GreenBox

greenboxNed Kensing and Jennifer Wright-Laracy want the Sharks to invest in GreenBox, a 100% recycled, “multi-tasking” pizza box, in episode 620. GreenBox is unlike any other pizza boxes on the market: it holds your pizza, breaks down into plates, and transforms into a storage container. With its multiple uses, GreenBox re-purposes itself, saving energy used to do dishes by eliminating the need for plates and Tupperware.

The GreenBox was actually invented by William Walsh, a best friend of both Ned and Jen, during his college years. He lived in a house with a bunch of football players, and they never had clean dishes – so he began tearing the box into plates. It wasn’t until years later that the three of them formed the company now known as “GreenBox” (previously ‘Ecovention’) and patented the product. GreenBox inventor William Walsh tragically passed away in November of 2011.

The three came up with the idea to market the product in 2009 as Jennifer was completing Columbia Business School's Executive MBA program. There weren't many Wall Street jobs available at the time, so she – along with Ned and William – decided to manufacture and market GreenBox. The idea gained instant kudos from a variety of sources: it was voted one of the top 50 inventions of 2009 and The New York Daily News called it “the Swiss Army Knife of Pizza Boxes!”

The idea of selling packaging as a business is a first in the Shark Tank. GreenBox's main business is wholesaling product to the pizza shop industry, but they are available direct to consumers in Whole Foods stores just about everywhere.

GreenBox was, until rolling out in Whole Foods, a New York city company. With a Shark's money and business savvy, they're looking to bring the GreenBox to every pizza shop in the USA and beyond. Will GreenBox net a Shark?

GreenBox Shark Tank Recap

Ned and Jennifer enter seeking $300K for 10% of the business. Ned stammers and stumbles at the outset of the pitch, so does Jen. They start over and then tell the story of GreenBox. Ned demos the product as Jen explains it, the Sharks “ooh and ah.”

Ned hands out pizza on the torn plates. Robert asks who they'll sell it to. Jen says they wanted to prove the concept and move to a licensing model. They reveal they've sold over 20 million pizza boxes through wholesale and licensing channels. The GreenBox would cost fractions of a cent over regular boxes. Kevin thinks it won't help sell more pizza.

Mark thinks even fractions of a cent would increase costs too much; he's out. Kevin offers $300K for 10% contingent on doing a deal with one of the major pizza chains. Lori and Robert offer $300K for 30% contingent on licensing with a large pizza company; they're confident they'll get a deal. Barbara doesn't believe in the product enough, she's out.

Ned and Jen confer and decide to take Kevin's offer!

RESULT: DEAL for $300K for 10% with Kevin.

GreenBox Shark Tank Update

The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress. The Shark Tank Blog will follow-up on GreenBox, Ned Kensing and Jennifer Wright-Laracy as more details become available.

Posts About GreenBox on Shark Tank Blog

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GreenBox Company Information

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Comments

  1. john egan says:

    land that shark ned!

  2. Already have these boxes in Middle East Pizza Hut.

  3. Middles East Pizza Hut boxes ARE their creation. They have since developed other types of Green Boxes. Awesome, much needed product!

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