Entrepreneur Jared Joyce pitched his business on Shark Tank Season 3, showcasing his product line called Five Minute Furniture. This line offers various furniture items like tables, bookshelves, chairs, and desks, all designed with a unique patented joint system that allows them to be assembled in just five minutes.
He wants to expand his business nationwide and provide a better alternative for those who face issues with assembling furniture. To achieve this, he needs the Sharks’ help. Did any of the Sharks invest in his business? Let’s find out.
| Company Name | Five Minute Furniture | |
| Founder/Co-Founder | Jared Joyce | |
| Founded | 2003 | |
| Product | easy assemble furniture lines | |
| Asked For | $250k for 25% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode | S3 E6 | |
| Air Date | Feb 24th, 2012 | |
| Business Status | Out of Business | |
| Website | Visit Website | |
| Headquarters | Bozeman, Montana, United States | |
| Annual (Revenue) | $0M *estimated | |
| Worth / Valuation | $1 Million | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Jared asked the Sharks for $250,000 in exchange for 25% equity in his company and demonstrated his product.
When Kevin O’Leary asked about sales, Jared explained that he hasn’t made any sales yet because his focus is on licensing, and two companies are already interested in a licensing deal.
Jared mentioned that he holds a total of 80 patents, but only one of them has generated revenue. That product is the Plug Hub, which has sold 10,000 units. He also shared that he has spent a total of $250,000 on his business so far.
Jared clarified to the Sharks that the equity he was offering was only for the Five Minute Furniture company, which includes only the furniture product lines. He mentioned that they could discuss the equity for his other products at a later time.
Daymond John decided not to invest in the business because Jared didn’t completely open up about his company and its full potential.
Mark Cuban asked about how Jared planned to raise money for the other 79 products and provide returns to investors. Jared explained that since 2003, he had raised a total of $1 million but hadn’t returned any money to investors yet. Mark then decided to opt out of the deal.
Robert Herjavec mentioned that he didn’t trust that Jared would be able to return his investment, so he decided to opt out as well.
Lori Greiner and Kevin O’Leary teamed up to offer $250,000 for 100% equity in the Five Minute Furniture Company. Jared declined the offer, stating that he would only consider it if a royalty arrangement were included. As a result, the deal did not go through.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | No Offer |
| Kevin O’Leary | $125k for 50% equity (Lori) |
| Robert Herjavec | No Offer |
| Lori Greiner | $125k for 50% equity (Kevin) |
| Daymond John | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | No Deals |
Five Minute Furniture Shark Tank Update
After the episode aired, there was no positive news regarding Five Minute Furniture. One possible reason could be that Jared did not put in enough effort to pitch his product to other investors.
During our research, we found that as of August 2024, Jared Joyce has invented over 200 products and has secured patents for them. He is currently offering licensing deals for his innovations.
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