Traveling is always fun, and there are new technologies emerging to maximize the experience. Among them is Trunkster, a smart suitcase with built-in GPS, scales, and charging stations. Founders Gaston Blanchet and Jesse Potash were featured on Shark Tank with Mark Cuban and Lori Greiner. Sadly, as of 2024, Trunkster has a market cap of $0, and it seems like it’s in business for much longer.
Founder’s Story
Jesse Potash is from New York, but not much is known about his early life. However, his partner is different. Gaston Blanchet is originally from Argentina, but immigrated to Miami.
In 2008, Gaston received a degree in management from the University of Florida College of Business and subsequently studied abroad in France and the Czech Republic. While in school, he worked as a lecturer at Berlitz and as a sales intern at Walt Disney World.
Building the Ultimate Smart Luggage
Blanchett made many friends during her travels, and Jesse was one of them. In 2014, the two entrepreneurs decided to join forces to start Trunkster and completely change the way people travel.
They developed two luggage designs: “Carry-On” for boarding and “Checked” for checking in at the counter. Both suitcases have no zippers because they use a roll-top model like a garage door. The product also comes with a removable battery, USB port, GPS and scale.
In 2015, the founders launched a crowdfunding campaign on Kickstarter and IndieGoGo, raising $3 million. They also won Shopify’s startup competition that year. This helped Trunkster get $1.5 million in pre-orders.
Trunkster’s Shark Tank Promo
During production, Gaston and Jesse decided they needed to raise more money for growth and product development. They entered the Tank in season seven ready to give up 5% of the startup for $1.4 million.
The Sharks were impressed by the fact that the suitcases were made of aircraft-grade aluminum, making them unbreakable. However, Kevin O’Leary couldn’t help but laugh at their crazy $28 million valuation. They tried to justify the valuation with a “cool” backstory, but the Sharks weren’t buying it.
Kevin offered $1.4 million for 37%, but the founders turned it down. Mark and Lori offered $1.4 million for 15%. After discussion, Jesse and Gaston offered $1.4 million for 5%. If they didn’t get back $1.4 million within 24 months, the equity would double, and a $1 royalty was offered. Mark and Lori quickly accepted the deal.
After Shark Tank – Due Diligence Failure
After Shark Tank, the company failed to make it past the due diligence phase, so the deal with Mark and Lori didn’t close.
Furthermore, Jesse and Gaston’s team failed to fulfill most of the pre-orders that were scheduled to be shipped in 2016. In addition, some people who received Trunkster luggage claimed that the product did not match the prototype in terms of style and overall quality. Recent comments on their Kickstarter campaign are angry customers demanding refunds.Several customers have discussed filing a class-action lawsuit against the company, which is now out of business. Their website is still up, but only features images of the product. Since appearing on the show, Jesse Potash has kept a low profile, and Gaston Blanchett is currently the co-founder and chief marketing officer of StoryPod, a “magical” storytelling speaker for children.
Categories: Shark Tank
Source: svlsf.edu.vn