Chord Buddy – Guitar Learning System
DEAL
EPISODE SUMMARY
🕓 Air Date: February 3, 2012
Asking For:
$125,000 for 10%
Investor:
Robert Herjavec
Deal:
$175,000 for 20%
PRODUCT SUMMARY
Chord Buddy is a guitar learning tool that allows beginners to play chords instantly, reducing frustration and finger pain associated with traditional methods.
WATCH HERE
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Background Story
Travis Perry, inspired by his daughter Brady’s struggle with learning guitar, conceived the idea for Chord Buddy as a solution to common barriers faced by aspiring guitarists. Witnessing the economic downturn affecting his community, Travis was determined to not only create a successful product but also to support local manufacturing and job creation. This commitment to community support guided his decision to keep production within the United States.
The Product
Chord Buddy simplifies the learning process by providing users with a tactile and intuitive interface to master guitar chords. With four buttons representing popular chords, users can play songs with ease, gradually removing tabs as their proficiency improves. The product, priced at $49.95, boasts a production cost of $7, ensuring affordability without compromising quality.
How It Went
The company’s position before Shark Tank
Chord Buddy quickly gained traction, generating $150,000 in sales within the first month through a combination of online sales and partnerships with eight local music stores. Securing purchase orders totaling $110,000 and garnering interest from major retailers like Sam’s Club, the company demonstrated significant growth potential. Travis’s dedication to American manufacturing resonated with consumers and stakeholders alike, contributing to Chord Buddy’s burgeoning success.
The Negotiations:
Travis fielded offers from multiple sharks, each recognizing the potential of Chord Buddy. Despite tempting proposals, Travis ultimately chose to partner with Robert Herjavec, citing shared values and a mutual vision for the company’s future.
Robert’s offer of $125,000 for 20% equity, coupled with funding for an infomercial, represented not only a financial investment but also an opportunity for Chord Buddy to reach a broader audience and solidify its position in the market. Travis Perry’s journey with Chord Buddy exemplifies the entrepreneurial spirit, demonstrating how innovation, perseverance, and a commitment to community can drive success in business.
