluetooth. The always-on feature allows users to access information without unlocking their phones. The entrepreneur claims a cost of $80 per unit, with quotes from manufacturers at $41 for volume production.
The product is initially focused on iOS devices, specifically the iPhone 6 and 6 Plus, to manage tooling costs. The CEO highlights the potential benefits of time savings and convenience for users, citing scenarios like quick access to information during a busy day or receiving relevant updates in specific locations.
How It Went
The company’s position before Shark Tank
The entrepreneur reveals that popSLATE has spent $1.6 million on development to date and anticipates being cash-flow-positive by July of the following year. The Sharks express concerns about the competitive landscape, comparing popSLATE to the growing capabilities of smartphone lock screens and wearable technologies. The product’s dependency on Apple’s iOS is also seen as a potential limitation.
The Negotiations:
Despite interest in the technology, none of the Sharks offer a deal. Mark Cuban and Lori Greiner express concerns about the product’s dependency on Apple and its high price point. Ashton Kutcher sees potential in the software side of the product but is deterred by the hurdles faced by popSLATE. Kevin O’Leary makes an offer but withdraws, citing the uncertainty and risk involved.
Ultimately, the pitch ends with no deal, and popSLATE leaves the Tank without securing funding. The entrepreneur expresses disappointment but appreciates the valuable feedback from the Sharks. Despite not securing investment, Behzadi remains optimistic about the potential of his product in a rapidly evolving market.
