The guitar is arguably the most popular instrument in the world, but learning to play it can be challenging. Chord Buddy aims to make guitar lessons easier by helping beginners learn the four basic chords to play almost any song. Founder Travis Perry brought the product to Shark Tank and struck a deal with Robert Herjavec. As of 2024, Chord Buddy is valued at $6 million.
Travis Perry’s Background
Travis Perry is a music teacher from Dothan, Alabama. He attended Troy University, but his bachelor’s degree is unknown, but he worked in real estate but left when the economic crisis hit.
Perry revealed that he has been teaching people to play guitar for more than a decade. In fact, he has reportedly had thousands of clients sign up for his private training program. As a result, Travis has seen some clients give up due to frustration and finger pain.
The idea behind Chord Buddy
Travis is also a loving father, and when he decided to teach his daughter to play guitar, he wanted her to have a fun learning experience. This gave him the idea to create a device that would make learning easier.
He invented a simple device that attached to the neck of a guitar. Once connected, you could press four colored buttons to automatically play the G, D, C, and E minor chords. That was enough to play thousands of songs.
When users learn to play any chord on their own, they can remove the corresponding button on the device. Chord Buddy launched in 2010 with an instructional DVD and a book. Within 18 months, the company had revenue of more than $150,000.
Chord Buddy Tone
By 2012, Chord Buddy was making waves in the music industry, but the company was on the verge of bankruptcy. He appeared on the third season of Shark Tank, seeking $125,000 in funding in exchange for a 10% stake.
The founder’s love for music and his invention was very evident during his presentation. After introducing his product, Robert Herjavec joined Travis on stage and played a few songs using the ingenious device. Travis came across as a very likeable guy and had the Sharks laughing with some of his great lines.
Kevin O’Leary and Daymond John were the first to make an offer. However, they were overshadowed by Barbara Corcoran and Robert. Travis ultimately chose Robert, who paid $125,000 for a 20% stake.
Success after Shark Tank
As part of the deal, Robert Herjavec was paid $125,000 upfront, with the remaining $50,000 going toward infomercials. When the cameras stopped rolling, Chord Buddy signed a three-year deal with QVC and Lori to increase their exposure.
Country singers John Rich and Jimmy Fallon endorsed the product, which is now sold on Amazon, Walmart, and ChordBuddy.com. In addition to television, they have successfully used online marketing to expand their customer base. By 2013, Chord Buddy had sales of $3 million.
The guitar accessory received a 4.3-star rating from 291 Amazon reviews. This motivated Travis to continue to focus on growing the business. Currently, the company has an annual revenue of over $1 million and a valuation of $6 million.
Categories: Shark Tank
Source: svlsf.edu.vn