What Is Pinblock, and What Is Its Purpose?
Pinblock is a design block toy that allows creative people to make whatever toy they want without having to use stiff construction bricks. The block comes in a variety of colors and designs and maybe bent to generate desired shapes and outcomes.
Its purpose is to put the designer’s ability to create toys that are both interactive and fun to play with to the test. Pinblock was created in 2014 by Vladislav Smolyanskyy. Mr. Smolyanskyy volunteered in Euromaidan New York earlier.
As conflicts flared in Kyiv, they helped to bring people of Ukrainian heritage, as well as other like-minded people, together. As an architect and product design engineer, he is presently employed with Raindrop Media Management Inc.
Quick Facts About Product:
- Entrepreneur: Vladislav Smolyanskyy
- Business: Toy building blocks
- Ask: $100,000 for 20% equity
- Result: $100,000 for 50% equity
- Shark: Kevin O’Leary
Who Is the Founder of Pinblock?
Mr. Smolyanskyy was a volunteer at Euromaidan New York in 2014 and is the founder and CEO of Pinblock. Mr. Vladislav is dedicated to inspiring young minds and, as a result, affecting the future of the globe.
Since coming from Ukraine to the United States, he has developed an interest in the business. Vladislav and a childhood friend founded Pinblock and extended it to include prototype, finance for full manufacture, and market introduction. There were a number of challenges on the way up, to be sure.
What Happened to Pinblock at Shark Tank?
Vladislav created the company in 2014 after developing the concept with a childhood friend. Following the failure of a previous Kickstarter campaign, he successfully raised $18,573 in February 2015.
During his Shark Tank presentation for Pinblock, a new building block toy, Vladislav Smolyanskyy hopes to form a relationship with a shark. Vladislav came on Shark Tank Season 8 Episode 13 and was looking for $100,000 in return for a 20% interest in his company.
Only 85% of the company is held by Vladislav; the remaining 15% is owned by a former partner. The entire amount of money sold by Vladislav was $160,000. He sold the “starter packets” he gave the Shark for $19.99 after making them for $3. Kevin offers $100,000 in return for 30% ownership of the company.
Pinblock would be licensed to a large manufacturer for global distribution. This, according to Vladislav, is incompatible with his company’s mission. Barbara says that she is no longer a part of the bargain, as were Lori, Robert, and Mark.
Kevin counters with a $100,000 offer for half of the company’s stock. Vladislav agrees to a 50/50 split of the company’s equity with Kevin O’Leary.
What Happened to The Pinblock After the Shark Tank?
Following Kevin O’Leary’s $100,000 investment in the Pinblock startup for a 50 percent stock stake, Pinblock comes in a variety of color themes and costs roughly $40 for 1000 pieces in a package. In 100-packs, individual colors cost around $4.
The goal for Vladislav was to build a toy that would excite the intellect while also being versatile. The business has done well thus far. In 2022, Pinblock’s yearly income will have climbed to $2 million.
Pinblock’s Net Worth:
Pinblock has continued to grow its company, with a total net income of $2 million forecasted until 2022.