What Is Trobo?
Trobo is a talking plush robot that doesn’t impart much knowledge about science, math, technology, and engineering (STEM). It works with an iPad app and engages the child with games, stories, and quizzes.
It offers tales that respond to children’s inquiries, like “Why do birds fly?” What features do smartphones have? Exactly what is lightning? Two engineers from Orlando who had previously worked in the construction of theme parks and gaming parks devised the Trobo software and toy.
Compared to Scheinberg, who graduated from Penn State University and has experience working for Disney, NBC, and Universal, Harden obtained most of his knowledge while serving as a development director at EA Sports. Trobo approached them when they had kids and began to consider how the outside world was affecting their kids.
Who Is the Founder of Trobo?
Engineering fathers Jeremy Scheinberg and Chris Harden, who live in Orlando and previously worked in the theme park and gaming park development, invented the Trobo app and toy. The idea for Trobo emerged after they had their children and started to think about how the outside world was influencing their kids.
As he watched his daughter Sophia (Jeremy’s daughter) spend hours becoming a princess, Jeremy yearned for something crucial for Sophia’s development. He wanted to show Sophia how passionate he was about engineering and technology. Following their encounter during Startup Weekend in Orlando, Trobo was created.
The initial idea was to construct a programmed robot, but they later altered their ideas and decided to include a speech-enhanced robot that could be operated by iPads instead.
What Happened to Trobo at The Shark Tank Pitch?
Jeremy Scheinberg and Chris Harden debut Trobo in Shark Tank episode 23 of season seven. In return for Shark’s help in increasing production and a financial infusion for inventory and future development, Trobo is a plush robot that communicates and tells kids STEM stories through an accompanying app.
Chris and Jeremy come into the Tank hoping to trade a 10% ownership in Trobo at a $1 million valuation for a $100,000 investment. They demonstrate the stuffed robot and describe how it wirelessly communicates with an iPad or tablet to create original stories that kids can play with and read along with.
The soft toy animal serves as a speaker. Trobo costs $59.95, which covers the first five stories as well as the plush toy. 600 orders from small- to medium-sized retailers have been received. They feel they are prepared to enter the kid educational toy market after publishing pieces in 45 media.
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Mark Cuban is not impressed. He doesn’t think the idea is strong enough to capture the market using stories created by the public and a plush animal that serves only as a marketing ploy for the technology. He went away.
Kevin O’Leary continues, “You can’t sell a $50 plush toy with a speaker in it. This won’t work, I’m afraid. The true substance won’t function at $4. Everyone has access to a wealth of free material for children’s books. Free. There is no cost, He doesn’t believe big stores like Target and Walmart would stock the toy, so he’s out.
Chris brings up Teddy Ruxpin, a 1985 toy that sold for $70 a unit. Daymond John responds, “That was a different era when technology wasn’t what it is now. He went away. The $50 price range is what Lori Greiner refers to as a “real challenge.” She continues by saying that despite bringing Trobo to toy fairs, big-box retailers haven’t been overly enthusiastic. She resigned because she believes it to be a bad portent for the future.
Robert Herjavec is the last Shark left in the game. Chris continues his passionate plea by describing his upbringing as the child of a single, alcoholic mother who advised him to focus on his studies in order to escape poverty. Robert describes Trobo as a “product for delivering material.” He thinks a business like DreamWorks, with whom he has previously spoken, would buy the technology as a fresh method to monetize their content.
He gives the couple $100,000 in exchange for 33 percent of the company’s shares and a license agreement with DreamWorks. Chris responds with a $166,000 demand in return for a 33 percent ownership part in the business. When Robert accepts, the Trobo team successfully negotiates a Shark agreement.
What Happened to Trobo After Shark Tank?
We monitor the progress of the featured companies after an episode has aired, whether they are successful in raising money or not, and we write about it. The pair shook hands with Robert in the Tank, but the transaction was unsuccessful.
The founders are unable to share the facts of what happened to derail the deal due to nondisclosure agreements, but it’s likely that DreamWorks’ interest in Trobo was little and Robert’s legal demands were too onerous for the two.
They are still seeing success as a result of the Shark Tank impact, but Trobo stock is down. The duo still offers Trobo on their website and through Amazon, and they intend to eventually license its “content delivery platform.”
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2017 saw the closure of the business. The following statement is posted on their website as of May 20, 2021: A book describing their adventure is called Little Robot, Big Dreams: The Highs, Lows, and Lessons Learned of a Toy Startup. Amazon is where you can get it.
Net Worth of Trobo:
The company was given a $1 million valuation during the presentation, but since the company shut down in 2017, it is impossible to determine its current net worth.
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