The popular television show Shark Tank which shows real deals made with real investors live on air has been increasing in popularity every season. Applicants can spend years on end trying to get onto the “Tank”. They only have a few moments to present their pitches and make a deal. If the sharks love it, they will make an offer, if they hate it, they will leave the Tank with nothing but really good exposure for their products or services.
During the seasons of Shark Tank there have been some amazing backpacks featured on the show. While there really are too many to mention, there are certain episodes and backpacks which really are worth mentioning. Here are some of the best Shark Tank Backpacks in no particular order.
1. Co.alition Smart Backpack
The company Co.alition entered the Shark Tank in season 7. In fact, to be precise it was episode 716. Jeff Popp and Casey Lorenzen who are the founders pitched their company Co.alition, which is a very interesting and unique line of super smart backpacks.
These backpacks target the urban tech based consumer. The primary features of these bags are that they are built specifically for storing and charging electrical devices. In addition, they are built with very thick padding which makes provisions for the safety of laptops and electronic devices which are being carried on the go.
The fun does not stop there; these backpacks have been designed to run your own Wi-Fi hotspot with the use of these bags. Different models exist, ranging from the 500GB, 1TB or even 2TB of storage space available.
Popp describes the backpack as:” “It’s like a personal cloud office that goes everywhere you do and doesn’t require a computer. With the combination of a computerized power supply and a wireless mobile hard drive, integrated into the bag, it gives users’ mobile devices more of power, storage and computing ability while on the move.”
They range from $179 – $479 in price obviously depending on the model and range which you select. This is a moderate price for these bags which look great and also allows you to have your own charging power on the “go”. The hard drives are fully integrated and you can charge the backpacks by simply plugging them into the wall.
They were seeking $200K for a 20% stake in their company. They had sold 500 backpacks in 7 months, their margins in profit range from 50 to 70 percent. Their profits thus far were 100k. The biggest problem was not with their product, but rather with their pitch. They mentioned their other company MHM which was making big amounts in profits. Their total sales with the backpacks alone were 500k which definitely shows proof of concept.
Mark thought they should grow their new company Co.alition as a product with their other company and for that reason he went out immediately. Robert agreed with Mark and went out too.
Daymond loved the idea completely and after all he is the fashion icon man so his opinion really does matter. Unfortunately even though he said that he understood exactly what they were trying to do, he questions if they could be creating something new or not. He thinks they are very close to developing something amazing but he doesn’t feel they are quite there yet and for that reason he went out. He said that he felt really tempted by their offer and clearly appreciated their unique product.
Lori the queen of QVC thought that the price points of the bags were too expensive and thus she went out. Lori was also concerned that people would rip off the backpack and make it themselves. Kevin O’Leary also known as “Mr. Wonderful “was willing to give them a chance provided that they offered him both companies. They countered with an offer of $300K for 30% of the total company: MHM and CO.Alition, which Kevin was not happy with and he went out.
Even though they did not get a deal their product line is doing very well. They are available for purchase on Amazon and directly off their website. This is in addition to other avenues for sale. They seem to be moving along swiftly but it still does remain a mystery what the future will hold. They do have an excellent product there is no denying that, however how it will affect their fist company and vice versa only time will tell.
2. Taaluma Totes Backpacks
The Taaluma Totes backpacks are durable, strong backpacks with a unique edge to them. Taaluma Totes are an exciting range of backpacks from different countries all over the word. Each backpack is tailor made with fabric of the specific country which it represents. Each backpack is perfectly embodied with the native country on the back of the backpack.
The idea is that you always carry around the world with you wherever you go. This business was started by a couple Jack and Ali. The idea came to them during a trip to Rwanda during the summer holidays from college.
They were in Rwanda at the time to volunteer and have a holiday. They both couldn’t help but notice the beautiful fabrics which were all around them. Ali picked out her favorite fabric and she found a local seamstress to create a dress for her. Jack was very jealous of the dress and as he obviously could not wear a dress he came up with the idea of the backpack.
Jack Dufour and Alley Heffren appeared on episode 617 of Shark Tank. They were seeking $110,000 for 15% equity. They handed out their backpacks to the sharks and they were loved by everyone.
The fundamental concept behind their backpacks which they share when they told their story to the sharks is that their business concept is totally unique. Each backpack is unique and a limited edition because the fabrics are only sold in very small quantities. They obtain their fabrics in developing countries and then ship them to America, where they are sewn into backpacks.
The work is done by disabled women and 20 percent of all profits generated are provided to farmers in developing countries via a macro loan. After the loans have been repaid, they purchase more fabric and start again. Their goal is to connect cultures together and they had made $60K in 10 months.
They were looking for a shark to partner with in order to assist them in helping them business scale quickly. At the same time, they also were looking for capital to grow their ambassador program at their local university.
Robert loved the product; however he thinks that they are too early and for that reason he went out. Daymond loved the bags, but felt that they should sell it for $100, not $65. All the sharks really loved the design of the bags and the concept behind it.
Unfortunately Mark saw it more as a product as opposed to a company and therefore he went out. Lori loved the idea but thought that they would go a lot further if they figured things out on their own accord. Daymond loved it but went out because he said their margins were nowhere near big enough for him to invest and make a profit. Mr. Wonderful felt that they did value the company correctly and therefore he went out.
Even though they did not get a deal after Shark Tank they sold so many backpacks that they couldn’t even keep up with demand. It got to a point where they were not able to fulfill the orders and people were kept waiting for months on end to receive their bag after they had paid. However in the end everyone received their bags and was really happy. They are definitely growing in size and are making a huge impact in the world.
3. Fire Fighter Turn Out Bags
Firefighter Turnout Bags are a series of bags including backpacks which makes use of a very unique business concept. They are made by the use of expired, firefight gear and then recycled into stylish and durable bags and backpacks. There are hundreds of designs to choose from. They range in price from $65 to $315.
These bags are ideal for everyday use and they are great because they can withstand almost anything. After protecting fireman in the local community they definitely have a story to tell. You could be walking around with a backpack which has material on it from a real life superhero.
The first item was created by making use of her husband’s offcuts from his firefight coat. Niki and Matt Rasor came into Shark Tank on Season 8 – Episode 16. They requested $250,000 for 33 percent equity in their business. After struggling and making various business mistakes they finally were at a good point and were back on track.
They achieved a total of $194,000 in sales last year. Kevin O’Leary was under the impression that they required a manager to run their business. His thinking was that he was concerned about their intentions to scale their business and make use of material which was less authentic. For these reasons and more he went out.
Due to the various challenges in this business even though they loved the ideas and the products, Daymond John and Mark Cuban also go out. Robert loved the idea so much that he did something which is barely ever seen in The Tank. He offered to buy the entire business for $500,000.
Lori on the other hand really saw their vision and passion. She offered $250,000 for 50 percent and she further suggests that they donate a percentage of the profits to various firefighter charities. They accepted the offer. This deal took place fairly recently and it will be very interesting to see and watch the growth of this partnership and company.
4. Rareform Backpack
Rareform backpack repurposes billboard vinyl into amazing bags and backpacks. They are durable, trendy, lightweight, waterproof and even eco-friendly. Products range from $28 for phone cases to $112.Their backpacks range in cost from between $70 and $120 .The company was created by brother Aric and Alec Avedissian.
The concept came about when brothers realized how many thousands of billboard vinyl’s were being thrown out every year into landfills. After a trip to El Salvador after they saw locals making use of vinyl’s for housing and this is when their idea came into motion.
Their items are all unique and one of kind. You will not be able to find two backpacks which are exactly the same. They also partner with athletes and the top digital enthusiasts in order to spread the word online and help them to grow their brand. Even though they had taken a loss the year before they had reached staggering heights of 1.1 million dollars in sales in their three years of business.
They appeared on The Tank in season 8 episode 19. They were seeking $300,000 for 10 percent equity in their company. All of the sharks loved the concept, however Mark Cuban thought it would be difficult to tell their story behind the company and their unique selling points. Therefore Mark Cuban went out and so did Barbara Corcoran due to concerns about scalability.
Robert loved the idea too but went out and so did Lori Greiner. Even though Lori really loved the eco friendless of the products she was worried about the fact that each design was unique. She thought this could be a problem in the future.
Kevin O’Leary came in and offered 300,000 as debt at eight percent interest over 36 months for 10 percent equity. Due to this being Shark Tank, they countered the offer to 15 percent straight equity. Kevin said that if the deal was only being offered in terms of equity he would ask for 40 percent. They agreed and accepted his original offer.
After they had made the deal with Kevin and appeared on shark Tank they got in a flood of sales which made them more in one week than their total online sales from the year before. They had very big responses and sales were booming. Although this was a fairly recent episode of Shark Tank, only time will tell how successful they will really be. However judging from their response and their amazing deal with Kevin, the chances are very high that they will turn out to be another Shark Tank success story.
Which Shark Tank Backpacks are your favorite?
So there you have it; my pick of some of the best shark tank backpacks ever featured on the show. Do you agree with my pick? Or maybe you have your own personal favorite. Whatever it is, let me know by commenting below.