Entrepreneur Jared Waters pitched his business on Shark Tank Season 15, showcasing miniature cinder blocks and other mini construction materials that can be used for play or small projects. Mini Materials offers a range of tiny construction supplies and miniature blueprints for DIY projects.
Did any of the Sharks invest in this mini construction supplies business? Let’s find out what happened and how the business is doing now.
| Company Name | Mini Materials | |
| Founder/Co-Founder | Jared Waters | |
| Founded | 2022 | |
| Product | Mini construction supplies | |
| Asked For | $100k for 20% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode | S15 E6 | |
| Air Date | Nov 3rd, 2023 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Jacksonville, Texas, United States | |
| Annual (Revenue) | $0.5 Million *estimated | |
| Worth / Valuation | $500,000 | |
| Buy and Watch | Buy Now | Amazon Prime |
What Is the Background of The Founder?
Jared Waters is the owner of Mini Materials. He bought the company in 2022 from an unknown person for $200,000. Before owning this company, Jared worked at multi-billion dollar companies like REI, Netflix, and Business Valuation Resources, LLC.
Business Pitch Episode Recap
Jared asked the Sharks for $100,000 in exchange for 20% equity in his company. He demonstrated his mini construction supplies product and explained that he saw a viral post on Reddit featuring a whole pallet of mini cinder blocks. He then contacted the original founder and purchased the company for $200,000.
Jared revealed that he obtained the $200,000 through a HELOC (Home Equity Line of Credit) against his house. He mentioned that the profit margin on individual products ranges from 50% to 93%. Last year, in 2022, his company generated $200,000 in sales.
He explained that a custom-printed 1:12 scale mini cinder block pallet costs $20 but is made for just $4.
Daymond John expressed concern, saying the product seems too expensive and is likely targeted at enthusiasts or hobbyists. He also questioned whether the product is suitable for children.
Jared explained that his target age group is kids between 8 to 12 years old. Daymond then asked, “What’s the average?” but Jared couldn’t provide an answer. As a result, Daymond decided to say, “He is out.”
Kevin O’Leary asked, “Are you making money on the $200,000?” Jared responded that the business is profitable, and he took a salary of $55,000 last year. Kevin then said the business is too small for him, so he is out.
Lori Greiner doesn’t believe the business is investable for her, so she is out.
Robert Herjavec believes that a good business should generate $2 million to $3 million in annual sales. He does not see the scalability in this business, so he is out.
Mark Cuban feels that this is a new industry that will take decades to sustain. He is not ready to commit to being involved for such a long period, so he is out.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Robert Herjavec | No Offer |
| Kevin O’Leary | No Offer |
| Mark Cuban | No Offer |
| Daymond John | $32.5k for 16.65 equity |
| Lori Greiner | $32.5k for 16.65 equity |
| Founder’s (Countered) | $65,000 for 25% equity |
| Final Deals | $65,000 for 33.3% equity |
Mini Materials Shark Tank Update
Unfortunately, Mini Materials did not receive an investment from the Sharks. However, being featured on the show provided free nationwide promotion, leading to a 4x increase in sales growth.
While researching the company, we noticed that similar mini-construction supplies are being sold on Amazon under various company names, and people are buying them.
As of September 2024, Mini Materials’ lifetime sales are estimated at $4.8 million. However, it seems that the company is not experiencing the same level of growth as before.
Check out Shark Tank Season 15 Business Update.
You can see some businesses from Season 15 here.
