Zomm: Shark Tank Update

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Zomm is a company that specializes in creating innovative technology products to enhance personal safety and security. One of their most notable products is the Zomm Wireless Leash, which was pitched on the hit TV show Shark Tank. Shark Tank is a reality show where aspiring entrepreneurs pitch their business ideas to a panel of successful investors, known as the "sharks," in hopes of securing an investment deal.

The Zomm Wireless Leash is a small device that can be attached to keys, wallets, or other valuable items. It connects to a smartphone via Bluetooth and alerts the user if they are about to leave their item behind. It also has a panic button that can be pressed in case of an emergency, which will trigger an alarm on the user's phone and send out a distress signal to pre-selected contacts.

Shark Tank is known for its tough and often brutal negotiations, but it also offers entrepreneurs the opportunity to gain exposure and potentially secure funding for their businesses. Many successful companies have emerged from the show, thanks to the guidance and investment of the sharks.

Key takeaways

  • Zomm is a company that produces wireless devices that help people keep track of their belongings and stay safe.
  • Zomm appeared on Shark Tank to pitch their product and secure funding from the Sharks.
  • The Sharks were impressed with Zomm's product and saw potential in the company.
  • Zomm ultimately made a deal with Kevin O'Leary, who invested 0,000 for a 15% stake in the company.
  • Since appearing on Shark Tank, Zomm has experienced significant growth and success, expanding their product line and increasing their sales.

The Zomm product pitch on Shark Tank

When Zomm appeared on Shark Tank, they were seeking an investment of $500,000 in exchange for a 10% equity stake in their company. The pitch was delivered by Zomm's co-founder and CEO, Henry Penix, who explained the features and benefits of the Zomm Wireless Leash.

The Zomm product pitch on Shark Tank

The device was praised for its potential to prevent lost or stolen items, as well as its ability to provide personal safety and security. The sharks were impressed by the product's sleek design and ease of use. They also recognized the potential market for such a device, as many people often misplace or lose their valuables.

The Sharks' reactions to Zomm

The sharks had mixed reactions to Zomm's pitch. Some were immediately intrigued by the product and saw its potential for success, while others had concerns and questions about the market and competition.

Mark Cuban, one of the sharks, expressed his excitement about the Zomm Wireless Leash and its potential to prevent lost items. He saw it as a valuable tool for parents who often have to keep track of their children's belongings. However, he also raised concerns about the competition in the market and questioned whether Zomm had a unique selling proposition.

Barbara Corcoran, another shark, was impressed by the product's design and functionality. She saw it as a great solution for people who frequently lose their keys or wallets. However, she was hesitant to invest due to her lack of knowledge about the technology industry.

Overall, the sharks recognized the potential of the Zomm Wireless Leash but had reservations about the market and competition. They asked probing questions to gain a better understanding of Zomm's business model and future plans.

Zomm's deal with the Sharks

After much negotiation and deliberation, Zomm secured a deal with two of the sharks: Kevin O'Leary and Robert Herjavec. The deal involved an investment of $500,000 in exchange for a 20% equity stake in the company.

The terms and conditions of the deal included a royalty agreement, where Zomm would pay a percentage of their sales to the sharks until they recouped their initial investment. This was seen as a fair compromise by both parties, as it allowed Zomm to retain a larger equity stake while still providing a return on investment for the sharks.

The negotiation process was intense, with both sides making counteroffers and discussing the potential growth and profitability of Zomm. Ultimately, Zomm was able to secure a deal that provided them with the necessary funding to continue growing their business.

Zomm's post-Shark Tank success

After appearing on Shark Tank, Zomm experienced significant success and growth. The exposure from the show helped increase awareness of their product and attract new customers. Sales figures skyrocketed, with revenue increasing by over 300% in the months following their appearance on the show.

Zomm also expanded into new markets and formed partnerships with major retailers. Their product became available in stores nationwide, further increasing their reach and customer base. This expansion allowed Zomm to establish themselves as a leader in the personal safety and security industry.

The impact of Shark Tank on Zomm's brand

Appearing on Shark Tank had a profound impact on Zomm's brand. The exposure and publicity gained from the show helped establish them as a reputable and innovative company. They were able to leverage their appearance on Shark Tank to attract new customers and investors.

The credibility gained from being endorsed by the sharks also helped Zomm secure partnerships with major retailers. The association with Shark Tank gave consumers confidence in the quality and reliability of Zomm's products.

The impact of Shark Tank on Zomm's brand

Zomm's success story is not unique to the show. Many other entrepreneurs have experienced similar success after appearing on Shark Tank. The show has become a platform for launching successful businesses and has helped create a new wave of entrepreneurs.

Zomm's expansion and growth since Shark Tank

Since appearing on Shark Tank, Zomm has continued to expand and grow its product line. They have introduced new versions of the Wireless Leash with additional features, such as GPS tracking and smartphone integration.

Zomm has also expanded into other areas of personal safety and security, including home automation and wearable technology. They have partnered with other companies to develop innovative products that enhance personal safety and security.

In terms of market position, Zomm has established itself as a leader in the personal safety and security industry. Their products are highly regarded for their quality, functionality, and design. They continue to innovate and stay ahead of the competition, ensuring their continued success in the market.

Reviews and feedback on Zomm post-Shark Tank

Customer reviews and feedback on Zomm's product have been overwhelmingly positive. Customers praise the Wireless Leash for its effectiveness in preventing lost items and providing peace of mind. They appreciate the device's ease of use and reliability.

Some customers have also shared stories of how the Wireless Leash has helped them in emergency situations. The panic button feature has been particularly praised for its ability to quickly alert loved ones or authorities in times of distress.

While there have been some criticisms and complaints about the product, they are few and far between. Most customers are satisfied with their purchase and would recommend the Wireless Leash to others.

Zomm's innovations and updates since Shark Tank

Since appearing on Shark Tank, Zomm has made several innovations and updates to their product line. They have introduced new features, such as GPS tracking and smartphone integration, to enhance the functionality of their devices.

Zomm's innovations and updates since Shark Tank

Zomm has also improved the design and durability of their products, making them more appealing to customers. They have listened to customer feedback and made updates based on their suggestions, ensuring that their products meet the needs and expectations of their target market.

These innovations and updates have helped Zomm stay ahead of the competition and maintain their position as a leader in the personal safety and security industry.

Lessons learned from Zomm's Shark Tank experience

Zomm's success story on Shark Tank offers several valuable lessons for other entrepreneurs looking to pitch their products on the show. Firstly, it is important to have a unique selling proposition that sets your product apart from the competition. This will help attract the attention of the sharks and increase your chances of securing a deal.

Secondly, it is crucial to be prepared for tough negotiations and be willing to make compromises. The sharks are experienced investors who will ask probing questions and challenge your business model. Being able to effectively communicate your vision and respond to their concerns is key to securing a deal.

Lastly, the exposure gained from appearing on Shark Tank can have a significant impact on your brand and business. It is important to leverage this exposure to attract new customers and investors. Building a strong brand and maintaining high-quality products and services will help ensure long-term success.

In conclusion, Zomm's success story on Shark Tank is a testament to the power of entrepreneurship and innovation. Their appearance on the show helped them secure funding, gain exposure, and establish themselves as a leader in the personal safety and security industry. By learning from their experience, other entrepreneurs can increase their chances of success on Shark Tank and beyond.

FAQs

What is Zomm?

Zomm is a wireless device that helps users keep track of their mobile phones and provides personal safety features.

What are the personal safety features of Zomm?

Zomm has a panic alarm that can be activated by pressing a button on the device. It also has a Bluetooth speakerphone that can be used to make emergency calls.

How does Zomm work?

Zomm connects to a user's mobile phone via Bluetooth and alerts them when they are about to leave their phone behind. It also vibrates and flashes lights when the phone receives a call or message.

What was the Shark Tank update on Zomm?

Zomm appeared on Shark Tank in 2010 and received an investment from Kevin O'Leary. As of 2021, there have been no recent updates on the company or product.

Where can I buy Zomm?

Zomm is no longer available for purchase on the company's website or on major online retailers such as Amazon. It is unclear if the product is still being produced or sold.

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

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