It’s always great to see kids pitching products on Shark Tank. 13-year-old Maddox Prichard pitched his invention, the Measuring Shovel, a gardening shovel with a built-in yardstick. Although they reached an agreement with Kevin O’Leary and Lori Greiner, the deal was not completed. As of 2024, the Measuring Shovel is valued at $250,000.
Maddox Prichard’s Background
Maddox Pritchard is from Nashville, Tennessee. He has a sister named Brenna, and his mother, Amanda, works as the CFO for Sumner County Schools. Unfortunately, his father passed away in July 2019 from cancer.
When Maddox was in fourth grade, he had a school project to invent something that would make life easier. His mom asked him to help in the garden, and he experienced the inconvenience of having to use a tape measure after each hole he dug.
This was done to help the plants grow properly, but it was cumbersome. After a long brainstorm, young Maddox finally came up with the idea of making a shovel with a built-in measuring scale.
Create a measuring shovel
The Tennessee native built a prototype at age 10 and presented his invention at national and Tennessee invention conventions, winning him several awards for his simple yet unique product.
He has also been a speaker and even a judge at several events. Thanks to the features included in this product and its novel design, it makes gardening easy and precise.
Pritchard’s principal persuaded him to apply for a patent. A local attorney generously helped him apply for a patent at no charge. To launch his startup, he needed help from an experienced entrepreneur.
Shark Tank
Although the company was still in the pre-IPO stage in 2019, the founders and their family were sure they would make a deal. They joined the show in season 11, offering a 15% stake for $40,000.
Maddox and Amanda were in charge of publicity, while Jason and Brenna were in charge of presentation. The Sharks were impressed with what Maddox had accomplished at such a young age. Plus, they didn’t mind that production hadn’t started yet.
Kevin O’Leary and Lori Greiner suggested that Maddox accept the licensing agreement and offered $40,000 for 30%. Guest investor Daniel Lubetzky offered $40,000 for 25% if the founders wanted to participate personally. Maddox chose Lori and Kevin, but he negotiated an additional $10,000, but O’Leary would not budge.
What happened after Shark Tank?
Five years later, The Measuring Shovel has still not been released to the market and has not generated any revenue. According to Sharktankblog.com, the deal with Kevin and Lori was never completed.
The company is still in operation today and its website is active. In September 2023, Maddox posted on Facebook that he was working with a company to make a measuring shovel. Despite the delay, Maddox performed well under great pressure when pitching, and I am sure his parents would be proud of him!
Currently, the measuring shovel is worth an estimated $250,000 because they hold the patent. Hopefully, they can strike a licensing deal with a large company and earn income through royalties alone.
Categories: Shark Tank
Source: svlsf.edu.vn