Are you tired of misplacing or losing your phone? Imagine a world where a wireless leash keeps your phone close and secure. Enter Zomm, an innovative product that caught the attention of the Sharks on the hit TV show, Shark Tank. In this article, we’ll explore Zomm’s journey, from its inception to the high-stakes pitch in front of the Sharks. Get ready to dive into the world of Zomm and learn more about this fascinating product and its time in the Shark Tank!
Zomm Overview
Zomm was created by entrepreneur Henry Penix with a simple yet powerful mission: to help people avoid the all-too-common problem of misplacing or losing their mobile phones. This unique device connects to your phone through Bluetooth technology, acting as a virtual “wireless leash” that keeps your phone safe and secure. Zomm alerts you when you’re too far away from your phone, ensuring that you never leave it behind. The product was designed to be easy to use and universally compatible, making it a perfect solution for anyone looking to safeguard their phone from loss or theft.
Zomm Shark Tank Pitch
When Henry Penix stepped into the Shark Tank, he had high hopes for Zomm. He presented his product to the Sharks, asking for a substantial investment of $2 million for a 10% stake in the company. Penix described Zomm’s impressive sales figures, with $5 million in sales in 2011 and $7.2 million in 2012. The wireless leash concept intrigued the Sharks, but they were wary of the high investment and debt associated with the company.
Although Zomm had impressive sales and a unique product, the Sharks ultimately declined to make a deal. They were concerned about the financial risks involved and didn’t believe the company was worth the $2 million investment. Despite leaving the Tank without a deal, Zomm’s story didn’t end there.
After appearing on Shark Tank, Zomm experienced a surge in web traffic and sales. However, the company eventually shut down in February 2018. Henry Penix has since moved on to lead Soaak Technologies, Inc., focusing on mental health and wellness. While Zomm’s journey in the Shark Tank didn’t result in a deal, it certainly left a lasting impression on the Sharks and viewers alike.
Did Zomm Get A Deal?
Despite the innovative concept and impressive sales figures, Zomm did not secure a deal on Shark Tank. The Sharks were intrigued by the idea of a “wireless leash” for mobile phones, but they had reservations. They felt the requested investment of $2 million for a 10% stake was too high, given the financial risks associated with the company. Zomm’s high debt was a particular concern for the Sharks, leading them to decline the deal.
Zomm Networth
Before appearing on Shark Tank, Zomm had a net worth of approximately $20 million, derived from strong sales in 2011 and 2012. This was due to the product’s unique concept and broad appeal, which drove substantial sales and revenue. However, after the show, it’s hard to estimate Zomm’s net worth. The company experienced a surge in web traffic and sales post-Shark Tank, but unfortunately, Zomm shut down in February 2018.
Current Status Of Zomm
Zomm’s journey after Shark Tank was a roller coaster ride. Initially, the company benefitted from the exposure gained from the show, experiencing a significant increase in web traffic and sales. However, despite this initial boost, Zomm was unable to sustain long-term success. In February 2018, Zomm shut down its operations.
Since then, Zomm’s creator, Henry Penix, has moved on to other ventures. He is now leading Soaak Technologies, Inc., a company that focuses on mental health and wellness. Even though Zomm’s journey was not as successful as hoped, its innovative concept left a lasting impact on the Sharks and viewers. The story of Zomm serves as a reminder of the risks and challenges that entrepreneurs face, even with a unique product idea and impressive sales.
Zomm Overview
Zomm was a remarkable invention that aimed to solve a common problem: losing or misplacing your mobile phone. This product was the creation of entrepreneur Henry Penix, who was driven by a simple yet powerful vision. Zomm was designed as a virtual “wireless leash” for mobile phones. It connected to your phone via Bluetooth technology and alerted you if you moved too far away from your phone.
This innovative product was easy to use and compatible with all types of mobile phones, making it an ideal solution for anyone prone to misplacing their phone. It was more than just a device; it was a peace of mind, a safeguard against the inconvenience and potential disaster of losing a phone.
Zomm’s unique concept and broad appeal drove its strong sales. The company saw impressive sales figures of $5 million in 2011 and $7.2 million in 2012. The concept of a wireless leash for mobile phones certainly caught the attention of the public and the Sharks on Shark Tank, despite not securing a deal.
Conclusion
Zomm’s journey, both before and after appearing on Shark Tank, is an interesting tale of innovation, entrepreneurship, and the challenges faced in the business world. The company had a unique product idea that addressed a common problem. It achieved impressive sales and had a high estimated net worth. Yet, the Sharks were reluctant to invest due to the financial risks associated with the company.
After Shark Tank, Zomm saw a surge in web traffic and sales. But the company could not maintain its success in the long run and eventually shut down in February 2018. The story of Zomm serves as a reminder that even innovative ideas and strong sales can’t guarantee success in the highly competitive business landscape.
Henry Penix, the creator of Zomm, has since moved on to other ventures, leading Soaak Technologies, Inc., a company focused on mental health and wellness. While Zomm’s journey was not as successful as hoped, its innovative concept left a lasting impact. Zomm’s story is a testament to the spirit of innovation and entrepreneurship, highlighting the risks and rewards that come with stepping into the world of business.
Also Read:
