LockerBones, as presented in Season 5 of Shark Tank, is an innovative organizational solution designed specifically for school lockers. Its primary objective is to help students maximize their locker space while keeping their belongings neatly arranged and easily accessible.
LockerBones is a set of plastic shelving units that can be adjusted and customized to fit various locker sizes. They have various compartments for books, binders, lunchboxes, and personal belongings.
LockerBones’ modular nature allows users to fit it perfectly into their locker, fully using the vertical space often wasted in traditional locker setups. LockerBones is a good choice because it can revolutionize how students use their lockers.
The product provides practical benefits like better space management and psychological benefits by promoting a clean and organized environment that can potentially improve students’ focus and productivity.
Moreover, by keeping their items well-arranged and in one place, students can minimize the risk of losing or forgetting things at school. LockerBones are also durable, easy to install, and can be used in various settings, not just school lockers, making them versatile storage solutions.
They’re an excellent choice for students who need to manage their school locker space effectively and for anyone looking to create more order and efficiency in their storage spaces.
|Greg Cronin and Stephen Coachys
|Product / Business
|Locker shelving and organizer system that can be customized
|Investment Asking For
|$175,000 for 10% equity in LockerBones
|$175,000 for 50% equity in LockerBones
|Lori Greiner and Robert Herjavec
|Season 5, Episode 14
|LockerBones Business Status
What is LockerBones?
LockerBones is an organizational tool designed specifically for students to transform their messy and disorganized school lockers into an orderly and functional space. LockerBones is the solution to the chaos within a student’s locker, invented by a young entrepreneur as a cost-effective solution.
LockerBones are made of high-quality, durable materials that ensure students can quickly and easily locate their books, binders, files, and other school supplies.
The functionality of LockerBones lies in its simple yet effective design that consists of a set of adjustable shelves and dividers, allowing students to customize their storage space according to their specific needs.
This reduces the time spent searching for items in cluttered lockers and promotes responsibility and organization skills, as students must maintain a tidy locker space to reap the full benefits of their LockerBones system.
With various colors and designs available, LockerBones can be personalized to fit each individual’s unique styles and preferences, making it an appealing and practical addition to any student’s locker.
LockerBones is an essential organizational accessory that can significantly enhance a student’s academic experience by promoting efficiency and reducing stress.
Who is the Founder of LockerBones?
LockerBones was co-founded by Greg Cronin and Stephen Simms, who pitched the idea on Season 5 of Shark Tank.
Greg Cronin is a businessman with a background in sales who utilized his skills to help market and sell the LockerBones product. Stephen Simms, an engineer by profession, contributed his technical expertise in the design and production process.
The idea for LockerBones was conceived when Stephen’s daughter started middle school and struggled to organize her locker. Seeing the chaos in her locker, Stephen envisioned a customizable and adaptable locker organization system to maximize storage and ease accessibility.
His daughter’s problem gave him the impetus to turn this vision into reality, eventually leading to the creation of LockerBones.
Before appearing on Shark Tank, LockerBones was primarily a home-based business. The founders were manufacturing the product themselves using traditional woodworking tools.
The system was initially made out of wood, and they were selling directly to consumers, mainly at local school events and online. The business had a modest beginning, but the founders knew they had a unique product that solved a real problem faced by millions of students.
While they had a compelling product, the challenge lay in scaling their production and marketing it to a broader customer base. They recognized the need for a partner who could provide capital and business expertise to take LockerBones to the next level, which led them to pitch their idea on Shark Tank.
LockerBones Before Shark Tank
As an 11-year-old self-proclaimed skater and surfer, Carson Kropel entered Shark Tank with a solution for school transportation. Skateboarding was Carson’s favorite way to get to school, but he could not store his boards during class.
He designed LockerBoard to solve this issue, a skateboard that fits in a backpack and a locker. We’ll let you know if the sharks considered this a solution to a problem or merely a Season 9 gimmick by reviewing the Shark Tank LockerBoard.
LockerBones Shark Tank Recap
When Greg Cronin and Stephen Simms entered the Shark Tank, they asked for an investment of $175,000 in exchange for a 20% stake in their company, LockerBones, valuing the company at $3.5 million.
The duo presented their product passionately, detailing the problems it solved for students trying to maintain order in their lockers and the potential it held in the untapped locker organization market.
They also demonstrated the product’s adjustable shelving units and ease of installation, showcasing its practicality and versatility.
The Sharks were intrigued by the presentation and saw the potential in the product, especially given the large number of school students who could benefit from an organized locker.
However, there were concerns regarding the product’s price point and manufacturing processes, as LockerBones were initially made from wood, which made them expensive to produce and, consequently, more expensive for consumers.
Several Sharks felt that the valuation was too high given the company’s current sales and manufacturing model and bowed out of the deal. However, two Sharks, Robert Herjavec and Lori Greiner, saw the potential for LockerBones if the product could be made more affordable and widely available.
After some negotiation, Robert and Lori partnered to offer Greg and Stephen a deal. They proposed an investment of $175,000, the amount the founders were seeking, but for a 50% stake in the company, which was significantly more than the original 20% stake the founders had offered.
Their deal also involved reconfiguring the manufacturing process to switch from wood to plastic, which would significantly reduce the cost of production and allow them to lower the product’s retail price, making it more accessible to a larger market.
While the offer required the founders to give up a larger share of their company than they initially intended, they recognized Lori and Robert’s value regarding marketing and distribution connections and their expertise in scaling businesses.
Consequently, Greg and Stephen decided to accept the offer, securing a deal that had the potential to expand their business significantly.
Final Deal: Lori Greiner and Robert Herjavec agreed to invest $175,000 for a 50% stake in LockerBones.
What Happened to LockerBones after Shark Tank?
Following the deal struck on Shark Tank with Lori Greiner and Robert Herjavec, LockerBones saw a considerable increase in their business and product recognition.
The primary change was the shift from a wood-based product to a plastic one, significantly lowering the production cost and making the product more affordable and accessible to a larger market.
Lori’s QVC connection was pivotal in taking LockerBones to a broader audience. The product was featured on QVC, which helped to increase its visibility significantly. Moreover, Robert Herjavec’s expertise in scaling businesses was also instrumental in expanding LockerBones’ market reach.
In addition to increasing visibility, the company’s appearance on Shark Tank helped garner attention from large retailers, which allowed them to expand beyond direct-to-consumer sales. Subsequently, Staples, one of the biggest office supply retail companies in the US, picked up the product, which gave LockerBones access to an even wider customer base.
These strategic changes and partnerships allowed LockerBones to scale its business rapidly. The company’s sales and profits grew substantially, and the brand became synonymous with locker organization, proving the value of its Shark Tank deal.
LockerBones performed well, with many positive reviews and a strong market presence in the locker organization niche. For more recent information, please refer to the latest resources.
LockerBones Shark Tank Update
After appearing on Shark Tank in January 2014, LockerBones, a customizable shelving system for school lockers, experienced positive and negative outcomes for its business.
During their pitch, entrepreneurs Greg Cronin and Dr. Stephen Cochys sought a $175,000 investment for a 10% equity stake. However, they accepted a combined investment of $175,000 from Robert Herjavec and Lori Greiner for a 50% equity stake.
Following their appearance on Shark Tank, LockerBones had some success. The company secured a deal with Staples and was invited to participate in their Back to School program.
This partnership provided LockerBones with increased visibility and helped boost their sales. However, as of 2023, LockerBones products are no longer available on Staples or Amazon, and the company’s social media has been inactive since 2018.
LockerBones’ current status is subject to conflicting information. According to some sources, LockerBones continues to operate and can be found on the company’s website and on Amazon.
However, others claim the company has been inactive online since 2014 and is no longer available on Staples’ website. Therefore, it is unclear whether LockerBones is still actively operating.
To summarize, after appearing on Shark Tank, LockerBones initially experienced success with a partnership with Staples and participation in their Back to School program. However, their products are no longer available on major online platforms, and the company’s current status is uncertain.
Is LockerBones Still in Business?
According to our research, LockerBones is still in business and thriving as of 2023. LockerBones is a set of adjustable shelves designed for school lockers to aid in organization.
Following their appearance on Shark Tank in 2014, LockerBones gained traction and secured deals with Staples and Amazon, contributing to their success.
LockerBones products are available on their website or on Amazon. However, their social media presence has been inactive since 2018.
Regarding financial information, LockerBones had an estimated net worth of $2 million. The company experienced significant growth after appearing on Shark Tank and was reported to generate annual revenue of $1 million.
What is the Net Worth of LockerBones?
According to our research, LockerBones’ net worth is $2 million as of 2023. LockerBones’ valuation was $350,000 after securing a deal from Robert Herjavec and Lori Greiner on Shark Tank.
Also, read other notable businesses from Season 5 of Shark Tank: