Five-Minute Furniture
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 24, 2012
Asking For:
$250,000 for 25%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Five-Minute Furniture offers patented furniture designs that assemble in under five minutes without the need for tools, utilizing a unique joint system.
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Background Story
Jared Joyce, a serial inventor and entrepreneur, came up with the idea for Five-Minute Furniture after experiencing frustration with traditional furniture assembly. He realized the need for a simpler, tool-free assembly process and developed a patented joint system to address this issue. With over 30 designs utilizing this system, Jared aims to revolutionize the furniture industry with his innovative approach.
The Product
Five-Minute Furniture’s key feature is its patented joint system, which allows for quick and easy assembly of various furniture pieces, including tables, chairs, dressers, desks, and bookshelves.
The system eliminates the need for tools and confusing assembly instructions, making it accessible to a wide range of consumers. The furniture pieces are designed to be sturdy and durable while offering a sleek and modern aesthetic.
Customers can purchase the furniture directly from the company’s website or through licensed retailers. Prices vary depending on the specific piece and design.
How It Went
The company’s position before Shark Tank
At the time of the pitch, Five-Minute Furniture had no sales to date, but they held two issued patents and had garnered interest from two companies for licensing. Jared Joyce, the founder, disclosed that his previous inventions had mixed success, with only one product, the Plug Hub, generating sales. The company’s funding primarily came from investors, with approximately $1 million invested across various designs. However, none of the investors had received returns on their investments yet.
The Negotiations:
Despite offering a compelling product, Jared failed to secure a deal with the Sharks. Lori Greiner and Kevin O’Leary offered $250,000 for 100% ownership of the Five-Minute Furniture patents, intending to take over production themselves. However, Jared hesitated to accept the deal, expressing concerns about his investors and the lack of potential for future profits.
Ultimately, he declined the offer, opting to continue pursuing his vision independently. In contrast, the follow-up segment featured Raven Thomas, who successfully grew her chocolate-covered pretzel business after appearing on the show, highlighting the potential for entrepreneurial success outside of the Shark Tank.
