Vestpakz Kid’s Backpack Vest Update | Shark Tank Season 6
Students carry books and supplies in backpacks when going to school and back home. However, many find them heavy and uncomfortable.
To solve this problem, Michael Wooley’s daughter designed a vest-style backpack.
Instead of regular straps, it spreads the weight across the shoulders, making it easier to carry.
Michael and his business partner, Arthur Grayer, believe their product can help students. They take their idea to Shark Tank Season 6, hoping to impress the investors.
Will they secure a deal and grow their business? Check our Vestpakz update for the latest details on what happened next.
Vestpakz Update from Shark Tank
- Founders: Arthur Grayer and Michael Wooley
- Business: Kids’ backpack vests
- Offer: $50,000 for 10% equity
- Outcome: Sharks did not invest
- Sharks: No deal
Michael and Arthur stepped into the tank while the children modeled Vestpakz backpacks.
They explained that the design evenly spread the weight, making it easier and more comfortable to wear.
After handing out samples, the sharks showed initial interest. Kevin O’Leary quickly asked about the sales and costs.
Each backpack cost $4.75 to make and sold for $14.88. However, sales were low, reaching only $10,000 in the first two months of the year they appeared on Shark Tank.
The sharks were surprised to learn that Michael had given Arthur the right to sell the product. In return, Arthur had to pay Michael a 6.5% royalty on every backpack sold.
The sharks seemed concerned about the low sales and the licensing deal. They asked why the product hadn’t gained traction in the market.
Michael and Arthur explained that they struggled with marketing and distribution.
The sharks listened but wanted to know if there was a plan to boost sales. The business partners tried to convince them, but the numbers made the sharks hesitant.
Kevin dropped out first because of low sales, and the entrepreneurs lacked credibility. Robert Herjavec left for the same reason.
Mark Cuban had too many questions and decided to walk away. Barbara Corcoran liked the product but not the entrepreneurs, so she backed out.
Lori Greiner believed customers were uninterested, making her the last to leave.
Since no shark made an offer, Michael and Arthur had to exit without a deal. What happened to their company next? Read our Vestpakz update to learn more!
Michael and Arthur’s business did not last. The Vestpakz update revealed that it closed shortly after appearing on Shark Tank.
The sharks believed demand was low, so they decided not to invest. Their prediction turned out to be correct.
Vestpakz struggled to attract enough customers, making it hard to continue. Without funding or strong sales, the company could not survive.
Many businesses fail after Shark Tank if they do not get support or a solid market. Vestpakz faced similar challenges and could not grow.
The product had an interesting design, but it was not enough. The Vestpakz update ends with the company shutting down.
