Could Amber Be The Shortest & WORST Pitch EVER? | Shark Tank US | Shark Tank Global

Summary

In this Shark Tank pitch, recent college graduates Bill Shuan and Kyle Byrd introduce Amber, a free mobile phone charging station with fingerprint scanning for security. They seek $200,000 for a 20% stake, aiming to place Amber in venues like bars and restaurants to enhance customer experience and drive revenue. The sharks express concerns over the fingerprint scanner's reliability, the high cost of production, and the competitive landscape of free charging options. Despite the founders' confidence in their product, the sharks ultimately reject the investment, citing issues with cost, security, and practicality.

Takeaways

• 📱 Bill Shuan and Kyle Byrd are recent college graduates pitching their product, Amber, a mobile phone charging station, on a business investment show.
• 🔓 Amber offers a free and secure charging solution using fingerprint scanning technology to lock and unlock charging compartments.
• 💸 They are seeking an investment of $200,000 for a 20% stake in their company, which is currently pre-revenue.
• 🏢 The founders aim to place Amber in various public venues like bars, restaurants, gyms, and movie theaters to enhance customer experience and keep people around longer.
• 💰 The pricing model for venues includes a one-time purchase of $2,000 or a monthly lease fee of $150.
• 🛠️ The product is still in the prototype phase, with the current cost to manufacture a unit being around $1,000.
• 👎 The sharks express concerns about the reliability of the fingerprint technology at the proposed price point and the overall business model.
• 🍻 There's a discussion about the liability issues of customers giving their phones to bar staff for charging and how Amber could mitigate this.
• 📉 The sharks are skeptical about the cost-effectiveness and the necessity of the product, comparing it to free charging options available in airports.
• 🚫 The sharks ultimately reject the pitch, citing issues with the cost, security, and the existence of free alternatives as their main reasons.

Q & A

What is the name of the company founded by Bill Shuan and Kyle Byrd?

The company founded by Bill Shuan and Kyle Byrd is called Amber.

What is the primary purpose of Amber as described in the script?

The primary purpose of Amber is to provide a mobile phone charging station that is completely free to use in public spaces.

How does the fingerprint scanning feature work in Amber's charging station?

Users secure their device in one of the compartments by scanning their fingerprint, and to retrieve it, they rescan their finger, which unlocks the compartment.

What is the proposed business model for Amber's charging stations in venues?

Amber proposes a business model where venues can either purchase the unit for $2000 outright or lease it for $150 per month.

What is the target demographic for Amber's charging stations according to the pitch?

The target demographic includes bars, restaurants, gyms, movie theaters, arenas, and other venues where people might need to charge their phones.

What concerns were raised by the sharks about the fingerprint scanner's reliability?

The sharks expressed concerns about the fingerprint scanner being finicky and questioned whether a scanner at Amber's proposed price point could be reliable and quick enough for users.

How much investment are Bill Shuan and Kyle Byrd seeking in the pitch?

Bill Shuan and Kyle Byrd are seeking $200,000 in exchange for a 20% stake in Amber.

What was the sharks' reaction to the cost of the Amber unit and the business model?

The sharks were critical of the cost, with some stating it was too high and others suggesting that the product needed to be priced under a hundred dollars to be viable.

What alternative solutions do the sharks suggest to the Amber charging station?

The sharks suggest that the competition is 'free' charging stations, and they question the necessity of Amber's service when people can already charge their phones for free or use personal charging devices.

What issues were identified with the Amber charging station in terms of practical use in public venues?

The sharks identified issues such as the potential for the fingerprint scanner to fail in less-than-ideal conditions (like a wet or grimy festival environment), and the creation of lines and congestion in venues.

What was the final outcome of the pitch in terms of investment from the sharks?

The pitch was unsuccessful, with all the sharks declining to invest, citing concerns over the cost, security, practicality, and the existence of free alternatives.