What if we told you there was a way to make one trillion dollars? The answer is yes, there is a way to achieve this lofty goal and it doesn’t involve becoming a world-famous entrepreneur. Naib Hussain and Ryan Fant decided to come up with a Smart Vent system that would go on Shark Tank and make them millionaires. So how did it go? Have they managed to make their dream a reality? This article will show you everything that happened on their way to Shark Tank glory and afterward!
Who are the Creators of Smart Vent?
This is actually what inspired the main creator, Ryan Fant, to come up with the idea in the first place. He was constantly waking up in the middle of the night because of the hot air blowing and his face being too close to the window.
What pushed him to create a vent system of his own was his visit to his parent’s home. When he inspected their vents, he found out that if you could automatically close them when needed, his parents could save some money on their energy bill. So he went his way to create a small vent that he could control from his phone, and Shark Tank’s “trillion-dollar idea” was born.
The idea was first initially fined with an Indie Go-Go campaign, which was a big success. Ryan and his team managed to raise over $ 40,000 in just a few weeks. And even back then he managed to attract the attention of some investors, raising $ 1,6 million dollars in seed funding. He decided to name his business Keen Home to promote his events better.
How Smart Vent works is really simple, and it can be installed in any home in just a few minutes. By replacing the regular vents with Smart Vents, you have a way to create different heating zones in your home. So if you want the living room to be warmer than the bedroom, you can do that without any problem.
Not only will this save you money on your energy bill, but it will also make your life a lot more comfortable. No more waking up in the middle of the night because of the heat or cold, and no more having to adjust the thermostat manually.
Ryan then teamed up with Naib Hussain, his business partner, and both decided to head over to Shark Tank in order to present their idea and product. [1] [2] [3]
Smart Vents at Shark Tank
As we have mentioned before, Ryan and Naib have managed to attract the attention of big investors even before going on Shark Tank. However, they decided that this show could help them take their business to the next level. So they applied and were selected to be a part of episode 620. This was back in 2015, so how has the pitch go?
The duo was asking for a $ 750,000 investment in exchange for a 10% stake in their company. This was a pretty bold move, given that they have only been in business for about not even a year. The reasoning they gave was that they need the money in order to expand their growing business even further and to be able to reach more people.
The duo explained why their product is so unique and how it can change people’s lives for the better. They mainly focused on the Smart Vent’s potential to cut heating costs from 10% to 30% per month.
Sadly, Mark didn’t have much faith in this product, since he believed it was a feature, not a product. Lori was also against investing, as she found the idea frankly confusing.
The start wasn’t the best for the duo. Thankfully, Kevin O’Leary aka the Mister Wonderful was there to save the deal and he decided to offer them the amount of money they asked for, but with a very high-interest rate of 25%. Robert agreed that this was too much and decided to team up with Kevin and offer the same amount of money for a 20% stake. Kevin changes his mind and offers $ 750K but for the 8.5% interest and 10% equity stake in their company. This is the offer they eventually went with and it seems like it was a good decision, as Smart Vents are now one of the most popular brands on the market. Robert is very interested in this product and counters that with 13%. Lori changes her mind and also offers an investment. And near the end, Daymond decided to join in too, with a 20% stake for $ 750K.
The duo discussed it between themselves and eventually went with Robert’s offer. [2] [3]
Smart Vents After Shark Tank
So, what happened after Shark Tank and did the investment help Smart Vents grow even more? As far as exposure goes, it’s hard to beat being on Shark Tank. After their episode aired, Smart Vents saw a surge in traffic to their website and an uptick in sales.
But was the hype train long-lasting? Well, the Keen Home team managed to close the deal with Robert which helped them a lot. This gave them not only the money they needed to grow but also access to Robert’s wide network of contacts.
With this fresh injection of cash, they were able to invest more in marketing and create even better products.
In 2019, Keen Home decided to merge with Ecovent, another company that creates similar products. This was a great move for them, as it helped them expand their reach even further and solidified their position as one of the leading companies in this industry. The company is now acquired by ConnectM Energy Solutions.
Unfortunately, we weren’t able to find the information on the revenue or the number of units sold since the episode aired. However, it’s safe to say that Keen Home is doing great and their time on Shark Tank was definitely a success.
As for its social media presence, Keen Home has an Instagram page with a little under 1,000 followers. Which indicates they aren’t really active online.
The products are receiving thousands of positive reviews on Amazon, with people praising their easy installation, great customer service, and most importantly – the money they save on energy bills.
Smart Vents now are compatible with a variety of smart devices, from Alexa to Google Home, and even Nest. So, if you’re looking for a way to cut down on your energy bills, Keen Home’s Smart Vents are definitely worth checking out.
Naib Hussain and Ryan Fant had also come up with a mini version of the product which was a hit in the market and was known as “The Flair Puck” which is a round, palm-sized device that can be used for window vents and central systems. It is available for $ 119 for one.
You can also find a detailed installation and set-up guide on their website, in case you’re not sure how to go about it.
All in all, it seems like the Shark Tank deal was a success for both parties involved. Robert Herjavec got himself a piece of a growing company and Keen Home got the exposure and cash they needed to take their business to the next level. [2] [4] [5]
FAQ
Is Shark tank real?
The short answer is yes, Shark Tank is a reality television show. The long answer is that it is a little more complicated than that. Shark Tank is a reality TV show that features entrepreneurs pitching their business ideas to a panel of potential investors, or “sharks.” However, the show is not entirely unscripted. While the pitches and negotiations are real and so are the sharks, the show is edited and produced in a way that creates a more entertaining and dramatic experience for viewers.
What was the most successful product turned down on Shark Tank?
One of the most successful products turned down on Shark Tank was the Ring. Everyone cares about their home’s security, which is why the Ring was such a great product. The company that owns the Ring was looking for an investment for their product. The Sharks were not interested in this deal and so were many many other investors. Contrary to everyone’s expectations, the Ring was a huge success. It is now owned by Amazon and made a billion in sales!
What are the biggest failures of Shark Tank?
Unfortunately, even if the business gets a deal, that doesn’t mean it will be successful. In fact, some of the most popular businesses from Shark Tank have failed.
Here are some of the biggest failures:
- The people behind The Sweet Ballz had an internal dispute and it went as bad as the lawsuit. All this happened shortly after the episode aired and caused them to miss out on some big opportunities. The business is now defunct;
- Another big failure is ToyGaroo, a toy rental service similar to Netflix. They raised $ 250,000 from Mark Cuban and Kevin O’Leary in the Second Season but the shipping costs and sourcing prices for the toys proved to be too high. The company had to shut down;
What do the Sharks on Shark Tank ask?
The Sharks on Shark Tank are always looking for new and innovative ideas that have the potential to make a lot of money. They are also looking for entrepreneurs who are passionate about their product or service and who have a clear plan for how to make it successful.
Some of the specific questions the Sharks may ask include:
- What is your product or service;
- How does it work;
- Who is your target market;
- How much does it cost to produce or deliver your product or service;
- How much do you charge for your product or service;
- What is your sales process;
- How do you plan to market your product or service;
- Is your product or service unique;
You do need to know how to sell yourself and your product or service in order to make a good impression on the Sharks. Remember, they are looking for businesses that have high growth potential and that are likely to be profitable.
Useful Video: Nayeem Hussain of Keen Home
Conclusion
Who’d known that a proposal to create something that would help one to cool the room evenly would be called a trillion dollar idea? We promise that this is the last time we’ll use that term in this article, but it really is the best way to describe something that has the potential to make a huge impact and generate a lot of revenue.
Smart Vents was proven to be a successful project by two aspiring entrepreneurs Ryan Fant and Naib Hussain. Many people have issues with vents in their homes, and this product offers a solution to that. The fact that it can be installed in any home, new or old, makes it an even more appealing product.
The two entrepreneurs were able to prove the concept of their product and landed a deal with one of the sharks, Robert Herjavec. While we can’t say for sure whether they managed to hit a trillion just yet, it’s safe to say that their idea has the potential to make a lot of people very happy and generate a lot of revenue.
So, there you have it! The Shark Tank Trillion Dollar Idea: Smart Vents. We hope you enjoyed this article and found it informative. If you have any questions or comments, feel free to leave them down below. And, as always, be sure to stay tuned for more great content like this!
References:
- https://www.sharktankblog.com/smart-vent-keen-home/
- https://www.sharktankblog.com/business/keen-home/
- https://tvovermind.com/hows-trillion-dollar-idea-shark-tank-today/
- https://www.amazon.com/stores/Flair/page/BD17ED4E-F296-4C7E-BE65-4CB8906DAED7?ref_=ast_bln
- https://flair.co