It’s no wonder that Shark Tank has helped many businessmen, especially homegrown and small businesses to outshine and earn huge amounts of money. The businessmen come with the hope to get maximum investment. They in turn use the investment for growing their small businesses and in return give a certain share of interest in the company to the sharks.
Only such businesses are appreciated and encouraged which the sharks think are one of a kind and useful. Since the sharks invest huge sums of money in the businesses, they generally help those businesses in which they can see a future.
Pavlok Net Worth
Maneesh Shetty, the owner of Pavlok, came up with a pitch of $500000 for 3.14% of equity or share in the company. Today date, Pavlok has almost $2 million as its net worth. Even though he could not make any deal on Shark Tank, he came out with huge popularity.
People all over the world are willing to buy this band. The company has received enormous growth and publicity. Over 10, 000+ people have been using Pavlok on today’s date.
Backstory Of Coming Up With The Idea Of Pavlok
The whole backstory of coming up with the idea of Pavlok was Maneesh Sethi’s irresistible addiction to social media. He came up with the idea to develop such a tool or device that can help people come out of their bad habits. And that’s when the world was introduced to Pavlok!
Maneesh Shetty wanted to cut off his bad habits to such an extent that he hired a personal assistant. He used to keep a check on his phone or other devices.
This gave him the idea to develop Pavlok which would help a person get rid of the bad habits and unhealthy lifestyle. A smartwatch tracking your steps, blood pressure, and pulse rate is not so uncommon. Then what makes Pavlok stand out from the crowd? It does stand out of the crowd, and the reason is it helps people give up their bad habits.
It is not an ordinary fitness band which almost all the brands of electronics are coming up with. By using this, one can get away from the bad habits which they want to overcome. When a user uses this he gets an electric shock of 340 volts every time he breaks the target and does something which he wants to stop doing. The user has an option to keep it on vibrate or beep which helps him get breaks in between the time.
The Pitch And Deal
A pitch offering $500000 for 3.14% of the equity or share in the company was presented in front of the Sharks. It was stated by one of the sharks as being an absurd pitch and the valuation was considered unreasonable and extremely high.
The questions thrown at Maneesh were not completely answered by him and he could not show any reliable research for the same. The sharks had doubts about the company and the profit margin of the product was questioned.
An offer of the same amount of loan with an interest of 7% was made by one of the Sharks, Kevin. However, Mr Shetty abruptly refused the proposal. He said that he would accept any other offer but not the one made by Kevin. This changed the whole mood of the interview.
Kevin asked him to leave the room. He also called him a dishonest and objectionable person who had no interest in making the purchase. Hence, Maneesh had to leave without any deal.
After Shark Tank Journey
Although Pavlok could not get a deal signed on Shark Tank, it has become extremely successful in today’s date. Over 10,000 people use Pavlok and the company has successfully raised an amount of $200000 through crowdfunding campaigns. It has also successfully got the title of being one of the most popular categories of gadgets in the year 2015.
As of 2022, the company Pavlok has reached its target of a $2 million net worth. According to the sources it has accomplished an outstanding revenue of $371000. Pavlok has assisted over ten thousand people to cut down and give up on their bad habits including smoking, drinking and have started leading a healthy life.
Having seen how Pavlok has done in the past, we look forward to seeing what it will do in the future!
Frequently Asked Questions
Pavlok is developed by Maneesh Shetty
Pavlok has reached its target of a $2 million net worth.
Controversy arose between Maneesh Shetty, the developer of Shark Tank and Kevin one of the Sharks.
It got telecasted in the 7th season, the 29th episode of Shark Tank America.