Walking away from your valuables to take a care-free swim at the pool or beach can be an unsettling feeling, and with good reason. Three friends discovered that the hard way, and it helped them start a business.
After Robert Peck, Jonathan Kinas, and Avin Samtani got their items swiped from under their lounge chairs, they knew there needed to be a product that could bring peace of mind. From that experience, AquaVault was born: The startup’s product offers portable safes that help keep valuables protected from theft.
“What we went through is a common problem,” Samtani said in an email to CNBC.
“You’re on vacation laying out and want to go for a swim, but what do you do with your valuables?” he asked. “You’re either constantly looking back at your stuff, staying within sight, or someone has to stay back and keep guard. There is always that uneasy feeling of leaving your stuff unattended.”
The AquaVault team took their product to “Shark Tank,” seeking $75,000 in exchange for 12 percent stake. The results took a turn that nobody saw coming – even the co-founders.
“Everything we did to prepare pretty much flew out the window the moment we stepped in, because they asked us entirely different questions than we had expected,” Samtani said.
Despite the surprise, the co-founders had a rebuttal for every question that came their way. That is, until Mark Cuban asked for the number of units they’ve sold online. The answer being a mere 250.
“Whoa!” Kevin O’Leary said throwing his hands in the air.
“That’s low guys.” Robert Herjavec said. “Maybe there’s a problem.”
Of course, not everyone is going to sway the hearts of the panel of investors, who are notoriously hard-to-please. However, their feedback wasn’t the nail to the coffin of AquaVault’s pitch, and viewers can expect to see the unexpected.
In regard to where the company stands today after “Shark Tank,” Samtani said that their team’s growth has since exploded.
“Shark Tank is such a powerful platform,” Samtani told CNBC. “It instantly gives your company credibility and separates you from others. Running a business is a true roller coaster ride with major highs and lows.
The entrepreneur added: “We went from $87,000 in sales when we first appeared on the show to now generating millions per year with a recent valuation at over $20,000,000.”
Don’t miss the AquaVault team pitch their company on “Shark Tank” Sunday 6P ET on CNBC.
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