What happened to those Old Sound recordings you had? If you still have your old albums stashed away, we have a fantastic invention that will bring them back to life…Interested? It’s already a reality, thanks to devices like RokBlok.
Riley came up with the idea while working at Learn Up and decided to spend his own money in this revolutionary solution. Logan Riley, the founder of Pink Donut, created the RokBlok product in June 2015. Shark Tank, on the other hand, is a reality show that aims to find and invest in the best enterprises that America has to offer. This business of RokBlok, in particular, was a ‘Not to Miss’ potential, as it combines the spinning of a vinyl record with music.
RokBlok Founder’s Story
Logan Riley, who worked as a Creative Lead at Apple in San Francisco for 9 years, wanted to pursue his own unique idea, which he began with $2,000 of his own money. This entrepreneur, an audio engineer who learned electrical engineering via YouTube videos, set out to build a prototype.
Riley created a beautiful concept for playing vintage vinyl records using a “Blok,” a compact portable music player with two speakers (Even Bluetooth). Many people who were hoping to refresh their music from ancient vinyl records found a preferred commodity in a portable gadget that took up less space, amplified sound, and cost a reasonable amount of money. RokBlok was born as a result of this.
Image result for rokblok shark tank Logan Riley RokBlok was Logan Riley’s second product effort at his Pink Donut start-up. a business that focuses on ideas Despite Riley’s previous failures, RokBlok became an instant hit.
How did your Shark Tank pitch go?
Logan Riley, the inventor of RokBlok, pitched his company (RokBlok by Pink Donut) on Shark Tank in December 2017. Riley was looking for $300,000 in exchange for 15% stock.
After Shark Tank, What Happened?
Surprise, surprise…one of the Sharks, Robert Herjavec, loved the invention and invested $500,000 in exchange for 100 percent of RokBlok’s equity, resulting in a total buyout. Riley was offered a two-year contract with a six-figure salary and a $5 royalty per unit sold. The next step was for Riley to accept the offer, which she was overjoyed to do.
Finally, the Pink Donut company came into contact with the world of entrepreneurship.
Revenue Model of RokBlok:
Since the financials are usually at the heart of any business, let’s take a closer look at the revenue model of Pink Donut, RokBlok’s parent company.
- The number of staff ranges from 51 to 100.
- $959,000 in revenue, with a valuation of $5 million.
Pink Donut is a firm that created the RokBlok record player based on their soon-to-be-patented Bluetooth Delivery System technology. RokBlok met its $50,000 goal in just 47 days after launching in 2016.
Initially, there was a problem with roughly 5% of the batch items being defective due to an internal manufacturing issue. The company did not give up and was able to recover from its rocky start. Consumers were then offered a replacement in the next batch, and the company’s manufacturing concerns were quickly remedied.
There was a big spike in their orders after the Shark Tank episode in 2018. Orders have increased from three to four units per day to 100 to 200 units per day. To keep up with the increased demand, additional staff was hired to keep up with the pace.
The product costs $99 and the production cost is $23. This product has significant profit margins and is a wonderful alternative to the Original Vinyl players, which cost around $500 on the market.
Year over year, the company’s value has increased from $350,000 to $5 million in 2020.
Investors in Rokblok:
Rokblok valuation Valuation Investors in the company: Robert Herjavec is the investor.
This investor, The Herjavec Group Investments, is looking for entrepreneurs with a net worth of at least $1 million. Their subsequent investments in peer-selected companies in the energy, financial services, and large Internet Security Software solutions sectors in Canada totaled $200 million.
One of the key milestones was the sale of “BRAK Systems” security software for $100 million.
Amazing Facts about Rokblok
RokBlok is the world’s smallest, most portable, most wireless record player.
Some notable characteristics include a relatively light (3.2 oz) 42-block constructed of MDF (Honeycomb pattern) that sits atop a vinyl record.
On RokBlok, a variety of recordings can be played, and the user can select the options.
Up to 30 feet away from any Bluetooth Speakers or Headphones, it’s completely wireless.
Analog speakers with amplifiers are built-in.
On a single charge, you may run your favorite tune-up for up to 4 hours.
The three rubber wheels allow it to balance on the record and set the diamond-edged needle on the record, allowing it to play music.
Is the business a success?
Both in terms of units sold and revenue, the company is profitable. The narrative speaks for itself, with a revenue of $959,000 and a present net worth of $5 million in 2020.
RokBlok has been in high demand and appears to be sold out right now (Out of Stock). However, clients are eager to wait, and the company is offering a $10 discount on each unit’s initial price of $99 to encourage them to do so.
As of now, this company is performing well, and it is collaborating with musicians and the music industry to explore new market opportunities.
Get ready to rock with RokBlok… Do Share Your Views: Please share all of your thoughts in the comments box below; we look forward to reading all of them.
Read Also: What Happened After Shark Tank on FlipOutz?
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