On Shark Tank last Friday, Felix Brandon Lloyd and Jordan Lloyd Bookey pitched their company called ZooBean. ZooBean is a children’s book platform and service that connects the right books with the right children. Felix and Jordan asked for $250,000 for 15% equity in their company.
Both Felix and Jordan were teachers before they left their jobs to work on ZooBean full time. They came up with the idea to curate apps and books for individual child. This encourages literacy and helps parents give their children a head start.
Kevin, a.k.a Mr. Wonderful, said that acquiring a customer at this age is a real test and there are a lot of people who move through the zone at that age. They only have 85 subscribers. Kevin doesn’t know if they will be able to get there with this business. He goes out because the customer acquisition cost is too high. Mark tries to figure out what is the real gold in this. They say that it is matching the tags with their data. Mark thinks that the business is a success, and that it is not just books.
Barbara said that she doesn’t think that there is a big need for the business. She goes out. Robert doesn’t see the business functioning today. He goes out.
In the end, Mark decided that he will make an offer of $250,000 for a 30% stake in the company. They counter down to 25% which Mark agrees to so they accept. If you or anyone you know has an invention idea and needs help with it, please contact us at New Product Consulting.