Kids enjoy creating art. But as Jenn Chin and Ben Baltes point out, they often do not have the opportunities or means to do so. They developed the Toybox 3D printer as a solution to this. It inspires children to create and manufacture their own toys.
Ben and Jenn presented Toybox Labs as an idea during a Shark Tank episode. Their product line inspires children’s imaginative thought processes. With this technology, kids can create toys based on their ideas. It is a 3D printer as well as a creative platform. The opportunities and difficulties of releasing a new children’s product were emphasized in this episode.
Toybox Labs Net Worth 2024 Shark Tank Update
Ben Baltes and Jenn Chin were looking for an investment of $150k in exchange for 10% equity in Toybox Labs. At the time of the episode, they valued their company at $1.5 million. They successfully secured a deal with Kevin O’Leary for an investment of $150k for 13% equity and 2% advisory shares in the company. The investment adjusted the company’s net worth to around $1.15 million. After the show was aired, the company experienced significant growth and expanded its product line, boosting its sales and exposure. As per my rough estimate, the current net worth of Toybox Labs in 2024 is around $5 million.
What Happened to Toybox Labs After Shark Tank?
Following its appearance on Shark Tank, Toybox Labs continued to grow and develop. As of 2024, the company is still operating successfully. They expanded the range of goods they provided. Toys and tools for kids to build with have been added. Toybox has formed partnerships in order to utilise the show’s licensing potential.
Their target demographic has seen the social media adverts. Their internet sales have increased dramatically. Parental interest in Toybox remains strong. Their goal is to foster their children’s creativity. It has new toys and an expanding audience. By emphasizing fresh designs and a user-friendly platform, the company has maintained its competitiveness.
Did Toybox Labs Get a Deal on Shark Tank?
Toybox Labs did indeed make a deal on Shark Tank. Kevin O’Leary made an offer after their pitch. For $150,000, he would purchase 2% of the advisory shares and 13% of the company’s stock. Following some debate, the business owners agreed to take Kevin’s offer of 5% of the company. They were turned down by other Sharks. Toybox Labs took great pride in this. In the highly competitive toy sector, Kevin’s connections, particularly in licensing, may prove beneficial for the company’s expansion.
Tech geniuses Jenn Chin and Ben Baltes are co-founders of Toybox Labs. Ben has always had a passion for making things. He had built cities out of mud as a little boy. He looked through dumpsters to find pieces for toys. With that, Jenn offered her software expertise. They wanted to make a tool that would allow children to design their own toys. It would allow many kids to reach their full creative potential.
The creation of the product was the first assignment. It needed to be cheap and easy enough for children to use without assistance. There were several early problems with the software and hardware. However, their backgrounds in software development and data science enabled them to produce an approachable platform.
Initial Pitch
Ben and Jenn introduced Toybox, a brand-new 3D printer. It came in at $299 plus a $150 manufacture cost, which positioned it in the more affordable range of 3D printers. The platform’s creators claimed that over 750 toys were available. Every week, new designs were to be added. Kids could print toys using an app. Their $300,000 in sales can be attributed to their internet promotion, particularly on Facebook. Giving children greater creative freedom was their goal. They aimed to make the product affordable and straightforward for parents.
The Sharks had a lot of questions for Toybox Labs. Mark Cuban was concerned. The toy took too long to print. He didn’t think children would wait three hours. Printing requires time to complete. With that Ben and Jenn noted that children could still create their own toys using the Toybox app.
Daymond John thought that the wait time might potentially be a problem for smaller kids. But the makers of the system countered that parents could learn how to operate it. They wouldn’t even have to stay once the printer started. It runs independently.
About acquiring a licence to print toys such as Disney or Minecraft, Kevin O’Leary had a question. Jenn and Ben were aware that such licenses were still required. They saw them as an opportunity to grow their business. Plus, they were confident they could complete the deals. To address the sharks concerns they concentrated on two things. They said the product fosters children’s creativity and their aspirations to expand the business.
Shark’s Responses and Final Deal
Kevin O’Leary recognized Toybox Labs’ potential. He was a little concerned. They have something to do with license contracts. They might boost the company’s market penetration. Mark Cuban and Daymond John stepped back due to scheduling conflicts. Kevin nonetheless made a $150,000 bid for 10% of the company.
However, as negotiations continued, Kevin changed his offer. He proposed 2% advisory shares in addition to 13% stock. He emphasized that having him around would speed up their development. The contract was approved by the owners. Kevin’s knowledge in licensing would be beneficial to their company, they knew.
What Went Wrong with Toybox Labs on Shark Tank?
Daymond John and Mark Cuban were among the Sharks who refused to seal the deal. They believed the product was inappropriate for the age group it was meant for. The length of time it took to print a toy was its main drawback. Mark Cuban thought there would be little demand for the device.
Children wouldn’t be able to wait hours to get a toy made. Daymond John felt the same way. Selling the product to his children would endanger their safety, he feared. These were legitimate concerns. They illustrated the challenges Toybox Labs would have as it grows.
Product Availability
Toybox is a 3D printer designed with kids in mind. Using the “creator space,” kids can design their own toys or select from 750 available toys using the software. The printer, at $299, is an affordable option for parents hoping to encourage their children’s creativity.
Toybox is available for purchase on its website and through other online retailers. The organization markets to parents of children between the ages of six and nine. Their main focus was on internet sales. The product’s hardware and software combination is unique. It makes using it with kids simple and enjoyable. In 2024, the product is still selling well. Toys and features are always being added.
Conclusion:
Toybox Labs had a challenging and satisfying time on Shark Tank. Concerns regarding the product’s printing pace were raised by a few sharks. However, Ben and Jenn managed to strike a deal with Kevin O’Leary. He sensed the potential in the company. Since then, the business has enhanced their 3D printer and increased the visibility of their website. With their product, kids can have a unique, interactive experience. With the right support, it might end up becoming a vital resource in homes and classrooms all across the world.
Hi! I’m Maleeha Alam, a content writer, English poet, and MPhil Linguistics Scholar. I love watching Shark Tank episodes because it helps me extract business-related ideas. The thrilling series of the Shark Tank fosters competent market analysis, presentation skills, and pitching.
