Entrepreneur of 5 Minute Furniture In season 3, episode 302, Jared Joyce appeared on the Shark Tank with one of his more than 80 inventions.
Jared designed furniture that can be erected in less than five minutes without the use of screws, glue, or instructions.
He has over 30 designs for his Five Minute Furniture, which can be adapted to nearly any three-dimensional piece of furniture, from bookcases to end tables.
Jared is a prolific creator who believes Five Minute Furniture should not be licensed because the world will always require furniture.
Five Minute Furniture is a series of incredibly easy-to-assemble furniture. There are no tools necessary!
Jared Joyce of Bozeman, Montana, pitched his innovative interlocking joint furniture technology on Shark Tank in February 2012.
He entered the Tank seeking a $250,000 investment in exchange for a 25% stake. While Joyce stated that he had made “no sales to date,” he did inform the Sharks that two companies were interested in licensing his furniture technology.
Regrettably, Joyce exited the Tank without concluding a transaction.
Table of Contents
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 in use, it collapses precisely as simple 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.
This enabled clients to purchase all of their home’s furniture without leaving their home, saving both time and money.
Customers may build the furniture themselves without the use of 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?
Five Minute Furniture was invented by Jared Joyce. To call Jared, a seasoned entrepreneur is an understatement.
He already possessed over 70 patents before starting Five Minute Furniture.
The LinkedIn profile of Jared 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 his 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 was unable to reach the market due to the resistance of established furniture makers.
He was able to convince Edison Nation to invest in the company before going on Shark Tank.
The dream was quickly 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 entered the Shark Tank seeking a $250K investment in exchange for a 25% stake in his business.
Other investors, including Edison Nation, had also committed, leaving little room for equity. Because the firm was still in its infancy when the show initially aired, there were no sales.
Kevin O’Leary wants to see sales, particularly given the business’s $1 million valuations; he has his reservations.
Robert lacks confidence in Jared’s ability to recoup his investment in Five Minute Furniture, and Daymond desires a portion of Jared’s other creations; they are both out.
Mark Cuban believes that there are already too many individuals involved with Five Minute Furniture, and hence he is exiting as well.
Lori makes an offer of $250K for the entire business, which Kevin matches.
Jared was more interested in establishing a connection with the Sharks and forming a partnership. He is not in the market to sell and hence declines the offer.
Shark Views on Five Minute Furniture
Daymond is informed by Jared Joyce. The issue with you requesting a piece of my other items is that you are saying, “Hey, let’s get married,” but I am saying, “get me a drink first.”
“This is a real slick Willy,” Daymond John says immediately upon hearing Jared ask for a drink first.
Robert Herjavec jumped in thinking Jared was offering him a piece of his business, and exits when he finds Jared is 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 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, which would result in a refund to his investors, and he leaves without reaching an agreement.
Five Minute Furniture After Shark Tank
Jared was unsuccessful in his attempt to enter his furniture in Wal Mart’s Get On the Shelf contest, but he continues to pursue manufacturing plans for Edison Nation.
In 2013, the world’s attention may be drawn to Five Minute Furniture in a colossal way.
Jared is not permitted to reveal anything about Five Minute Furniture at this time due to non-disclosure agreements.
Still, Shark Tank Blog will continue to track the evolution of this up-and-coming business.
Jared retains the patent for the furniture but has not been able to secure a license. He is constantly innovating and inventing, having worked on over 200 things.
He is still producing new stuff as of July 2021. On his website, you may view some of the things he brought to market.
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 mass-production of the furniture.
The value of the venture was overstated by Jared. The $1 million price tag on the enterprise before it had generated any sales scared away investors (the Sharks) who might have saved the venture.
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.