Shark Tank: RokBlok Portable Record Player Accepts $500,000 Offer from Robert Herjavec

By Erica Abbott

RokBlok

Next into the tank is Logan Riley of RokBlok, seeking $300,000 for 15 percent equity.

RokBlok puts a “new spin” on vinyl records. The portable, wireless record player makes it simple for vintage sounds to be played in a completely new and modern way. “Simply place RokBlok on top of ay record to instantly listen to your favorite vinyl, anywhere,” according to their website. The record player, which features a built-in speaker, is currently available for pre-order and costs $89.

The sharks are intrigued by the modern twist on a retro music accessory. Barbara Corcoran thinks it’s “remarkable” and Robert Herjavec finds the wooden case very cool. Mark Cuban worries, however, that those who cherish their vinyl records would not transport them. After Riley, who has a background in audio engineering, launched a successful Kickstarter campaign in 2016 and raised more than $350,000, he pre-sold $60,000 worth of RokBlok players.

Corcoran thinks it’s too early for an investment and goes out, followed by Cuban—who worries that there’s not a big enough market. Kevin O’Leary likes the potential for a niche market and offers $300,000 for 50 percent. Lori Greiner agrees that it’s “clever” but finds it too expensive.

Herjavec thinks it has a “beautiful design” and offers $500,000 for 100 percent of the company. He also offers to hire Riley for two years at a six-figure contract with an additional royalty of $5 per unit going forward. He accepts.

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.

Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks this season.

“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.

Would you use the RokBlok? Sound off in the comments section below!

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Source:: Business 2 Community

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