Robbie Has A Difficult Time Choosing Between The Sharks | Shark Tank US | Shark Tank Global

Summary

Robbie Cabral, the inventor of BenjiLock, pitches his innovative fingerprint-enabled padlock to the Sharks, seeking $200,000 for 10% equity in his company. He demonstrates the lock's unique technology, which combines fingerprint access with traditional keys as a backup. After receiving multiple offers, Robbie ultimately chooses Kevin O'Leary's proposal, valuing his company at $1.33 million. The pitch highlights Robbie's perseverance, entrepreneurial journey, and the potential for BenjiLock to disrupt the security market, showcasing both the challenges and rewards of innovation.

Takeaways

• 😀 Robbie Cabral is the founder of BenjiLock, an innovative product that combines traditional padlock security with fingerprint technology.
• 😀 The BenjiLock can be unlocked both with a fingerprint and a set of traditional keys, ensuring backup access if the technology fails.
• 😀 The product's charge lasts for a year with a single 30-minute charge, making it highly convenient for users.
• 😀 BenjiLock won the 2017 CES Innovation Award, highlighting its potential in the consumer electronics market.
• 😀 Robbie is seeking $200,000 in exchange for 10% equity in his company to further develop BenjiLock and expand production.
• 😀 The product is priced at $60 for retail, while the manufacturing cost is approximately $20 per unit at a quantity of 50,000.
• 😀 Robbie has invested $87,000 of his own money to fund the development of BenjiLock, showcasing his dedication and personal commitment.
• 😀 The business was inspired by Robbie's personal experience with the stress of forgetting locker combinations at the gym.
• 😀 Despite many setbacks, including losing his job after moving to the U.S. and having a daughter on the same day, Robbie remained determined to push forward with his entrepreneurial dream.
• 😀 Several sharks are interested in the deal, with offers ranging from a 10% stake for $200,000 to a proposal for licensing deals and distribution partnerships.
• 😀 Robbie ultimately chooses Mr. Wonderful (Kevin O'Leary) as his investor, citing a strong belief in his ability to help grow the business.

Q & A

What is BenjiLock, and how does it work?

BenjiLock is the world's first traditional padlock with fingerprint technology. It can be unlocked using a fingerprint or traditional keys, offering an alternative in case the technology fails. The lock's unique feature is its ability to combine biometric security with conventional key access.

How long does the BenjiLock's charge last, and how long does it take to charge?

The BenjiLock can be fully charged in 30 minutes and lasts for a whole year on a single charge.

What recognition did BenjiLock receive at the Consumer Electronics Show (CES)?

BenjiLock won The Innovation Award at the 2017 Consumer Electronics Show (CES), which recognizes cutting-edge technological advancements.

Can BenjiLock be used to replace the core cylinder lock in standard domestic door locks?

Yes, BenjiLock's technology can potentially be used to replace the core cylinder lock in traditional domestic door locks.

What did Robbie Cabal learn from conducting a survey in Los Angeles regarding the BenjiLock?

Robbie conducted a survey with 141 people and found that 99.9% of respondents were willing to purchase the BenjiLock if it was available in stores, with many willing to pay $60 or more for it.

How much did Robbie Cabal invest in the development of BenjiLock, and how did he fund it?

Robbie personally invested $87,000 of his own money into developing BenjiLock. He self-funded the project rather than seeking external loans or investors.

What is the significance of Robbie's background in marketing and advertising?

Robbie's background in marketing and advertising helped him promote BenjiLock effectively. His experience in real estate also helped him navigate the challenges of launching a new product, especially after he lost his job and decided to pursue his entrepreneurial dream.

What were the terms of the offer from Mr. Wonderful (Kevin O'Leary)?

Mr. Wonderful offered Robbie $200,000 for a 15% stake in BenjiLock. Kevin emphasized his ability to help secure licensing deals but warned that large companies might bury the innovation if Robbie wasn't careful.

What offer did Lori Greiner make to Robbie Cabal, and what was her reasoning?

Lori offered Robbie half of the $200,000 for 10% equity in BenjiLock, suggesting that Robbie needed a team to succeed. She proposed that another shark join her to form a 'board of directors' to guide him through the process.

Why did Robbie ultimately choose Kevin O'Leary's offer?

Robbie chose Kevin O'Leary's offer because he trusted Kevin's experience in licensing deals and felt it aligned better with his vision for the company. He recognized the opportunity to scale and monetize BenjiLock with Kevin’s help.