In the dynamic world of start-ups and innovation, few stories are as intriguing as that of Five Minute Furniture, a company that aimed to revolutionize the way we assemble furniture.
Established by serial inventor Jared Joyce, Five Minute Furniture introduced an innovative line of products that could be assembled in just five minutes without any tools. The concept was so groundbreaking that it earned Joyce a spot on the popular television show Shark Tank. However, despite the initial buzz and potential, the journey of Five Minute Furniture took some unexpected turns.
This article delves into the rollercoaster ride of Five Minute Furniture, exploring its promising inception, the high-stakes pitch on Shark Tank, and the subsequent twists and turns that followed. We’ll examine what led to the company’s eventual closure, discuss lessons learned, and consider how this story fits into the broader narrative of entrepreneurial ventures.
Whether you’re an aspiring entrepreneur, a Shark Tank fan, or simply interested in the fascinating world of start-ups, join us as we unravel the story of Five Minute Furniture.
What Is Five Minute Furniture?
Five Minute Furniture, as the name suggests, is a revolutionary product that aims to simplify the often frustrating process of furniture assembly [1].
Concept and Design
Pros:
- Ease of Assembly: The primary advantage of Five Minute Furniture is its simplicity. There’s no need for complicated instructions or tools. Even those with no experience in furniture assembly can put together their pieces in just five minutes;
- Modularity: The modular design means you can easily reconfigure your furniture to suit your needs. This flexibility makes Five Minute Furniture particularly appealing to those living in small spaces or frequently moving;
- Durability: Despite the easy assembly, Five Minute Furniture is robust and sturdy. The high-quality materials used to ensure the pieces can withstand daily use;
Cons:
- Aesthetic Appeal: While the practicality of Five Minute Furniture is undeniable, some may find the aesthetic lacking. The focus on functionality might not appeal to those seeking sophisticated or stylish furniture;
- Limited Range: At present, the range of furniture available is limited. If you’re looking for a specific style or piece, you might not find it in the Five Minute Furniture collection;
- Price: The convenience and innovation of Five Minute Furniture come at a cost. These pieces are priced higher than other flat-pack furniture options in the market, which might deter budget-conscious consumers [2];
Customer Opinions On Five Minute Furniture
Customer opinions on Five Minute Furniture are quite diverse, reflecting their individual experiences and preferences.
Here are some common sentiments expressed by customers:
- Convenience: Many customers appreciate the concept of quick and easy assembly that Five Minute Furniture promises. They find it convenient and time-saving, especially for those who may not be DIY enthusiasts;
- Quality Concerns: Some customers have raised concerns about the quality of the furniture. Since it’s made from plastic, they question its durability and long-term resilience;
- Value for Money: The affordability of Five Minute Furniture is often praised. Customers who are on a budget find it an attractive option for furnishing their homes;
- Limited Selection: Some customers have noted that the range of furniture available may be limited compared to traditional furniture retailers. This could be a drawback for those seeking a wide variety of styles and designs;
- Delivery and Shipping Issues: A few customers have reported problems with delivery and shipping, such as delays or damaged items upon arrival;
- Mixed Aesthetics: While some customers appreciate the modern and minimalist design of Five Minute Furniture, others prefer more traditional or varied aesthetics;
- Environmental Concerns: Eco-conscious customers may have reservations about furniture made primarily from plastic due to environmental considerations;
- Easy Returns: Many customers have found the company’s return and refund policies to be customer-friendly, which adds to their overall satisfaction;
- Word of Mouth: Positive experiences with Five Minute Furniture have led to word-of-mouth recommendations, contributing to the company’s popularity;
- Limited Longevity: Some customers have reported that their furniture began to show signs of wear and tear sooner than expected, which raised questions about its long-term durability;
Who May Benefit From Using Five Minute Furniture:
- People with Limited Time: The primary benefit of Five Minute Furniture is its ease of assembly. Each piece of furniture slides together with a locking joint system. This feature makes it ideal for people who don’t have much time to spare for complex furniture assembly;
- Non-DIY Enthusiasts: Not everyone enjoys DIY projects or has the skills for them. Five Minute Furniture requires no screws, nails, or any tools to assemble, making it perfect for those who prefer simplicity over DIY assembly;
- Frequent Movers: People who frequently move houses or change their living arrangements can greatly benefit from Five Minute Furniture. The easy disassembly and reassembly feature would make moving less stressful and time-consuming;
- Small Space Dwellers: The modular design of Five Minute Furniture allows users to reconfigure their furniture to suit their needs. This flexibility can be particularly beneficial for those living in small spaces, such as studio apartments or dorm rooms;
- Quality Seekers: Despite its easy assembly, Five Minute Furniture does not compromise on durability. Quality wood furniture is stronger than flat-packed furniture and lasts longer. Those seeking high-quality, durable furniture may find Five Minute Furniture appealing [3];
About the Founders Of Five Minute Furniture
According to Jared’s LinkedIn profile, he currently identifies himself as a Virtual Consultant. Notably, his LinkedIn profile omits any reference to Five Minute Furniture, and an online presence for the venture remains elusive.
Five Minute Furniture employs a groundbreaking locking mechanism, facilitating the swift assembly of furniture in under five minutes, sans the need for any tools. The furniture is predominantly constructed from plastic material, with each component securely interlocking.
Despite the considerable manufacturing expenses associated with the process, businesses eventually recognized that the advantages far outweighed the drawbacks of embracing the Five Minute Furniture concept.
As a consequence, Jared encountered substantial resistance from long-established furniture manufacturers when attempting to penetrate the market. His solution was to secure an investment from Edison Nation before his appearance on Shark Tank.
Jared’s aspirations faced a setback as he struggled to have his products stocked by major retailers, such as Walmart. Three pivotal factors compelled him to discontinue Five Minute Furniture.
The crux of the issue is that Jared Joyce’s furniture inventory now remains unsold. He is primarily an inventor, not inherently an entrepreneur, and his primary source of income materializes through the licensing of his inventions. To date, only one out of more than eighty patented products has generated any revenue, which is often referred to as the “plug hub”.
His notable claim to fame centers on his willingness to exit ventures for compensation, or so he asserts, a claim that carries credibility. Five Minute Furniture received a financial injection of $ 250,000 from investors, with Jared relinquishing equity solely in this particular product, safeguarding his other assets and businesses from such commitments.
The Pitch Of Five Minute Furniture At Shark Tank
Jared Joyce made a pitch on Shark Tank, seeking a $ 250,000 investment in return for a 25% equity stake in Five Minute Furniture [5].
Robert Herjavec eagerly expressed interest, assuming he was being offered a share in the entire business, but he quickly backed out upon realizing that Jared was only giving away a fraction of Five Minute Furniture.
Mark Cuban decided to exit the deal after discovering that Jared had never delivered a return on investment to any of his previous investors.
Lori Greiner, on the other hand, made a unique offer. She proposed investing $ 250,000 in exchange for full ownership of the invention and patent.
To sweeten the deal, Lori suggested that if Kevin O’Leary also invested, she would take on the responsibility of developing and marketing Jared’s product. This offer appealed to both Daymond and Kevin.
Kevin O’Leary lauded the opportunity, likening it to owning a “roach motel” where money could be earned without leaving home.
Jared expressed his eagerness to collaborate with the Sharks, but it became evident that the Sharks were not as keen to work with him. Lori expressed her approval of the arrangement, and Jared exited the negotiations.
Jared brought up the topic of royalties, but Kevin firmly stated that royalties were not part of the deal. Lori adamantly opposed any further collaboration with him.
Ultimately, Jared declined offers from all the Sharks and left the Shark Tank stage without securing any deal for Five Minute Furniture.
Five Minute Furniture After The Shark Tank
Jared Joyce took his Five Minute Furniture concept to the Shark Tank, but the Sharks opted not to invest in his venture.
Post his appearance on the show, the so-called “Shark Tank effect” did give Five Minute Furniture a temporary boost in sales. Regrettably, the surge in interest couldn’t be sustained over the long haul [6].
Initially, the company encountered obstacles when trying to break into the conventional furniture retail market, ultimately failing to gain the necessary traction for growth. Moreover, securing the capital required for large-scale furniture production proved elusive.
While the Sharks declined Jared’s proposition, Edison Nation emerged as a potential lifeline, offering the $ 250,000 he sought, albeit with the condition of relinquishing his stake in the Five Minute Furniture business. Edison Nation specializes in connecting inventors with manufacturers.
Jared Joyce remains undeterred, continually launching new products and bolstering his confidence in achieving remarkable success. He serves as a wellspring of inspiration for fellow inventors. It’s rather astonishing that the Sharks allowed this opportunity to slip through their fingers.
Following his appearance on Shark Tank, Jared persisted in his efforts with Five Minute Furniture, striving to make headway in the market. Nevertheless, it appears that the company did not manage to attain significant success or widespread adoption of its product. Information about Five Minute Furniture has become scarce, and the company seems to have faded from the public eye.
Jared Joyce has since redirected his focus toward other projects, including the development of an eco-friendly cell phone charger known as the “PowerCube,” which he successfully funded through Kickstarter.
The Net Worth Of Five Minute Furniture
Alternatives To Five Minute Furniture:
- Burrow: A New York-based company specializing in sofas, chairs, and ottomans. Their pieces are modular and easy to assemble;
- Sactional: Rated as the best overall modular sofa by Good Housekeeping3. They offer flexibility and customization to fit any space;
- Allform: Listed among the top 10 modular furniture brands of 2023, Allform offers a range of sleek, customizable furniture;
- Floyd: Another top-rated modular furniture brand. Floyd is known for its minimalist designs and simple assembly;
- IKEA: A well-known name in the furniture industry, IKEA offers a wide range of assemble-it-yourself furniture, including modular options;
- Maiden Home: This online furniture store offers high-quality, custom-made pieces that combine modern design with timeless craftsmanship;
FAQ:
- Who is Jared Joyce’s inventor?
Jared Joyce is a serial inventor and entrepreneur with over 80 inventions to his name. He’s known for his creative approach to product development and has appeared on shows like Shark Tank and TEDx.
- What is the most successful business in Shark Tank history?
The most successful business in Shark Tank history is Scrub Daddy, a company that produces a texture-changing household scrub. The company was able to secure a deal with Lori Greiner and has since made over $ 200 million in sales.
- Who is the least successful “shark”?
While it’s challenging to define who the “least successful” shark is, given that success can be measured in various ways, Kevin Harrington is often mentioned as one of the less successful sharks. He was an original cast member but left after two seasons and did not have as many deals as the other sharks.
- Who is the most favorite “shark” of Shark Tank?
Based on various polls and fan feedback, Mark Cuban often ranks as a favorite shark due to his straightforward approach and willingness to invest in a wide range of businesses.
- What is the best episode of Shark Tank?
Determining the “best” episode of Shark Tank is subjective and depends on individual preferences. However, Season 4, Episode 22, is often highlighted due to the diversity of the businesses presented and the memorable pitch from Charles Michael Yim, who convinced all five Sharks to invest in his breathalyzer app, Breathometer.
- How did Lori Greiner get rich?
Lori Greiner made her fortune by inventing and promoting over 500 products through her company, For Your Ease Only Inc. She also has a popular show on QVC called “Clever & Unique Creations by Lori Greiner”. Her appearance as a shark on Shark Tank further increased her exposure and wealth.
- What percentage does Shark Tank take?
Shark Tank itself doesn’t take a percentage. However, the sharks often ask for a percentage of equity in the company they’re investing in. The amount varies depending on the deal negotiated during the pitch.
- Are Shark Tank investors real?
Yes, the investors or “sharks” on Shark Tank are real. They are successful entrepreneurs and business leaders who invest their own money into the businesses pitched on the show.
- Who is the poorest “shark”?
While none of the sharks are “poor,” relative to each other, Barbara Corcoran typically has the lowest net worth amongst the sharks. As of 2023, her net worth is estimated to be around $ 80 million.
- How many countries have Shark Tank?
As of 2023, Shark Tank has been adapted in over 30 countries worldwide, including Australia, Canada, India, Japan, and the United Kingdom.
- What happens when you win on Shark Tank?
When an entrepreneur secures a deal on Shark Tank, they enter into due diligence with the shark or sharks who made the offer. During this process, the sharks’ team will review the company’s financials, patents, and other details. Not all deals that are agreed on during the show make it through this process. If everything checks out, the shark will invest in the company, often providing mentorship in addition to financial support.
Useful Video: Shark Tank – Five Minute Furniture
References:
- https://sharktanktales.com/five-minute-furniture-shark-tank-update/
- https://allsharktankproducts.com/shark-tank-products-home/five-minute-furniture/
- https://seoaves.com/five-minute-furniture-shark-tank-update/
- https://www.sharktankblog.com/business/five-minute-furniture/
- https://2paragraphs.com/2019/04/five-minute-furniture-what-happened-to-inventor-jared-joyce-after-shark-tank/
- https://kirktaylor.com/five-minute-furniture-without-shark-tank-deal/
- https://mooseradio.com/jared-joyce-says-no-to-shark-tank-yes-to-edison-nation-with-five-minute-furniture/
- https://www.reddit.com/r/sharktank/comments/ncimed/probably_my_favorite_pitch_fiveminute_furniture/
