RokBlok is the world’s smallest, most compact, and cordless record player. A 42-block bamboo package (3.2 oz) sits atop an album. The RokBlok spins and plays vinyl records when you pull the lever.
What happened after Shark Tank?
Riley had the concept while working at Learn Up and chose to invest his own money in this ground-breaking solution. In June 2015, Logan Riley, the founder of Pink Donut, launched the RokBlok product. Shark Tank, on the other hand, is a reality program dedicated to discovering and funding the finest businesses in America. RokBlok’s company, in particular, had a ‘Not to Miss’ potential since it merges vinyl record spinning with music.
RokBlok Founder’s Story:
Logan Riley, a 9-year employee at Apple in San Francisco, decided to explore his own unique project, which he started with $2,000 of his own money. This entrepreneur set out to develop a prototype after learning electrical engineering from YouTube tutorials.
Riley came up with a lovely idea for playing ancient vinyl records on a “Blok,” a small portable music player with two speakers (Even Bluetooth). Many customers looking to update their music collection from old vinyl records discovered a favored commodity in a portable device that took up less space, boosted sound, and was affordable. As a result, RokBlok was created.
Rokblok shark tank image result Logan Riley RokBlok was the second product from Logan Riley’s Pink Donut start-up. a company that focuses on concepts RokBlok was an instant hit, despite Riley’s prior failures.
What Was the Outcome of Your Shark Tank Pitch?
Logan Riley, the developer of RokBlok, appeared on Shark Tank in December 2017 to pitch his firm (RokBlok by Pink Donut). Riley wanted $300,000 in return for 15% of the company.
What Happened After Shark Tank?
Surprise, surprise, surprise…
Robert Herjavec, one of the Sharks, was so taken with the idea that he contributed $500,000 in exchange for 100% of RokBlok’s stock, culminating in a total buyout. Riley was given a two-year deal that included a six-figure income and a $5 royalty per unit sold. Riley’s next move was to accept the offer, which she enthusiastically did.
Finally, the Pink Donut firm was introduced to the world of business.
Rokblok’s Business Model:
Let’s look at the revenue model of Pink Donut, RokBlok’s parent firm because financials are generally at the core of every business.
The number of employees varies between 51 and 100.
Revenue of $959,000, with a $5 million valuation.
The RokBlok record player was designed by Pink Donut using their soon-to-be-patented Bluetooth Delivery System technology. RokBlok reached its $50,000 goal in just 47 days following its 2016 launch.
An internal production issue caused about 5% of the batch goods to be faulty at first. The firm did not give up and was able to overcome its difficulties. Consumers were then provided a replacement in the following batch, and the company’s production issues were resolved immediately.
RokBlok’s Revenue Model:
Following the Shark Tank show in 2018, their orders skyrocketed. The number of orders has climbed from three to four per day to 100 to 200 per day. To meet the rising demand, more employees were employed to keep up with the pace.
The device costs $99, with a $23 manufacturing cost. This product offers high-profit margins and is an excellent alternative to the Original Vinyl players, which retail for roughly $500.
The company’s worth has climbed year after year, from $350,000 to $5 million in 2020.
Rokblok’s worth Valuation Robert Herjavec is one of the company’s investors.
The Herjavec Group Investments, a venture capital firm, is searching for entrepreneurs with a net worth of at least $1 million. Their future investments exceeded $200 million in peer-selected firms in Canada’s energy, financial services, and big Internet Security Software solutions industries.
One of the major achievements was the $100 million sales of “BRAK Systems” security software. RokBlok is the tiniest, most compact, and most wireless record player in the world.
A light (3.2 oz) 42-block manufactured of MDF (Honeycomb design) that lays above a vinyl record is one of the standout features. A variety of recordings may be played on RokBlok, and the user can choose the alternatives. It’s entirely wireless up to 30 feet away from any Bluetooth Speakers or Headphones. There are built-in analog speakers with amplifiers. You may run your favorite tune-up for up to 4 hours on a single charge. It can balance on the record and place the diamond-edged needle on the record, allowing it to play music, thanks to the three rubber wheels.
Is the Company a Success?
The firm is profitable in terms of both units sold and revenue. With a revenue of $959,000 and a current net worth of $5 million in 2020, the story speaks for itself. RokBlok has been in high demand and is currently sold out (Out of Stock). Clients, on the other hand, are happy to wait, and the firm is encouraging them by giving a $10 discount on each unit’s initial pricing of $99 to do so. This business is now doing well, and it is cooperating with musicians and the music industry to investigate the new market potential. Prepare to rock with RokBlok… Please share your thoughts: Please express yourself completely in the comments section below; we eagerly await your responses.