Are Zuum Tech Owners As Impressive As Their Product? | Shark Tank US | Shark Tank Global

Shark Tank Global

1 Sept 202207:31

Summary

TLDRChico and Mason from Portland, Oregon introduce Zoom Technologies, seeking a $125,000 investment for 20% equity. They present Zoom Shoes, self-balancing electric platforms with a top speed of 8 mph and 1-hour ride time. Despite enthusiasm for the product, potential investors express concerns about the lack of exclusivity, competition, and the capital-intensive nature of the business. The entrepreneurs struggle to convince 'sharks' of their business model and passion, ultimately facing rejections and advice to improve their sales strategy.

Takeaways

🚀 Chico and Mason are the founders of Zoom Technologies, a company based in Portland, Oregon.
💡 They are seeking an investment of $125,000 for a 20% stake in their company.
🛴 Zoom Shoes are self-balancing electric rideables designed for personal transportation.
🔋 These shoes can reach a top speed of 8 miles per hour and have an average ride time of one hour on a single charge.
💃 They are versatile and can be used for various activities, including dancing.
📈 The trend of electric rideables is growing in popularity in the US.
🤝 They have partnered with a Chinese manufacturer to design and introduce the product in the US market.
📊 They have already conducted a Kickstarter campaign, raising $25,000 to test the market and start manufacturing.
🚫 They do not have exclusive rights to the technology, which poses a risk for competition.
💼 The entrepreneurs lack experience and a clear sales strategy, which was a concern for potential investors.
💰 Their main obstacle is capital, as they need funds to fulfill opportunities and manage inventory.

Q & A

What is the name of the company seeking investment?
-The company seeking investment is called Zoom Technologies.
What are the names of the entrepreneurs representing Zoom Technologies?
-The entrepreneurs representing Zoom Technologies are Chico and Mason.
What type of investment are Chico and Mason seeking?
-They are seeking a $125,000 investment in exchange for 20% of their company.
What is the trend that inspired the creation of Zoom Technologies?
-The trend towards electric rideables, such as electric scooters and hoverboards, inspired the creation of Zoom Technologies.
What product does Zoom Technologies introduce to the market?
-Zoom Technologies introduces Zoom Shoes, which are individual self-balancing platforms for your feet.
What is the top speed and average ride time of Zoom Shoes?
-The Zoom Shoes have a top speed of eight miles per hour and an average ride time of one hour.
How does one operate the Zoom Shoes?
-With Zoom Shoes, you can easily maneuver by leaning forward to go forward and leaning back to go backward.
What is the price of Zoom Shoes?
-The price of Zoom Shoes is $299.
Who manufactures the Zoom Shoes?
-The Zoom Shoes are manufactured by a company in China that Zoom Technologies has partnered with.
What was the outcome of the Kickstarter campaign for Zoom Shoes?
-The Kickstarter campaign raised $25,000 to get manufacturing started.
What is the main concern expressed by the investors about Zoom Technologies' business model?
-The main concern expressed by the investors is the lack of exclusivity and the competitive nature of the market without proprietary technology.
What advice do the investors give to Chico and Mason?
-The investors advise Chico and Mason to hire a great salesperson, outsource sales, and to be more persuasive about their business's value proposition.