The CoolBox looks a bit like a toolbox and a bit like a cooler but with a myriad of high tech features, allowing users to have fun while being functional. The CoolBox boasts a smartphone/tablet holder, a built-in UX or USB port, marine-grade speakers, an LED clock, drain plug, and a bottle opener. With its exceptionally durable handles, it still functions as a great cooler/toolbox, too. Inventors Chris Stoijos and Jason Neubauer managed to successfully improve on older inventions that hadn’t had any real functionality upgrades since their conception.
In creating the CoolBox, Chris Stoikos and Jason Neubauer realized that there were a lot of “extras” to bring along while working on contracting projects. Chris said he was tired of carrying a light, extension cord, speakers, alongside his toolbox and cooler. His objective was to create a product that was catered to contractors and DIY-ers that would make those extras cohesive, and make their jobs a little easier to do – and a lot more fun.
Chris and Jason quickly found that this box could be used for a multitude of other functions. Any career or activity that requires multiple tools, parts, and pieces could utilize the CoolBox. From makeup artists to campers to sports teams, Stoikos and Neubauer discovered that they’d made the “Swiss Army Knife” of both toolboxes and coolers.
According to its website, “What’s cooler than cool? The CoolBox.”
Although the two men had come up with an invention that could change the lives (and job sites) of millions of people around the world, they were struggling to raise enough capital to truly get their business rolling. Could the Sharks help turn CoolBox into a household name?
CoolBox on Shark Tank
Shark Tank Season 7 Episode 23
Already a seasoned entrepreneur, founding the ever-popular and always-viral Dollar Shave Club, Stoikos was no stranger to hype-building matched with internet marketing. Chris and his partner knew crowdfunding was essential. The product they were creating was expensive to both develop and manufacture. The only way they could develop a prototype was to call on their network of engineers, designers, business developers, prototypers. With their team’s skill and their personal life savings, the two men were able to launch a small business to present to the Sharks.
Chris Stoikos and Jason Neubauer entered the Shark Tank hoping for a $500,000 deal on their CoolBox. They were confident they would, believing the product to be worth $5million. After all, their Indiegogo startup campaign made $400,000 in pre-sales alone. Running this campaign was a smart way to show the Sharks a demand in the market.
When the Sharks weighed in, Robert was concerned. The projected numbers were based on pre-sales alone, without any actual retail businesses backing them up. Chris and Jason respond by telling Robert they have an 8,000 unity order from a singular retail company and have entertained the interest of a few others, such as the heavy-hitting tool manufacturer Black and Decker.
More of the Sharks expressed their hesitations. The CoolBox pre-sale was marked at $190. The retail value was $249, with a production cost of $110. Kevin was also concerned, voicing that their project was very capital intensive. Mark was worried that with a provisional patent, larger and more established companies could make their own versions of the CoolBox and put them out of business.
Not all of the Sharks thought the idea was dead in the water. Daymond decided that the CoolBox may be worth the risk. He offered $500,000 for 25% equity in the company, although he withdrew his offer when Lori put hers on the table.
Lori, having a business relationship with companies serving CoolBox’s target demographic – Home Depot, Lowe’s, and True Value – thought that the CoolBox would be a perfect match for her. She offered $500,000 for 30% – as long as Lowe’s would agree to put the product in their stores. After some haggling, they agreed upon a $500,000 line of credit at 5% interest and 15% of company equity.
CoolBox after Shark Tank
The CoolBox social media pages have been silent about Lori’s offer since the airing of the episode, and Lowe’s doesn’t offer any CoolBox products on their website or in their stores. According to the episode, a partnership with Lowe’s was part of Lori’s offer; it appears that the deal fell through.
Since the airing of the episode, Chris and Jason have been developing strategic plans to expand their business and offer up multiple versions of their product, with a goal of licensing their original CoolBox to a large tool manufacturer and releasing the smaller, less expensive one on their website. Some believe this smaller, more affordable version was Lori’s vision, and that the hope was to ship the first run of units in 2017.
Chris and Jason have experienced a few setbacks. Even though they had reported substantial funding through the Indigogo campaign, they did not have the funds to mass-produce CoolBox. Kevin Harrington, a former Shark, is also helping with fundraising through a marketing agreement.
While CoolBox has social media pages on Facebook, Instagram, and YouTube, the last posts on each Platform seem to be over a year old.
Disclaimer: The information provided in this article is strictly informational; SEO Insights is not affiliated with The Coolbox Toolbox, SharkTank, or any of its subsidiaries.
