Highlights
- Michael Wooley pitches Vestpakz, a backpack-vest hybrid, on Shark Tank, representing his daughter Christen’s invention
- Vestpakz secured a licensing deal with Eastsport and is sold in Walmart stores
- Despite initial interest, the Sharks express concerns about sales numbers and the business’s long-term viability, leading to no deal
Overview
| Category | Details |
|---|---|
| Name | Vestpakz |
| Founder | Christen Wooley |
| Representative | Michael Wooley |
| Industry | Fashion Accessories |
| Product | Combination backpack and vest |
| Funding | N/A |
| Investment Ask | $50,000 |
| Equity Offered | 10% |
| Valuation | $500,000 |
Michael Wooley hopes to pack it in with a Shark as he seeks an investment for Vestpakz, a combination backpack and vest, in episode 607. Wooley’s daughter, Christen, invented the product in 1999 for a sixth grade science project.
The then 11-year-old Christen was a minor celebrity in those days after appearing on Oprah and winning a Disney Dreamers and Doers Award. Christen holds the patent for Vestpakz, but her busy schedule as a teacher, nanny, and Master’s Degree candidate at Southeastern Baptist Theological Seminary in Wake Forest caused her to pass on jumping into the Shark Tank with her dad, who has always represented Vestpakz.
Mr. Wooley appears in the Tank with representatives from backpack manufacturer Eastport. Vestpakz recently secured a licensing deal with Eastport and has their products in WalMart stores everywhere. Wooley is likely looking for exposure for the brand and perhaps some cash to fuel growth.
Will a Shark try on Vestpakz for size?
Vestpakz Shark Tank Recap
Michael enters with Arthur Grier from Eastsport and asks for $50,000 for 10%. They have two children with them wearing the Vestpak. Michael reveals they’ve sold $10K in sales for two months. They hand out samples as Michael explains Eastsport has exclusive sales rights. Michael gets a 6.5% royalty. They had the product in 75 WalMart stores – which is where they made the $10K in sales. The problem was they introduced it in January, they want to have it back in WalMart for Back to School shopping.
The Sharks are concerned with the sales numbers and the fact that there was such a gap between the time where his daughter invented it and now. They think there’s a credibility gap. Kevin thinks it’s too much of an unknown and the valuation is too high – he’s out. Robert thinks the sales are way too low – he’s out too. Mark likes the product but he thinks there are too many questions – he’s out. Barbara loves it, but thinks the guys are the wrong entrepreneurs. Lori thinks the sales are too low, she’s out.
RESULT: NO DEAL
Vestpakz Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. This company fizzled out and went out of business shortly after airing.
Posts About Vestpakz on Shark Tank Blog
Vestpakz Company Information
Video
Vestpakz would like to thank all the people that helped Vestpakz sell-out in under 50 minutes!
Yes Mr. Wonderful, Smithsonian did have a Vestpakz on exhibit. Nov-2014 Smithsonian Innovation Festival. Ford Motor,Caterpillar,Qualcomm and USDA were some of the 10 selected with Vestpakz to exhibit. Oprah, it may have been 10 years ago but, Vestpakz is a million dollar idea.
Vestpakz would like to thank Taylor Swift, Haters gonna,hate,hate,hate,hate,hate,”Shake it Off”
Vestpakz has (5) a one of a kind exotic Vestpakz just for Taylor Swift and her inspiring song!
Taylor can pick one of the 5, they are just the right size for her. Sharks are gonna Hate, “Shake it Off”
CONGRATS! My 10 year old “Wants one!”
I can’t find these anywhere. What happened to them?
They just didn’t make them. It’s a hobby…