Adam Cookson and Craig Beinecke hope the Sharks don't think TekDry is all wet when they pitch their phone rescue machine in Shark Tank episode 804. TekDry is a patented device that uses low pressure and heat to safely dry out electronics that fell into water. It works on smartphones, tablets, cameras, and larger devices like laptops and video game systems.
Adam and Craig founded the company in 2014 and raised $2.3 million to get the business going. They have their machines in over 80 Staples stores – with more in the pipeline. There is strong interest in their machines, since it brings people in to the store. They also offer a mail-in service which you only pay for if they can fix it.
Many people who drop their phones in water will put it in a bag of rice. That's only 15% effective – less so than leaving it out on the counter to dry. The TekDry guys say “keep the rice for your Kung Pao Chicken!” The process takes 30 minutes in the TekDry machine and it uses the device manufacturer's specifications to regulate the drying process. A typical smart phone costs $69 to fix and a laptop runs $89.
They likely need a Shark's cash to scale up production and get into more stores. Will a Shark take the plunge and invest?
TekDry Shark Tank Recap
Adam and Craig will pitch the panel of five Sharks on the business and its prospects for growth. They’ll need to convince Mark Cuban, Barbara Corcoran, Kevin O’Leary, Lori Grenier, and Robert Herjavec that the company is worthy of a Shark investment. A good business plan, good financials, and sales data will impress the Sharks, but they’ll need to show them THEY are capable of running the company to “Shark standards." A full pitch re-cap on TekDry will be available on Shark Tank Blog once this episode airs.
TekDry 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 TekDry, Adam Cookson and Craig Beinecke as more details become available.