UNPACK – Travel Without Packing
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 28, 2016
Asking For:
$500,000 for 40%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
unPack offers a hassle-free travel solution by providing curated, location-aligned luggage, eliminating the need for customers to pack their own clothes. The service costs $20 per day.
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Background Story
unPack, founded by Aaron and Andrew, emerges from the bustling metropolis of New York, a city synonymous with both innovation and the challenges of urban living. The co-founders, driven by a shared vision to revolutionize the way people travel, bring a wealth of experience to the table. Aaron, with a background in [relevant industry], and Andrew, leveraging expertise in [another relevant field], united their diverse skill sets to tackle the common headaches associated with packing and travel.
The genesis of unPack occurred during a fateful journey from New York to the Shark Tank set. Aaron, frustrated with the conventional packing process, paid a hefty fee to check his bag, only to find the experience more cumbersome than anticipated. This served as the catalyst for a groundbreaking idea – what if packing could be entirely eliminated? The duo conceptualized unPack, a service that not only simplifies travel logistics but also enhances the overall experience.
Drawing inspiration from their own travel tribulations, the founders envisioned a world where individuals could effortlessly jet-set without the burden of packing. Their eureka moment led them to create a platform where users could share their destination and preferences, leaving the meticulous task of assembling a curated wardrobe to unPack. The result? Premium, location-aligned luggage waiting at the traveler’s destination, eliminating the need for traditional packing.
The Product
UnPack, the innovative travel solution born from the minds of Aaron and Andrew, redefines the way people approach packing and traveling. The process is seamless: customers provide details about their destination and style preferences, and unPack takes care of the rest. For a daily fee of $20, users receive a curated set of premium, location-aligned clothing, meticulously selected based on their profile. The comprehensive package covers everything except shoes, ensuring users have a complete wardrobe waiting for them upon arrival at their destination.
The service is available for both men and women, offering a diverse range of styles and sizes. Customers can conveniently access unPack’s services through their website, where they input their travel details and preferences. Once booked, unPack delivers the curated wardrobe to the traveler’s destination, eliminating the need for conventional packing.
The benefits of unPack extend beyond the simplicity of travel logistics. Users not only save time and effort but also enjoy the luxury of having a thoughtfully curated wardrobe suited to their destination, enhancing their overall travel experience. The transparent pricing model of $20 per day provides affordability and flexibility, making unPack an attractive and convenient choice for those seeking a hassle-free and stylish travel solution.
How It Went
The company’s position before Shark Tank
unPack, in its initial six months of full-time operation, has shown promise as a disruptor in the travel industry. The company’s health and position are marked by its early success, having secured 40 bookings with 38 customers utilizing their unique service. While this initial customer base reflects a limited capacity, unPack is poised for expansion and optimization, motivating the founders to seek a $500,000 investment.
Strategic partnerships play a crucial role in unPack’s journey. The company has collaborated with [partner names], establishing a foundation for growth and credibility. These partnerships contribute to the company’s market presence and potential for scaling operations. As for wholesalers, unPack’s business model currently focuses on direct-to-consumer services. The curated wardrobe packages are assembled and delivered directly to customers’ destinations, eliminating the need for intermediaries. This approach allows unPack to maintain control over the quality and customization of its offerings.
The customer base of unPack spans both men and women seeking a convenient and stylish alternative to traditional packing. The majority of early adopters have been men, although the service caters to a diverse audience with varying style preferences and travel needs. In terms of funding, unPack is actively seeking a $500,000 investment from the Sharks to fuel its expansion plans. The infusion of capital is intended to optimize operations, enhance marketing efforts, and increase capacity to meet growing demand. As of now, the company’s financial health and specific profit/loss figures are not disclosed.
The Negotiations:
During the Shark Tank pitch, unPack founders Aaron and Andrew sought a $500,000 investment for a 40% equity stake in their company. However, the negotiation process did not unfold as anticipated, and the Sharks expressed skepticism about the viability and clarity of unPack’s business model. The Sharks scrutinized the business, highlighting concerns about the perceived value proposition, target market, and the overall identity of the company. The co-founders failed to secure a deal, as all Sharks opted out one by one.
Mark Cuban questioned the entrepreneurs about the core problem they were solving, pointing out that the emphasis on saving the fee for checking a bag did not align with the actual value proposition. Lori Greiner criticized the company’s name, suggesting that it created confusion about the services offered. Kevin O’Leary raised doubts about the practicality of people wearing used clothes, ultimately leading to his decision to opt out. Daymond John and Barbara Corcoran also expressed reservations about the business idea, citing concerns about the complexity of the concept and the lack of clarity in the company’s identity.
The negotiation concluded with all Sharks deciding not to invest in unPack, citing confusion, doubts, and a misalignment of the business model with market needs. The co-founders faced challenges in articulating their business model and addressing the Sharks’ concerns, ultimately leaving the tank without securing the desired investment. The outcome emphasized the importance of a clear and compelling business identity, especially when introducing an innovative and unconventional concept like unPack.
