About CO.ALITION
Jeff Popp and Casey Lorenzen are the founders of CO.ALITION from Colorado. They created their backpacks with charging systems allowing your devices to charge everywhere you go. The bag features a built in charging system in the backpack with a charging cord. The bag also includes a wifi enabled hard drive to store your documents and images everywhere you go.
Jeff and Casey created CO.ALITION approximately seven months previous to their Shark Tank pitch. They have another company that also produces bags for a unique industry. The business sold 500 bags at $180 to $600 for total revenue of $100,000. They have done their marketing through word of mouth.
Jeff and Casey got the idea while being in Japan on a business trip, seeing mobile devices in every bag. They are focused on direct sales and optimizing their website. They believe they have a fresh vision, but they are easily copied.
CO.ALITION Episode Data
- Company: CO.ALITION –Website
- Entrepreneurs: Jeff Popp and Casey Lorenzen
- Ask: $200,000 for 20% equity
- Episode Season 7 Episode 715
- Companies in this episode:
- Shefit
- CO.ALITION
- IcyBreeze
- 2400 Expert
- CHAPUL – Featured Update
- Sharks:
- First Aired: 01/29/2016
- Deal: No Deal
What do the Shark Tank Investors say about CO.ALITION?
- Mark Cuban – wants to know why they are taking their focus away from their first company that has done $450,000 but they aren’t offering it as part of the deal. He is out.
- Daymond John – tells him he his their agent, give them an offer. They are Rocky. They offer the combined company at $300,000 for 30% of the combined company. You are not going to create something new, but you create delivery. They are not there yet, and it will cost a lot to make it yours. Daymond is tempted, but his gut says, “No, I am out!”
- Kevin O’Leary – offers them another opportunity to reboot and present another idea before they throw them out of the Shark Tank. Now they are open to combining the companies. Kevin thinks they are interesting because they have sales, they work hard, and are young, but he is out.
- Lori Griener – doesn’t think people will pay that much money for this when they can do it themselves. She is out.
- Robert Herjavec – doesn’t understand why they are creating a separate company from their other business, he is out because this is a feature, not a separate company.
They felt that even though they did not get a deal, they got great feedback.
CO.ALITION after Shark Tank
CO.ALITION needed office space, and they found a building that worked for retail and office space so they signed up. They are in a trendy area of Colorado that focuses on Start-ups giving them exposure that turned into retail sales.