Jared Joyce is quite confident, probably one of the most arrogant presenters in any Shark Tank Episode. His Five Minute Furniture is not a business but a single product that he offers the Sharks. He has seven years and over a million dollars of investment funds with only one product providing a return.
Patented Locking System for Five Minute Furniture
His patented locking system allows his furniture to assemble in just five minutes without any tools. The furniture is plastic, and all pieces lock together.
The catch is, Jared Joyce has no sales for his furniture. He's an inventor, not an entrepreneur and he claims to make money on licensing his products, but so far only one out of over eighty products/patents are producing anything. That is an item called the plug hub.
Season: 3 Episode 306
First Run: 2012/2/24
Shark: Lori Greiner, Mark Cuban, Kevin O'Leary, Daymond John, Robert Herjavec
Company: Five Minute Furniture
Entrepreneur: Jared Joyce
Ask: $250,000 for 25% equity
His claim to fame is getting paid to go away, or so he says, and I tend to believe him. The Five Minute Furniture product has $250,000 investor dollars to fund the project, and he is only giving up equity in this product, not his other products or company.
The Sharks on Five Minute Furniture
Jared Joyce tells Daymond John, the problem with you asking for a piece of my other products is like saying, “Hey, let's get married,” and I am saying “buy me a drink first.”
“This is a real slick Willy” is the first thing that comes out of Daymond John after hearing Jared ask him for a drink first.
Robert Herjavec jumped in and thought Jared is offering a piece of his company and is out when he realizes that Jared is only giving up a portion of the Five Minute Furniture.
Mark Cuban goes out after hearing that Jared has returned zero investment to his investors on any product.
Lori Greiner offers Jared Joyce $250,000 for 100% of the product and patent. She will take over development and marketing of Jared's product if Kevin O'Leary goes in on the deal. Both Daymond and Kevin like this deal.
Kevin tells Jared this is an excellent deal for the Five Minute Furniture and his product development company because so far, he has a roach motel. You can have a massive win with $250,000 cash and you get to stay home.
Jared tells the Sharks he is going to make this easy on them. He is very much interested in partnering with them, but they are not interested in partnering with Jared. Jared doesn't realize that his arrogance cost him any chance of having a partnership. Lori even tells him that she like their deal, and he is out.
Jared wants royalties, but Kevin explains there is no royalty with this deal. There is no royalty at all. Lori does not want to work with him at all. He doesn't take the deal, which would return money to his investors and he leaves with no agreement.