TROBO is the storytelling robot. Shark Tank learns why TROBO is different because they are wirelessly connected to read and tell stories with an app on the phone.
TROBO will even call the child by name. They have interactive games the child can play on a mobile phone or tablet device.
TROBO Interactive nature keeps it from the bottom of the toybox
The interactive nature of TROBO keeps it from going to the bottom of the toybox.
TROBO is a speaker and is cuddly. They pay for story content.
Retail is $59.95 with five stories. They have orders for 600 units at the time of the pitch. They have forty-five publications that have done write-ups.
Entrepreneurs: Chris Harden and Jeremy Sheinberg
Ask: $100k for 10% equity
From: Orlando, Florida
Companies in this episode: Coolbox, PrideBites, NoPhone, TROBO
Season: Season 7 Episode 723
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 04/08/2016
Deal: Robert Herjavec at $166,000 for 33.3% equity contingent upon a deal with Dreamworks.
What do the Shark Tank Investors say about TROBO
Mark Cuban is not a fan of the idea. To him, it is all about content, and he doesn't see it, so he is out.
Daymond John thinks the direction that they are going will hit a dead end so he is out.
Kevin O'Leary says you can't sell content. You need Target or Walmart to put his on the shelf and selling at $59.95 will not put it on the shelf.
Lori Greiner said when you went to toy fair you didn't have anyone jumping all over it, so for that reason, we are out.
Robert Herjavec tells Chris that he didn't go wow when Daymond John was using it. It needs content, and he has a terrific relationship with DreamWorks. He makes an offer for $100,000 for 33.3% stake in the company, contingent on a licensing deal with Dreamworks. They counter Robert, asking him to do $166,000 for 33.3% equity. Robert says sure.
Trobo after Shark Tank
The deal with TROBO and Robert Herjavec did not complete.
The website still is active with content available, but the TROBO doll is sold out.