What is Toybox Labs and what problem does it solve? Toybox Labs is a company that creates 3D printers specifically designed for kids, allowing them to easily design and print their own toys. This encourages creativity, STEM learning, and provides a safe and engaging way for children to interact with technology.
Summary
- Toybox Labs, a 3D printer company for kids, appeared on Shark Tank Season 10 seeking $150,000 for 5% equity.
- They secured a deal with Kevin O’Leary for $150,000 for 13% equity plus 2% advisory shares.
- The deal with Kevin O’Leary ultimately fell through.
- Toybox Labs has since secured licensing agreements with major companies like Warner Brothers, Hanna Barbera, and Universal Studios.
- They have continued to innovate, introducing features like sun-activated printer food.
- As of July 2024, the company has $10.4 million in annual revenue.
Toybox Labs Shark Tank Update | Shark Tank Season 10
Toybox Labs is a company that’s making waves in the world of 3D printing. They’ve developed a 3D printer designed specifically for kids.
It’s safe, easy to use, and lets children bring their imaginations to life. But their journey to success involved a crucial step: an appearance on the popular TV show, Shark Tank.
Toybox Labs on Shark Tank
Toybox Labs founders, Jen Chin and Ben Baltes, stepped into the Shark Tank in Season 10. They were seeking an investment to help their company grow and reach more young inventors.
Here’s a closer look at their pitch and the deal they made.
1. The Pitch
| Entrepreneurs | Jen Chin and Ben Baltes |
|---|---|
| Business | Toybox Labs – 3D printer for kids |
| Ask | $150,000 for 5% equity |
| Deal | $150,000 for 13% equity + 2% advisory shares |
| Sharks | Kevin O’Leary |
| Season – Episode | Season 10 – Episode 15 |
| Original Air Date | March 10, 2019 |
| Website | Toybox Labs |
| Key Points of Pitch |
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| Why Sharks Accepted |
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2. The Deal
While the Sharks were initially impressed with Toybox Labs, some had concerns. They worried about the time it took to print toys and whether kids would stay engaged.
However, Kevin O’Leary saw the potential and offered a deal. After some negotiation, they agreed on $150,000 for 13% equity and 2% advisory shares.
This gave Toybox Labs the funding and expertise they needed to move forward.
Toybox Labs After Shark Tank
Appearing on Shark Tank gave Toybox Labs a significant boost. But the company didn’t just rest on its laurels. They used the momentum and investment to achieve even greater success.
1. Growth and Success
The Shark Tank effect was immediate. Toybox Labs saw a surge in sales and interest after their episode aired. This allowed them to expand their operations and reach a wider audience.
They also focused on building a strong online presence, connecting with customers through social media and their website. This helped them create a loyal community of young inventors and their families.
2. Licensing Agreements
Toybox Labs realized that partnering with well-known brands could open up exciting new possibilities.
They secured licensing agreements with major companies like Warner Brothers, Universal Studios, and Nickelodeon.
This allowed them to offer 3D printing designs featuring popular characters from movies, TV shows, and comics.
Imagine printing your own Batman figurine or a miniature Spongebob! These partnerships significantly broadened the appeal of their product and attracted new customers.
3. Product Innovation
Toybox Labs didn’t stop at simply licensing popular characters. They also continued to innovate and improve their core product.
They introduced features like sun-activated printer food, which changes color when exposed to sunlight. This added a whole new dimension of creativity and fun to 3D printing.
They also focused on making their printer even more user-friendly, ensuring that kids could easily navigate the design process and bring their ideas to life.
Financial Performance
Toybox Labs has achieved impressive financial results. As of July 2024, the company boasts an annual revenue of $10.4 million.
This success can be attributed to several factors, including their appearance on Shark Tank, strategic licensing agreements, and a commitment to product innovation.
They’ve also been savvy with their funding, securing investments from venture capital firms to fuel their growth.
This strong financial performance demonstrates the viability of their business model and the growing demand for their unique product.
The Future of Toybox Labs
Toybox Labs has a bright future ahead. The company is well-positioned to capitalize on the increasing interest in 3D printing and educational toys.
They plan to continue expanding their product line, offering new and exciting designs and features to keep kids engaged.
They also aim to strengthen their partnerships with major brands and explore new licensing opportunities.
With a dedicated team, a strong financial foundation, and a commitment to innovation, Toybox Labs is poised to remain a leader in the world of 3D printing for kids. They are truly empowering the next generation of creators and inventors.
FAQs
Where can I buy a Toybox 3D printer?
Toybox 3D printers are available for purchase on their official website and through major online retailers like Amazon.
How much does a Toybox 3D printer cost?
The Toybox 3D printer currently retails for around $289.
What ages is the Toybox 3D printer suitable for?
While adult supervision is always recommended, the Toybox 3D printer is designed to be safe and user-friendly for children ages 6 and up.
What kind of materials does the Toybox 3D printer use?
The Toybox 3D printer uses a non-toxic, biodegradable PLA plastic filament made from corn oil, referred to as “printer food.” This material is safe for kids and environmentally friendly.
Can I use designs from other sources with the Toybox 3D printer?
Yes, in addition to the extensive online catalog of designs, you can also import designs from other sources and even create your own using their software.
The Bottom Line
Toybox Labs is a shining example of a company that successfully navigated the Shark Tank experience and used it as a springboard for growth. Their innovative 3D printer for kids, combined with smart business decisions and a commitment to customer satisfaction, has led to impressive financial performance and a promising future. By fostering creativity and making technology accessible to young minds, Toybox Labs is shaping the next generation of innovators.
