People love listening to music, and enjoying music while traveling is a unique pleasure. However, carrying a big speaker for loud music isn’t practical. To solve this, Michael Szymczak and Jason Lucash invented OrigAudio, a company that makes portable speakers.
The company’s product, Rockit, uses vibration technology to turn any hollow object into a speaker. Michael and Jason seek investment and help from the Sharks to take their business to the next level.
Did any of the Sharks invest in their business? Let’s find out the current status of their business.
| Company Name | OrigAudio | |
| Founder/Co-Founder | Michael Szymczak and Jason Lucash | |
| Founded | 2009 | |
| Product | Portable Speaker | |
| Asked For | $150k for 15% equity | |
| Final Deal | $150k for 15% equity | |
| Shark | Robert Herjavec | |
| Episode | S2 E7 | |
| Air Date | April 29th, 2011 | |
| Business Status | Acquired by HPG | |
| Website | Visit Website | |
| Headquarters | Danville, California, United States | |
| Lifetime Worth (Sales) | $25M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
In Shark Tank Season 2 Episode 7, Michael and Jason demonstrated their company’s 2nd product, the portable speaker Rockit, which uses vibration technology. They also revealed their eco-friendly speaker that runs on power from iPods.
They asked the Sharks for $150k in exchange for 15% equity in their company. Jason revealed that they had been in business for one year and had already completed total sales of $750,000.
Jason broke down their business sales, revealing that their first product, Fold and Play Recycled Speakers, generated $500,000 in sales, while their Rock-It product generated $250,000 in sales. These sales were achieved through 500 retail stores across the United States and their website.
Their net profit stands at $150,000, which is too low for them to draw a salary.
Robert Herjavec asked why they needed the investment. Jason explained that they required the funds to expand their business, hire more employees, cover accounting fees, and invest in marketing.
Kevin O’Leary stated that it’s a competitive space and making a profit in this industry is quite challenging, so he is out.
Daymond John offered $300k for 100% equity in the company. Barbara Corcoran also showed significant interest and offered $150k for 25% equity.
Robert Herjavec offered exactly what Michael and Jason were asking for: $150k for 15% equity.
Mark Cuban said that his 24-second clock had expired, so he was out.
Michael and Jason decided to accept Robert Herjavec’s offer.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | No Offer |
| Kevin O’Leary | No Offer |
| Robert Herjavec | $150k for 15% equity |
| Barbara Corcoran | $150k for 25% equity |
| Daymond John | $300k for 100% equity |
| Founder’s (Countered) | No Counter |
| Final Deals | $150k for 15% equity |
OrigAudio Rock-It Speaker Shark Tank Update
After the episode aired, OrigAudio’s Rock-It and Fold and Play Recycled Speakers received significant attention and many people placed orders for the products.
In Season 3, Episode 1 of Shark Tank, it was revealed that after the appearance on the show, OrigAudio’s total sales had reached $4 million.
In September 2018, HUB Promotional Group acquired OrigAudio. Michael and Jason worked with the company for five years. After leaving HPG (formerly HUB Promotional Group) in 2023, they started their own business called Rupt, which focuses on creating products from recycled materials.
Check out Shark Tank Season 2 Business Update.
Here is a list of more businesses from Season 2 with their progress reports:
