Coco Jack Shark Tank Net Worth

Coco Jack is a tool used to easily and safely open coconuts. It is designed to make cracking open a coconut effortless and efficient without using traditional methods like knives or hammers. 

Coco Jack is a specially designed tool for opening young coconuts easily and safely. The toolset typically includes a stainless steel Coco Jack, used to create an opening in the coconut, and a Coco Mallet, used to strike the Coco Jack and puncture the coconut shell. 

The Coco Jack helps users avoid the hassle and potential danger of using knives or other sharp objects to open coconuts.

The Coco Jack is made of high-quality stainless steel and features a specially designed cutting head that cleanly slices through the tough exterior shell of the coconut. 

The tool comes with a mallet and easy-to-follow instructions, making it accessible to anyone. It is perfect for those who enjoy the taste and health benefits of fresh coconut water and meat but find the traditional methods of opening coconuts cumbersome and dangerous.

In addition to the Coco Jack and Coco Mallet, some sets may include additional tools like a Coco Scoop, designed to remove the coconut meat from the shell, and a Coco Noodler, used to create coconut noodle-like strands from the coconut meat.

The Coco Jack is popular among those who enjoy drinking fresh coconut water or using fresh coconut meat in recipes, as it makes the process of opening and handling coconuts much more convenient and safe.

Company NameCoco Jack
EntrepreneurDave Goodman
Product / BusinessKit for opening coconuts
Investment Asking For$125,000 for a 10% stake in Coco Jack
Final Deal$125,000 for a 10% stake in Coco Jack
SharkMark Cuban
Episode Season 6, Episode 21
Business StatusOut Of Business
WebsiteCoco Jack Website

What Is Coco Jack?

Coco Jack is a tool designed to help people easily open coconuts. It consists of a cylindrical handle and a metal claw-like attachment used to pry open the hard outer shell of a coconut. 

The claw is inserted into the coconut and twisted until the shell cracks open, allowing access to the delicious coconut water and flesh inside. Coco Jack is a popular tool among coconut enthusiasts and is widely used in the food and beverage industries.

Coco Jack is a tool designed to make it easier to open young coconuts. Young coconuts are known for their refreshing and healthy water, but getting to that water can be difficult without the right tools.

Coco Jack Shark Tank Update

Coco Jack includes a specialized blade that makes cutting through the tough outer husk of the coconut easier and a mallet to help you pry open the coconut once the husk has been removed. 

This tool is particularly popular among people who enjoy drinking coconut water as part of a healthy lifestyle, as it allows them to quickly and easily access the water inside the coconut.

Who Is the Founder Of Coco Jack?

Dave Goodman is the inventor and founder of Coco Jack. He created the tool while living in Hawaii and struggling to open coconuts. He began selling the Coco Jack locally and eventually expanded to selling online, where it gained popularity among coconut enthusiasts. 

He created the tool after struggling to open young coconuts themselves and realizing that there was a need for a specialized tool to make the process easier. 

He launched Coco Jack in 2012 and has since grown the business to include additional coconut-related products and educational resources on the benefits of coconut water and other coconut-based products.

Coco Jack is a company that produces a tool for opening coconuts. Before appearing on Shark Tank, the company was established and sold its product for several years.

The Coco Jack was invented by Dave Goodman, who initially created the tool to help him open coconuts while living in Hawaii. He began selling the tool locally and eventually expanded to selling online. 

The Coco Jack gained popularity among coconut lovers and health enthusiasts who appreciated its ease of use and ability to extract coconut meat cleanly.

In 2013, the Coco Jack team appeared on the television show “Beyond the Tank,” which was a spinoff of Shark Tank that followed up with entrepreneurs who had previously appeared on the show. 

During the episode, the team discussed the challenges of scaling their business and expanding their product line. They also shared their plans to launch a new product called the Coco Sipper, a reusable metal straw for drinking coconut water.

Coco Jack had already built a successful business before appearing on Shark Tank, but the exposure from the show helped them reach an even wider audience and expand their product line.

How Was the Shark Tank Pitch Of Coco Jack?

Coco Jack was featured on Season 6, Episode 21 of the American television show “Shark Tank,” which aired on February 6, 2015. The show allows entrepreneurs to pitch their business ideas to a panel of wealthy investors, known as “sharks,” in hopes of securing funding and partnership.

Dave Goodman appeared on Shark Tank and requested a $125,000 investment for a 10% equity stake in his company, Coco Jack. 

Dave Goodman, the founder of Coco Jack, presented his product to the sharks. He demonstrated how the Coco Jack tool works and highlighted its ease of use and safety advantages over traditional methods of opening coconuts. 

Dave arrived at the tank with many Thai coconuts, which attracted the sharks’ attention. Goodman explained the growing popularity of coconut water and how Coco Jack could help people enjoy fresh coconut water at home.

With a giant cleaver in hand, he fearlessly demonstrated how most people open them, despite the sharks’ apparent fear that he might injure himself. To their surprise, he revealed his secret weapon: the Coco Jack tools, which allowed him to crack open the next coconut easily and safely. The sharks were undoubtedly impressed.

Before the filming, Dave’s company had enjoyed a remarkable nine-month run, raking in an impressive $325,000 in revenue from direct sales through his website. The manufacturing cost for a single unit amounted to $26.00, while the selling price was $60.00, generating reasonable profits. 

However, when Barbara Corcoran pointed out the lack of organization within the company, she decided to bow out early, followed by Lori Greiner, who deemed the product to niche. Robert Herjavec had a soft spot for the product but had the same reservations and eventually dropped out.

Kevin O‚ÄôLeary saw the potential despite initial setbacks and offered Dave $125,000 for a 50% equity stake. On the other hand, Mark Cuban made a more nuanced offer of $125,000 at 7% interest, which could convert into 25% equity upon conversion. After some negotiations, Dave eventually chose Mark’s offer.

The Shark Tank appearance helped raise awareness for Coco Jack and contributed to the growth and success of the company.

What Happened To Coco Jack After Shark Tank?

After appearing on Shark Tank and securing an investment from Mark Cuban, Coco Jack experienced increased sales and visibility. The show’s exposure helped the company reach a broader audience, making more people aware of the product and its benefits.

Coco Jack Shark Tank Net Worth

Coco Jack continued to expand its product line, introducing additional tools like the Coco Scoop and Coco Noodler, designed to enhance the overall coconut-opening experience. The company’s website also offered educational resources, including video tutorials and tips for using the tools effectively.

However, it should be noted that information about Coco Jack’s current status is limited, as their official website and social media accounts seem inactive or unavailable.

Coco Jack Shark Tank Update

Unfortunately, the deal with Mark Cuban did not come to fruition. However, Dave did not give up and eventually struck a deal with Malibu Rum, who agreed to use their branding on the Coco Jack product packaging. 

Additionally, they divided up the set so customers could purchase just the Coco Jack and Mallet for $36.95 or the advertised pack (as seen on Shark Tank) for $49.95.

However, a new challenge emerged as knock-off products flooded the market, causing the price of Coco Jack to drop on both their website and Amazon.

Dave shared that it costs roughly $26 to manufacture a single Coco Jack unit in the United States. Coco Jack had already generated $325,000 nine months before its Shark Tank appearance.

Following its appearance on the show, Coco Jack enjoyed a surge in popularity. The mallet or hammer with a handle can now be purchased at a lower price. Dave has a strong online presence through Amazon and various local markets, generating revenue for the company on top of the manufacturing costs per unit.

Moreover, adding two new tools has further increased the consumer base. Mark Cuban was pleased with his investment in the right person and business. As of 2023, the Coco Jack website has not been updated, but the product can still be found on various online platforms.

As of 2023, the Coco Jack website has gone offline, and its social media pages have not been updated since 2017. Moreover, the product has been removed from Amazon and is no longer available online.

Despite this, the product had a 3.5-star rating out of 17 reviews on Amazon, with many positive comments praising its ease of use and the scooping tool’s effectiveness at cleaning the meat. The only negative review reported a customer service issue with an incomplete order.

As for Dave Goodman, he still lists Coco Jack as “active” on his LinkedIn profile, but he hasn’t posted anything else. He mentions being a “prodigious writer” with “two books nearing completion,” indicating he may be working on that. He also has a background in music as a musician, composer, and orchestra conductor, suggesting he may be involved in the industry.

Coco Jack seems to have ceased operations and gone out of business despite Dave’s success in generating over $4 million in lifetime sales. The deal with Mark Cuban did not materialize after the episode was filmed.

What Is the Net Worth Of Coco Jack?

The valuation of Coco Jack was $1.5 million when it appeared on Shark Tank. The net worth of Coco Jack is $0 since the company has gone out of business.