Qball -Throwable Wireless Microphone
DEAL
EPISODE SUMMARY
🕓 Air Date: October 1, 2017
Asking For:
$200,000 for 15%
Investor:
Rohan Oza, Lori Greiner, Mark Cuban (33,33)
Deal:
$300,000 for 30%
PRODUCT SUMMARY
Qball is a wireless microphone disguised as a fun and interactive ball, primarily designed for classrooms but adaptable to various settings, offering a dynamic way to engage and be heard in group settings.
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Background Story
Shane Cox, residing in Raleigh, North Carolina, introduced the Qball on Shark Tank. As the creator of Qball, Shane aimed to secure a $200,000 investment in exchange for a 15% equity stake in his company. The Qball is not just an ordinary ball; it serves as a wireless microphone too. Shane emphasized its value in classrooms, enhancing interaction and ensuring every student’s voice is heard. He highlighted the challenges in traditional classrooms where acoustics can hinder students’ understanding, and the Qball addresses this issue.
The Product
The Qball operates with a simple setup – a receiver connects to any audio system, from pro audio systems to standard desktop speakers. The ball is designed to be tossed, rolled, and even dropped, adding an element of fun to interactions. Priced at $179, the cost to produce one Qball is $52.
The technology includes sensors that detect when the ball is thrown, allowing it to self-adjust and prevent disruptive noise. The primary market focus has been on schools, where teachers find it valuable for managing classroom discussions. However, Shane hinted at broader applications, such as corporate settings, where the Qball can facilitate better communication in meetings.
How It Went
The company’s position before Shark Tank
Year-to-date sales amounted to $177,000, primarily from school purchases. Shane mentioned his one-man show approach, selling at trade shows and directly to teachers. The company’s growth strategy revolves around grassroots efforts, relying on teachers who appreciate the technology to drive sales within their schools. With a patent pending, Qball aims to address challenges in scaling, especially as the majority of sales are to schools and educational institutions. Shane projected a year-end sales figure of $650,000.
The Negotiations:
The negotiation phase saw Mark Cuban, Lori Greiner, and Rohan Oza expressing interest. They recognized the potential of the Qball beyond classrooms, envisioning applications in corporate settings. The Sharks raised concerns about scalability and sales channels.
While Barbara Corcoran bowed out early, Mark, Lori, and Rohan collaborated to offer $300,000 for 30% equity. Shane, appreciating the combined expertise and recognizing the chance to work with a powerful team, accepted the deal, marking a successful negotiation and partnership with three Sharks.
