VestPakz Shark Tank Update | VestPakz Net Worth

VestPakz is a backpack product featured on Season 6 of Shark Tank. Created by Michael Wooley and his daughter, this invention addresses the common problem of back pain and shoulder strain caused by traditional backpacks.

VestPakz puts the weight of books and supplies evenly across the torso, allowing the wearer to carry them comfortably with the weight distributed evenly across the torso instead of on the shoulders.

VestPakz looks like a vest with adjustable straps over the shoulders and around the midsection, providing a snug, secure fit. This design ensures the weight is not solely on the shoulders, reducing discomfort and potential long-term health concerns.

The interior of the VestPakz includes ample storage space, with various compartments for efficient organization. Furthermore, the material used in the construction is both durable and lightweight, making it suitable for everyday use.

The innovative design of VestPakz is an excellent choice for students, travelers, or anyone who carries heavy loads regularly. Its distinctive design can help to mitigate back and shoulder issues linked to traditional backpacks.

Moreover, VestPakz provides new comfort while keeping items organized and easily accessible. In essence, VestPakz reflects an evolution in backpack design, combining ergonomics principles and practicality to create a solution that promotes better posture and health.

What Is VestPakz?

VestPakz is a backpack vest that combines functionality and comfort for easy storage and transportation of school supplies and other items. The VestPakz design combines a vest and backpack, allowing for even weight distribution and reducing strain on the shoulders and back.

The product includes front and rear pockets, providing ample storage space for various items. The VestPakz design is a revolutionary combination of a vest and backpack. This innovative design is engineered to distribute weight evenly, relieving strain and discomfort on the shoulders and back.

VestPakz prevents the strain of a traditional backpack by incorporating a vest into the design. VestPakz boasts ample storage space as one of its key features. With front and rear pockets, there is plenty of room to store and organize various items.

The front pockets are perfect for quick access to smaller items such as keys, snacks, or a phone. Meanwhile, the rear pockets offer additional storage space for larger items like a water bottle, extra clothing, or even a laptop. This versatility allows you to carry everything you need without compromising comfort or causing strain.

In addition to its practical design, the VestPakz offers durability and comfort. Constructed with high-quality materials and ergonomic design elements, it ensures longevity and a pleasant experience while wearing it. The adjustable straps enable a customized fit for various body types, ensuring everyone can benefit from the ergonomic principles of this product.

Compared to traditional backpacks, VestPakz offers a more innovative and ergonomic design. It is ideal for students who have to carry heavy loads and want a practical and comfortable solution.

VestPakz offers a convenient and efficient way to carry items, particularly for students who seek a comfortable alternative to traditional backpacks.

Who Is The Founder Of VestPakz?

VestPakz was co-invented by Michael Wooley and his daughter Ashleigh Wooley. Michael Wooley is an experienced industrial technician with years of knowledge and understanding.

However, the inspiration for VestPakz stemmed from his daughter, Ashleigh Wooley. As a 12-year-old schoolgirl, Ashleigh struggled with the weight of her backpack. It was causing her back pain and discomfort, prompting her to seek a solution.

Recognizing the widespread issue of heavy backpacks among school children, Ashleigh conceptualized a vest-like backpack that would distribute weight evenly across the body. She sketched the initial design of VestPakz and approached her father with the idea.

With his background in industrial technology, Michael Wooley brought Ashleigh’s concept to life. He crafted the prototype and later patented it. From then, the father and daughter team worked on developing and refining the product before launching it.

Before appearing on Shark Tank, VestPakz was a moderately successful venture. The product was even picked up by a large retail company for distribution, which provided a significant boost.

However, the Wooleys wanted to expand their business further and sought the opportunity to appear on Shark Tank.

Their goal was not only to gain financial investment but also to leverage the business acumen and connections of the Sharks to bring VestPakz to a wider market. Therefore, the appearance of Shark Tank was seen as an opportunity to take its unique product to the next level.

How Was The Shark Tank Pitch Of VestPakz?

Michael Wooley and Arthur Grayer, the entrepreneurs behind VestPakz, entered the Shark Tank seeking a $50,000 investment for 10% equity in their company, valuing VestPakz at $500,000.

They showcased a unique backpack vest for kids, which aimed to distribute weight evenly across their torso, thereby reducing discomfort and back pain associated with traditional backpacks.

They demonstrated the utility and design of the product with child models and distributed samples to the Sharks. Despite the innovative design, the Sharks were keen on the financial specifics of the business.

The cost of manufacturing a single VestPakz unit was revealed to be $4.75, and the selling price was $14.88. However, the company had only managed to make $10,000 in sales in the first two months of the year they appeared on Shark Tank.

Furthermore, Michael Wooley provided a perpetual 6.5% royalty per unit sold to Arthur Grayer for a product manufacture license. The Sharks were not impressed by these numbers and the perceived lack of entrepreneurial credibility.

Due to the low sales figures and concerns about the business’s credibility, Kevin O’Leary was the first Shark to drop out.

Robert Herjavec followed suit, and Mark Cuban pulled out next, stating he had too many unanswered questions.

Barbara Corcoran believed it was a good product but felt the entrepreneurs were not the right fit for the business. Lastly, Lori Greiner withdrew from the deal, doubting the product’s consumer demand.

None of the Sharks made an offer. This forced Michael and Arthur to leave the Shark Tank without any deal.

Following its appearance on Shark Tank, VestPakz struggled to find its footing in the market and went out of business shortly after. Despite the innovative idea, the product could not generate sufficient consumer demand, which validated the Sharks’ reasons for not investing in the company.

Final Deal: No deal between VestPakz and Sharks.

What Happened To VestPakz After Shark Tank?

After their unsuccessful pitch on Shark Tank, VestPakz and its co-founders, Arthur Grayer and Michael Wooley, faced significant challenges. Despite their attempts to raise funds through an Indiegogo campaign, the results were disappointing, as they could only gather $95 out of their target goal of $50,000.

With insufficient funds to keep the business operational, VestPakz went out of business shortly after appearing on Shark Tank. The company’s online presence was also limited. 

Although they had a domain name, Vestpakz.com, it redirected to Eastsport, a site where the VestPakz were sold. Interestingly, even before their Shark Tank episode aired, VestPakz was marked as “out of stock” on the Eastsport site.

This suggests they might have exhausted their inventory or faced challenges maintaining adequate stock levels. By the end of 2015, the VestPakz page on Eastsport was removed, indicating the discontinuation of the product.

Despite the setback, the individuals behind VestPakz moved forward. Arthur Grayer, a long-time employee of Eastsport, continued his role as the Senior V.P. of Sales and Merchandising.

Eastsport, the company where the VestPakz was sold, remained operational and continued to sell various types of bags and apparel as of 2023. The fate of Michael Wooley, on the other hand, remained unclear.

It’s speculated that he may have returned to his day job or potentially lent a hand in Arthur’s work at Eastsport. In conclusion, despite the promising concept behind VestPakz, the lack of financial backing and low sales led to the dissolution of the company.

The founders’ paths diverged, with Arthur Grayer continuing his longstanding career with Eastsport while Michael Wooley’s subsequent endeavors remained unknown.

While there’s a possibility they might return to the entrepreneurship scene with a new invention, as of now, their focus appears to lie elsewhere.

VestPakz Shark Tank Update

After appearing on Shark Tank, VestPakz faced several challenges and ultimately went out of business. The product, a combination of a vest and a backpack designed to distribute weight evenly, sought a $50,000 investment in exchange for 10% of the company on the show.

However, the Sharks expressed skepticism due to low sales of $10,000 in two months. The licensing agreement with Walmart did not generate significant interest, and the Sharks questioned the credibility and sales of VestPakz.

As a result, Kevin O’Leary, Robert Herjavec, and Mark Cuban opted out of the deal, while Barbara Corcoran and Lori Greiner also expressed concerns and decided not to invest. VestPakz’s crowdfunding campaign also failed to reach its goal.

Following their appearance on Shark Tank, VestPakz eventually went out of business, and their website redirected to Eastport, indicating a potential exclusive license deal. However, all VestPakz products on Eastport’s site were out of stock before the Shark Tank episode aired, suggesting a missed opportunity for potential customers.

Arthur Grayer, one of the entrepreneurs behind VestPakz, continued working at Eastport after the business closed. On the other hand, the current activities of Michael Wooley, the CEO of VestPakz, remain unknown.

Is VestPakz Still In Business?

Our research shows that VestPakz is no longer in business. After their appearance on Shark Tank, VestPakz faced challenges, including low sales and concerns about the entrepreneurs’ credibility.

VestPakz eventually went out of business, and their website and the VestPakz page on Eastport’s site are no longer active.

The VestPakz website currently redirects to Eastport’s site, indicating a potential exclusive license agreement. However, all VestPakz products on Eastport’s website were listed as “out of stock” before their Shark Tank episode aired.

Given the closure of the business and the lack of availability of their products, it can be concluded that VestPakz is no longer operating.

What Is the Net Worth of VestPakz?

According to our research, the net worth of VestPakz has been unavailable as of 2023 since the company is out of business. The valuation of VestPakz was presented to be $500,000 when it appeared on the Shark Tank show.

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