Delving into the post-Shark Tank journey of Coolbox Smart Toolbox unveils a narrative of innovation, challenges, and potential transformation. Following their television debut, founders Jason Neubauer and Chris Stoikos navigated the intricate landscape of product development and market expansion. While initially met with optimism and successful crowdfunding, the company encountered setbacks, including funding hurdles and speculation about its future.
With plans for licensing and new product versions, the Coolbox story unfolds beyond the tank, reflecting the dynamic evolution and uncertainties that often accompany ventures in the entrepreneurial realm.
What Is Coolbox Smart Toolbox:
Design and Build Quality
Constructed with high-impact resin and outfitted with heavy-duty machined aluminum latches and handles, the Coolbox exhibits toughness and durability. It is built to withstand harsh conditions and the inevitable rough handling that comes with being a toolbox. The design is sleek and modern, making it visually appealing in any setting. Despite its rugged construction, it remains lightweight enough for easy portability.
Features:
- Integrated Power Charging: One of the standout features of the Coolbox is its built-in power charging station. Equipped with a reliable power strip, USB ports, and even Bluetooth speakers, this toolbox aims to be the ultimate workstation. The ability to charge power tools or smartphones directly from the toolbox is undoubtedly convenient, eliminating the need for multiple outlets or extension cords on a job site;
- LED Lighting: The Coolbox Smart Toolbox addresses a common issue faced by craftsmen working in low-light conditions. The integrated LED lighting system illuminates the toolbox’s interior, making it easier to locate tools and work efficiently even in dimly lit environments. This feature enhances the overall usability of the toolbox, especially in outdoor or garage settings;
- Whiteboard Surface: Another unique feature is the inclusion of a whiteboard surface on the lid. This serves as a space for jotting down quick notes, measurements, or sketching out ideas on the spot. The whiteboard adds a layer of versatility to the toolbox, transforming it into a mobile workstation for planning and organizing tasks;
- Digital Clock and Timer: The addition of a digital clock and timer on the front of the toolbox caters to users who value time management. This feature can be particularly useful for professionals adhering to tight schedules, allowing them to keep track of project timelines without the need for additional devices;
- Tool Tracking: Losing track of tools is a common issue in any workshop. The Coolbox attempts to address this problem by incorporating a tool tracking system. Users can connect their smartphones to the toolbox via Bluetooth and receive notifications if they move too far away from it, helping to prevent the misplacement of tools [2];
Pros:
- Versatility: The Coolbox Smart Toolbox stands out for its versatility, offering a range of features not typically found in traditional toolboxes. The integration of power outlets, Bluetooth speakers, LED lighting, and a whiteboard surface makes it a multifunctional tool storage solution;
- Organization and Accessibility: With designated compartments, trays, and holders for various tools, the Coolbox promotes organization within the toolbox. This not only makes it easier for users to find specific tools quickly but also contributes to a cleaner and more efficient workspace;
- Mobile Workstation: The toolbox’s ability to serve as a mobile workstation is a significant advantage. The whiteboard surface, integrated power outlets, and LED lighting contribute to creating a functional workspace on the go, reducing the need for additional equipment on job sites;
- Durable Construction: Constructed from sturdy materials, the Coolbox is designed to withstand the rigors of a workshop environment. The toolbox’s robust build ensures that it can endure the bumps, drops, and rough handling that are often part of a tradesperson’s routine;
- Innovative Technological Integration: The Coolbox’s integration of modern technology, such as Bluetooth connectivity for tool tracking and built-in speakers for entertainment, sets it apart from traditional toolboxes. This forward-thinking approach aligns with the demands of a tech-savvy generation of craftsmen;
Cons:
- Price Point: One of the primary drawbacks of the Coolbox Smart Toolbox is its relatively high price point compared to conventional tool storage solutions. While the added features may justify the cost for some users, budget-conscious consumers may find it challenging to justify the expense;
- Limited Storage Space: Despite its innovative features, the Coolbox may not be the ideal choice for individuals with an extensive collection of tools. The emphasis on additional features limits the available storage space for larger tools or a diverse range of equipment;
- Battery Dependence: The integrated power strip and USB ports are undoubtedly convenient, but they also make the toolbox dependent on an external power source. In situations where power outlets are scarce or unavailable, users may find themselves unable to utilize these features, limiting the toolbox’s functionality;
- Bluetooth Range: While the tool tracking feature is innovative, the Bluetooth range may be a limiting factor. Users may experience disconnections if they move too far away from the toolbox, potentially leading to false alarms or a loss of connectivity;
- Weight and Portability: The Coolbox’s feature-rich design contributes to its weight, making it heavier than traditional toolboxes. This could be a concern for users who prioritize portability, especially those who frequently move between job sites or work in confined spaces [3];
Who May Benefit From Using?
Professionals and Tradespeople:
Professionals in various trades, such as carpenters, electricians, plumbers, and mechanics, can benefit from Coolbox’s organizational features and integrated power outlets. The toolbox’s design caters to the specific needs of tradespeople who require quick access to a variety of tools on job sites.
DIY Enthusiasts and Hobbyists:
DIY enthusiasts and hobbyists who engage in home improvement projects or creative endeavors can find the Coolbox invaluable. Its versatility, compact design, and integrated features make it an excellent companion for those who enjoy working on projects around the house or in dedicated workshops.
Mobile Workers and Contractors:
Individuals who work in various locations and need a portable and organized solution for their tools can benefit from the Coolbox. The toolbox’s ability to function as a mobile workstation, complete with a whiteboard surface, makes it particularly appealing to contractors and mobile workers who require adaptability in their work environments [4].
Tech-Savvy Professionals:
The Coolbox’s integration of technology, including Bluetooth connectivity for tool tracking and built-in speakers, appeals to tech-savvy professionals who appreciate innovative solutions in their workspaces. This toolbox caters to a generation that values the seamless integration of technology into everyday tools.
Workshop and Garage Users:
Individuals with dedicated workshop spaces or home garages can make the most of the Coolbox’s features. The integrated LED lighting, whiteboard surface, and power outlets enhance the functionality of a workshop, providing an organized and efficient workspace.
Project Managers and Contractors:
Project managers overseeing construction projects or contractors managing teams of workers can benefit from Coolbox’s time management features. The digital clock and timer provide a quick and convenient way to monitor project timelines, contributing to efficient project coordination.
Those Working in Dimly Lit Environments:
The LED lighting feature of the Coolbox makes it an ideal choice for individuals working in dimly lit or outdoor environments. Electricians, for example, may find the toolbox’s illumination feature invaluable when working in spaces with inadequate lighting.
Individuals with Limited Storage Space:
For individuals with limited storage space, the Coolbox’s compact design and organizational features offer an efficient solution. Its all-in-one design reduces the need for separate tool storage and charging stations, making it a space-saving option.
About Founders Of Coolbox Smart Toolbox
The Coolbox Smart Toolbox boasts an array of advanced features, encompassing a smartphone/tablet holder, an integrated UX or USB port, marine-grade speakers, an LED clock, a drain plug, and even a built-in bottle opener. Its robust handles contribute to its dual functionality as an exceptional cooler and toolbox. Since its inception, inventors Chris Stoijos and Jason Neubauer have consistently enhanced the original concept without compromising its fundamental functionality.
During the inception of the Coolbox Smart Toolbox, Chris Stoikos and Jason Neubauer observed the need for additional accessories in the realm of contracting projects. The duo identified the challenge of juggling a lamp, extension cord, speakers, tools, and a cooler simultaneously. To address this, Chris envisioned a product tailored for contractors and DIY enthusiasts, seamlessly integrating these elements to simplify and add a touch of enjoyment to their work.
Chris and Jason quickly realized that the Coolbox’s utility extended beyond the initial scope. The versatility of the Coolbox proved applicable to various professions and activities requiring an assortment of tools, parts, and components. Stoikos and Neubauer soon recognized that they had created a versatile toolbox and cooler akin to the “Swiss Army Knife,” suitable for everyone from makeup artists to campers and sports teams.
The Coolbox website playfully asks, “What’s cooler than cool? CoolBox.” The conceptualization of Coolbox arose from a keen observation of how tools evolved in the 21st century. Fueled by a desire to modernize the classic toolbox’s appearance, the founders embarked on a journey that resulted in a fusion of a cooler and a toolbox. In 2013, they successfully secured funding through an IndieGoGo crowdfunding campaign, raising $ 300,000 and officially launching their product in 2016.
Despite their successful Kickstarter campaign, Chris and Jason sought additional funding for additive manufacturing and turned to the Shark Tank platform. The duo faced challenges in securing sufficient funds despite their groundbreaking invention, a creation poised to revolutionize the lives and job sites of millions worldwide.
The Pitch Of Coolbox Smart Toolbox At Shark Tank
Stepping onto the Shark Tank stage with an air of confidence, Jason Neubauer and Chris Stoikos initiated their pitch for the groundbreaking Coolbox Smart Toolbox. Opting for a casual fist bump between themselves, they introduced their brainchild, seeking a $ 500,000 investment for a 10% equity stake in their company, CoolBox [6]. They addressed the Sharks, emphasizing the age-old design of traditional toolboxes and the lack of significant improvements over the years.
Jason elaborated on the innovative features of CoolBox, dubbing it the world’s first smart toolbox. Among its standout features were Accord, allowing it to be plugged into a socket, rugged launches, a top-mounted dry erase board, a versatile light, iPad and iPhone stands, magnetic surfaces for small metal parts, two USB ports, and the crowd-pleaser – wireless Bluetooth speakers for an enjoyable job site experience.
Expressing their excitement, the entrepreneurs shared their $ 190 pre-sale price and the intention to retail at $ 249. They detailed a promising 8,000-unit order from Lowe’s, yet faced challenges regarding exclusivity. Despite their high valuation of $ 5 million, Chris and Jason highlighted extreme interest from Stanley Black & Decker, foreseeing substantial licensing opportunities.
As the Sharks probed further, concerns about high costs, unfulfilled orders, and the impending need for capital came to light. The founders disclosed their $ 110 production cost, plans to mass-produce, and a significant $ 250,000 investment in overseas manufacturing. The Sharks questioned their valuation, and Robert, while loving the idea, opted out due to perceived challenges in the price point and market demand.
Kevin expressed reservations about the unproven retail success and the capital-intensive nature of the business. Daymond presented an offer with a licensing deal, but concerns persisted about the patent’s strength. Lori, recognizing the potential in the hardware space, made a $ 500,000 offer as a line of credit at 5% interest, securing a 15% stake. The founders eagerly accepted, sealing the deal with Lori for their innovative Coolbox Smart Toolbox.
Coolbox Smart Toolbox After The Shark Tank
Since their appearance on Shark Tank, Jason, and Chris have dedicated their efforts to expanding their company and introducing new iterations of their products. Their strategy involves licensing one version of CoolBox to a major tool manufacturer while simultaneously offering a smaller, more affordable version directly through their website.
There’s speculation that Lori’s interest in a smaller, cheaper version during the Shark Tank deal was aligned with a plan to have the first units shipped by 2017. However, the lack of updates on the company’s social media platforms and website has raised concerns and led to rumors suggesting a potential closure in 2019. As of now, none of the partners have officially confirmed or denied these rumors.
Despite the initial success of their Indiegogo campaign, Chris and Jason faced setbacks in terms of mass production due to financial constraints. To overcome this challenge, former Shark Kevin Harrington has become involved, assisting with fundraising through a marketing arrangement.
CoolBox maintains a presence on social media platforms such as Facebook, Instagram, and YouTube. However, the most recent posts on each platform date back more than a year. This lack of recent activity has left the status and trajectory of CoolBox somewhat unclear, leaving observers and potential customers awaiting updates on the company’s future [7].
How Do They Make Money?
The entrepreneurial duo had already achieved substantial success in presales, generating $ 370,000 from eager customers looking forward to receiving their Coolbox units in early 2017. This demonstrated a significant demand for their innovative product.
Expressing confidence in the future of Coolbox, Chris and Jason hinted at potential licensing agreements with Beck and Dickers, a testament to the perceived value of their product. Additionally, they shared that a substantial order from Lowe’s, a major retail player, was in the pipeline.
In 2017, the entrepreneurs expanded their product line, introducing the Coolbox, a larger and more feature-rich device than its predecessor. The original Cool Box toolbox, available for $ 119 online, was now accompanied by the Cool Box priced at $ 159, which included the charger adaptor valued at $ 28.
CoolBox products found their retail space on the company’s website, Amazon, and Lowe’s. However, it’s noteworthy that the company’s website has been inactive since 2019, indicating a potential hiatus in business activities. As of the latest available information, there have been no reported new developments from Coolbox.
During their crowdfunding campaign on Indiegogo, the partners celebrated a successful venture, raising $ 300,000. This financial backing played a crucial role in bringing Coolbox to market and showcasing the product’s appeal to a broader audience.
The Net Worth Of Coolbox Smart Toolbox
However, as of 2023, the precise net worth of Coolbox is not publicly disclosed. The company has managed to maintain a level of success following its Shark Tank appearance, but specific financial details are not readily available.
It’s worth noting that the CoolBox pre-sale was marked at $ 190, with a retail value of $ 249 and a production cost of $ 110. This pricing strategy suggests that the company aimed to maintain a healthy profit margin while offering a competitively priced product in the market.
Alternatives To Coolbox Smart Toolbox:
Keter Masterloader Portable Tool Box:
The Keter Masterloader provides a more traditional approach to tool storage but with a focus on portability and organization. It features a central locking system for security, a removable organizer, and a central compartment for larger tools. This toolbox is a practical choice for those who prefer a simpler design without high-tech features.
DeWalt ToughSystem DS450 Mobile Storage:
DeWalt is a well-known brand in the tool industry, and their ToughSystem DS450 offers durability and modular storage. This system includes different storage units that can be stacked and clipped together. It’s a robust solution for professionals who need a customizable and rugged tool storage system.
Milwaukee PACKOUT Rolling Tool Box:
Milwaukee’s PACKOUT system is designed for durability and versatility. The rolling toolbox features a modular design, allowing users to customize their storage system with various PACKOUT components. It’s an excellent choice for professionals who want a durable and expandable solution [10].
Ridgid Professional Tool Storage Cart:
The Ridgid Professional Tool Storage Cart is a versatile and mobile storage option. With a combination of drawers and an open compartment, it provides organized storage for a variety of tools. The cart design makes it easy to move around the workspace, making it suitable for both professionals and DIY enthusiasts.
Husky 22 in. Connect Rolling System Tool Box:
The Husky Connect Rolling System is a modular tool storage solution that can be customized based on individual needs. It features a telescoping handle and wheels for easy transportation. This toolbox is suitable for those who value customization and a more straightforward design.
Craftsman 3-Drawer Metal Portable Chest Toolbox:
Craftsman is a trusted name in tools, and their 3-drawer metal portable chest offers a more compact and affordable solution. It’s a simple yet sturdy toolbox with drawers for organized storage. This option is ideal for users with a smaller tool collection or those on a budget.
Stanley 018800R Mobile Work Center:
The Stanley Mobile Work Center is a cost-effective and practical option for users who prioritize simplicity and mobility. It features a large bin for bulk storage, a toolbox for smaller items, and a portable tray for easy access to frequently used tools.
FAQ:
- How long does the battery of Coolbox last?
The Coolbox boasts a built-in rechargeable lithium-ion battery that lasts up to 4 hours on a single charge.
- Is the Coolbox toolbox water-resistant?
Yes, the Coolbox toolbox is water-resistant, making it ideal for outdoor activities.
- How many watts are the speakers of Coolbox?
The Coolbox features dual marine-grade speakers that deliver 20 watts of total output power.
- How much does it store?
The Coolbox can hold up to 65 pounds of tools and equipment.
- How long does it hold ice?
The Coolbox is not specifically designed as a cooler, so there is no precise data on how long it can hold ice.
- How long does the shipping of Coolbox take?
Shipping times can vary depending on location. It’s best to check with the company directly for the most accurate information.
- Does The Coolbox ship internationally?
Yes, Coolbox ships internationally. However, additional shipping costs and customs fees may apply.
- Do they provide refunds?
Yes, Coolbox has a return policy. However, it’s recommended to review their terms and conditions or contact their customer service for specific details.
- Is there a warranty for Coolbox?
Yes, Coolbox comes with a one-year warranty.
- Who is the founder of Coolbox?
Coolbox was founded by entrepreneurs Chris Stoikos and Jason Neubauer.
- What is the most successful company ever on Shark Tank?
The most successful company to ever appear on Shark Tank is Scrub Daddy, which has generated over $ 200 million in sales since its debut on the show.
- Do Shark Tank deals fail?
Yes, not every deal made on Shark Tank succeeds. Some deals fall through after the show due to disagreements during the due diligence process.
- What is the most successful product on Shark Tank that was turned down?
Ring, a home security company, was initially turned down on Shark Tank but later sold to Amazon for over $ 1 billion.
- Who turned down $ 30 million on Shark Tank?
The founders of Coffee Meets Bagel, a dating app, turned down a $ 30 million offer from Mark Cuban on Shark Tank.
- What is the biggest Shark Tank failure?
One of the biggest failures is Toygaroo, a toy rental service, which went bankrupt just a few months after making a deal on the show.
- Have all 5 sharks ever invested in one product?
Yes, all five sharks have invested together in a few instances, such as with the Zero Pollution Motors and Groovebook deals.
- Who is the richest on Shark Tank?
As of 2023, Mark Cuban is the richest shark, with a net worth of over $ 4 billion.
- What is Mark Cuban’s most successful Shark Tank investment?
Mark Cuban’s most successful Shark Tank investment to date is Ten Thirty One Productions, an entertainment company specializing in live horror entertainment.
Useful Video: Coolbox – The World’s Smartest Toolbox
References:
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- https://bizzbucket.co/cool-box-shark-tank-update/
- https://insigniaseo.com/blog/coolbox-toolbox-shark-tank-updates-in-2020/
- https://insidergrowth.com/coolbox-net-worth/
- https://sharktanktales.com/coolbox-shark-tank-update/
- https://www.sharktankblog.com/business/coolbox/
- https://www.getcoolboxcooler.com/pages/faqs
- https://geeksaroundglobe.com/coolbox-net-worth-update-before-after-shark-tank/
- https://gazettereview.com/2016/12/coolbox-update-happened-shark-tank/
- https://www.sharktanksuccess.com/coolbox-toolbox/