What Happened to Qubits After Shark Tank?
What is Qubits?
Qubits is a startup that develops technology that allows individuals to create and discover new things. They build engaging experiences that are similar to putting together your own personal toy box.
Mark Burginger, the founder of Qubits, believes that his product will allow him to share his passion for architecture while also encouraging kids. Mark Burginger is a Bend, Oregon resident and the creator of Qubits, a constructing toy for children.
This startup is hard not to be thrilled about since it combines technology and creativity in a very unique way. Qubits has been in business for two years and is quickly expanding.
Who is the creator of Qubits?
Burginger, a former US Air Force member with a degree in design, invented the toys to teach children to think beyond the box, making 3D constructions that are stronger and more flexible than Legos or other currently available building toys.
Mark adds that he is an architect and, like many others, grew up playing with construction toys. He claims that it influenced his decision to seek a profession as an architect in the first place. Architects are in short supply right now due to the state of the economy.
Burginger previously founded, grew, and sold a balloon firm that earned over $200,000 in sales during its peak years, so he does have a track record.
Natural shapes inspire his Qubits toys. While the pieces snap together in the same way as other building toys, their unique shape and flexibility allow for a much wider range of design possibilities than standard blocks.
What happened to Qubits during the Shark Tank pitch?
Burginger has been running his business out of his garage and is concerned about his debt and ability to grow. He opted to pitch his business idea to Shark Tank investors in order to get cash to help him scale the company.
Burginger appeared on Shark Tank in seeking of $90,000 in exchange for 51% ownership of his company, which is worth $176,471.
He shows and discusses his toys briefly. Barbara Corcoran is taken aback and asks a more thorough investigation. Some doubt is expressed by Robert Herjavec.
Typically, Sharks want a bigger percentage than entrepreneurs are willing to offer.
Burginger’s 51 percent offer was very generous, and the Sharks suspect foul play. Herjavec was skeptical about the idea to sell the bulk of the company’s stock.
Burginger claims that he wants to build a solid board of directors and get the Sharks on board with his product.
Kevin O’Leary had asked for details. He’s interested to know how much Burginger was able to sell. The Sharks are skeptical about his $8,000 in sales.
Kevin O’Leary strongly urges Burginger to explore a transaction with one of the Big Four toy makers. Kevin O’Leary saw no investment opportunity in the absence of a contract with a toy company, therefore he abandoned the deal.
Burginger is informed by Herjavec that he is wasting his time because the market is already dominated by Lego, the construction toy juggernaut, and that he is the second Shark to decline to make a bid.
Kevin Harrington, who was also out, believes Burginger will be unable to compete with the large toy businesses. There are just two Sharks left. Barbara Corcoran walks out without saying anything.
Burginger’s bold offer of 51 percent ownership of the enterprise impressed Daymond John, the final Shark and Burginger’s final opportunity. He believes the toy has the potential to become a significant brand.
He offers a good deal, $90,000 for the 51% equity shares, which was exactly what he asked, subject to the following conditions: The offer was conditional on reaching a deal with a major toy manufacturer; finally, both parties strike a deal.
What Became to Qubits After Shark Tank?
Despite the fact that the deal with Daymond John fell through, the two kept in touch. Burginger was coached by Daymond John, who was able to get a deal with Discovery Toys, a toy distributor that uses a home-party model.
The acquisition was a success, and Discovery gave Burginger the platform he needed to bring Qubits to the public’s notice. Sales climbed significantly. Qubits is still a family-owned business with a proven track record of success.
Even without a Shark Deal, Qubits became a hit. As of October 2021, the firm is still in operation. It moved manufacturing to Hendersonville, North Carolina, and earns $1 million each year.
Adobe Target, Optimizely Platform, Dynamic Yield Personalization Suite, Boxever OneView, Insider Growth Management Platform (GMP), Emarsys Customer Engagement Platform, Experience Orchestrator (XO), and IBM Interact are Qubits’ main rivals (Legacy).
Qubits’ Net Worth
During the pitch and after Daymond invested in the firm, the company was valued at $176, 471,Qubits’ net worth is $125,000 respectively. Since then the company is still operating and hence the company net worth might have been higher than that of pitch.
Who are the Qubits’ founders?
Burginger and his best friend, John, are the founders of Qubits. Burginger is an architect who has been in the construction industry for more than 10 years and has had a successful track record in selling balloons before he started selling Qubits.
How does Qubits work?
Qubits can be used by kids and adults alike. The toys are molded in such a way that they slide into each other. The pieces make a nice clicking sound when they connect, so children will know that it’s locked in place and not likely to fall apart. There are several videos available online to show how Qubits works.
How many Qubits pieces?
Qubits comes in sets with different numbers of elements depending on the model they get.
What is Qubits made of?
The pieces of Qubits are made of a high-tech polypropylene material that can be used in a variety of ways. The pieces do not break or chip easy and there is no need for glue.
The pieces can be used to create designs both large and small, or they can connect in endless ways to create endless designs.
Do I have to put them together?
No they don’t have to put them together, they just need to snap the pieces together once they are open.
What is the benefit of Qubits?
The benefits of Qubits lie in the opportunities it brings to children and adults alike. It is an innovative, interactive toy that has endless possibilities. The kit makes a great gift because it can be used in a variety of ways by all ages.
How can I purchase Qubits?
The best way to purchase Qubits is through the official website. Customers can choose from a wide range of models, color schemes, and sets that they can easily navigate and buy.
Is Qubits safe to use by kids?
Yes, Qubits are 100 percent safe to use by children. The pieces perfectly fit together, so they cannot come apart or break easily.
How do I clean the Qubits?
The cleaning of the Qubits is very easy as they can be cleaned by hand using soap and water on a sponge; this will remove any excess dirt. A soft cloth can be used for any remaining spot.
What is the return policy of Qubits?
The return policy of Qubits can be seen on the official website of the company. The company will replace or refund any defective or damaged product without any questions; customer service is available to address other concerns.
What is Qubits guarantee?
The guarantee of Qubits is that the company guarantees that the product will not become defective, crack or break. They will replace any product found to be faulty.
What is recommended by Qubits?
The recommended age for Qubits is 3 years and up. The recommended age is 18 years and above, which the firm enforces in its terms and conditions to ensure the safety of customers.