What is Five Minute Furniture?
Five Minute Furniture is a technology that enables furniture assembly without hand tools, screws, or bolts. The unique Five Minute Furniture system is modular and adjustable, allowing consumers to create the furniture that best fits their living area.
When not used, you can collapse precisely as simply as it folds up. Five Minute Furniture was founded by an architect inspired by a prefabricated bookshelf he saw while working in a retail store.
Five Minute Furniture featured an assembly-free, pre-designed furniture collection in flat boxes that included simple-to-follow assembly instructions and all necessary components.
Five Minute Furniture allows customers to purchase all of their home’s furniture without leaving home, saving time and money. Customers may build the furniture without using screws, nails, or other specialized tools.
|Company Name||Five Minute Furniture|
|Product||Quickly Assembling Furniture|
|Investment Seeking||$250,000 For 25% Equity in Five Minute Furniture|
|Final Deal||No Deal|
|Business Status||Out Of Business|
Who is the Founder of Five Minute Furniture?
Jared Joyce is the founder of Five Minute Furniture. Jared is a seasoned entrepreneur with over 70 patents before starting Five Minute Furniture.
Jared’s LinkedIn profile claims that he is currently a Virtual Consultant. Five Minute Furniture is not mentioned on his LinkedIn profile, and its website does not exist.
Five Minute Furniture Before Shark Tank
The revolutionary locking method used by Five Minute Furniture enables its furniture to be assembled in less than five minutes without tools. The furniture is made of plastic, and each piece locks into place.
Despite the high manufacturing costs, the companies concluded that the benefits outweighed the disadvantages of employing the Five Minute Furniture concept.
As a result, Jared could not reach the market due to the resistance of established furniture makers. He convinced Edison Nation to invest in the company before going on Shark Tank.
The dream was dashed when he could not stock his products in major retailers such as Walmart. Three factors compelled Jared to close Five Minute Furniture.
The hitch is that Jared Joyce’s furniture is now unsold. He is an inventor, not an entrepreneur, and he says he creates income by licensing his inventions, although just one of over eighty products/patents produced revenue thus far. The plug hub is referred to as that.
His claim to fame is that he is compensated for leaving, or so he claims, and I believe him. The Five Minute Furniture product is funded with $250,000 in investor funds, and he is only giving up equity in one product, not in any of his other goods or businesses.
How Was The Shark Tank Pitch of Five Minute Furniture?
Jared Joyce appeared on Shark Tank requesting an investment of $250,000 in exchange for a 25% equity in Five Minute Furniture.
Robert Herjavec jumped in thinking Jared was offering him a piece of his business and exited when he found Jared was merely giving away a fraction of Five Minute Furniture.
Mark Cuban exits after learning that Jared has never returned an investor’s investment on any product.
Lori Greiner makes a $250,000 offer to Jared Joyce for 100 percent ownership of the invention and patent.
If Kevin O’Leary invests in the agreement, she will take over the development and marketing of Jared’s product. This deal appeals to both Daymond and Kevin.
Kevin informs Jared that this is a fantastic bargain for Five Minute Furniture and his product development company, as he now owns a roach motel. You can win a large sum of money with $250,000 cash and yet stay at home.
Jared informs the Sharks that he will make things easy for them. He is keen on collaborating with them, but they are not keen on collaborating with Jared.
Jared is unaware that his attitude has ruined his chances of forming a partnership. Lori even informs him that she approves of their arrangement, and he exits.
Jared requests royalties, but Kevin informs them that there are none included in this arrangement. There is no such thing as royalty. Lori is adamantly opposed to working with him.
He declines the arrangement with any of the Sharks and leaves the Shark Tank stage, securing any deal for Five Minute Furniture.
What Happened To Five Minute Furniture After Shark Tank?
Jared Joyce appeared on Shark Tank with Five Minute Furniture but could not secure any investment from the Sharks.
After its appearance on the show, the Shark Tank effect boosted the sales of Five Minute Furniture; however, the hype could not last long.
The company had difficulties entering traditional furniture retailers in the beginning. The result was that it did not gain the traction it needed to grow.
Additionally, the company could not obtain the capital inputs necessary for the mass production of the furniture.
Five Minute Furniture is out of business as of 2022.
Who is the Investor in Five Minute Furniture?
The Sharks turned Jared down, but Edison Nation could still get him the $250k he sought, only after trading his half of the 5-minute furniture business. Edison Nation connects inventors with manufacturers.
The more products Jared Joyce releases, the more confident he is that he will achieve Great Success.
It will be fascinating to see what he comes up with next, as he is a beautiful source of inspiration for all inventors. It’s hard to believe the Sharks let this one slip away.
What Is the Net Worth of Five Minute Furniture?
The valuation of Five Minute Furniture was $1 million when it appeared on Shark Tank. The net worth of Five Minute Furniture is unknown as of 2022 since the company went out of business.