Children love to play with toys. They are attracted by their color and by a character image in a plushy form. What if a toy is combined with an educational scheme to teach children in a delightful way? Sounds interesting right?
Jeremy Scheinberg and Chris Harden, the co-owners of Trobo, are the real champions of children’s educational and playtime amalgamation system. They have introduced a plushy robot-type toy that can be connected to an app on a tablet.
Through the app, children can be able to play games that are basically meant to increase their knowledge. Children can be taught mathematics, science, and stories with the help of this amusing toy.
The owners came on Shark Tank to request $100K for 10% of their company. They also arranged an app for the sharks to interact with the product themselves. Let’s explore their journey on the show.
Trobo Net Worth Shark Tank Update
Jeremy and Chris were looking for an investment of $100k in exchange for 10% equity in their company. At the time of the episode, they valued their company at $1 million. They successfully secured a deal with Robert Herjavec for $166k in exchange for 33.3% equity in the company. This adjusted the company’s net worth to around $498k. However, despite the deal, the company eventually shut down in 2017. As per my rough estimate, the current net worth of Trobo in 2024 is $0.
Shark(s) name
Offer & Demand
Counteroffer
Accepted?
Kevin O’Leary
Out
N\A
N\A
Mark Cuban
Out
N\A
N\A
Robert Herjavec
$100K for 10%
$166K for 33.3% equity
Yes
Lori Greiner
Out
N\A
N\A
John Daymond
Out
N\A
N\A
The Owner’s Backstory
Jeremy related his story as he was one of three children to a single parent. His father died when he was only six years of age and his mother was an alcoholic. His mother always advised him to stick to his education no matter what happens.
This led to the production of an educational toy. The toy is a cuddly robot that has a sound system in it for an emotional connection with the child.
Initial Pitch
The owners came on the show to seek $100K for a 10% equity stake. Their product is a kid-friendly plushy that is connected to an app for kids to have fun and meanwhile, something to learn as well. The app also allows children to create their own avatars to have a real-life experience.
Queries about the Product
Herjavec asked the first question about the creators of content for the Trobo. The owner replied that the stories are taken from a series of stories sent by people online, which the owners pay for them in the form of a stories contest.
Mr. Wonderful then inquired about the cost of the toy. He answered that it retails for $59.95.
Daymond asked about their sales. The owner highlighted that they have talked to manufacturers and mid-box retailers for sales.
They have up till now got some small boutiques orders in place. They have 600 units ordered and have only attended two trade shows to get that order.
Lori then asked about the response from the retailers and consumers. Jeremy replied that they didn’t get any favorable response as they are dealing with boutiques.
Daymond pointed out that there are already too many products like them in the market then what’s the differentiating factor between Trobo and other similar products?
The owner replied that they have been featured in 45 publications including TV and magazine. But as they are new in the industry they are unable to make more than they can.
Then Herjavec inquired about the monthly fee for more story installation in the product. The owner answered that it is about $4.95 for stories and then they shift it towards a subscription scheme.
Shark’s Response and Final Decision
Cuban was the first shark out as he does not consider the product to be that much impressive.
Kevin followed Cuban as he didn’t like the high price for a plushy with just a speaker in it. Besides free content is already available online.
The owner then related that earlier the same type of toy was retailing for 70 bucks and people were crazy about it. Daymond responded by saying that, that time was not that developed in technology, and hence people were driven towards the toy. He then backed out too.
Lori dropped out of the deal too because of the high price point just like Mr. Wonderful.
Herjavec initially pointed out that their product is not a toy but a content delivery system which he can license through his connection with DreamWorks.
He offered them $100K for a 33.3% stake contingent on a licensing deal with DreamWorks. They counter-offered him $166K for a 33.3% equity stake a $500K reduction in valuation from their original ask. Finally, Herjavec accepted their counteroffer.
Product’s Availability
Despite getting a deal on Shark Tank, the company moved through ups and downs. The deal with Herjavec never got a practical turn due to the disinterestedness of DreamWorks. Then they lowered their Trobo price and eventually had to close their business in 2017 due to content delivery problems.
Although the Trobo toy proved to be an educational and attractive play toy for kids but didn’t go a long way in their practical progress. The company also got a deal on the Shark Tank but this didn’t help them either. They at last considered closing their company.
Hey there, it’s Andaleb Youns. I am a freelance content writer and am currently pursuing a BS in English Language and Literature. I have expertise in writing Blog Posts, social media content, and copywriting. I know how it feels to be a student and still be dependent on parents to fulfill even basic daily needs. This realization became apparent while watching Shark Tank. Although I started watching this show out of boredom, it proved to be an inspirational show. The show made me realize the importance of hard work, being independent, and of having a business of my own. I still look forward to it for entertaining and inspirational content.
