Chris Stoikos And Jason Neubauer / CoolBox Toolbox
Chris Stoikos And Jason Neubauer / CoolBox Toolbox Chris Stoikos and Jason Neubauer are the founders of Coolbox, an innovative product that gained attention after their appearance on Shark Tank. Coolbox is not your typical toolbox; it’s a smart, multifunctional gadget designed for modern DIY enthusiasts, professionals, and hobbyists. Here are some key features of the Coolbox: Chris Stoikos, a…
Chris Stoikos And Jason Neubauer / CoolBox Toolbox
Chris Stoikos and Jason Neubauer are the founders of Coolbox, an innovative product that gained attention after their appearance on Shark Tank.
Coolbox is not your typical toolbox; it’s a smart, multifunctional gadget designed for modern DIY enthusiasts, professionals, and hobbyists.
Here are some key features of the Coolbox:
- Integrated Power Charging: The Coolbox has a built-in power charging station with USB ports, a power strip, and even Bluetooth speakers. It eliminates the need for multiple outlets or extension cords on job sites.
- LED Lighting: The toolbox features an integrated LED lighting system, making it easy to locate tools even in dimly lit environments.
- Whiteboard Surface: The lid of the Coolbox has a whiteboard surface, allowing users to jot down notes, measurements, or ideas on the spot.
- Digital Clock and Timer: A digital clock and timer on the front of the toolbox help users manage project timelines without additional devices.
Chris Stoikos, a serial entrepreneur known for creating viral content, teamed up with business strategist Jason Neubauer to bring their vision to life. Despite initial skepticism, they successfully transformed the concept of a toolbox into a high-tech, functional, and fun product.
As of 2023, the founders’ net worth is estimated at $5 million. Coolbox continues to evolve beyond the tank, reflecting the dynamic journey of entrepreneurship and innovation.
Chris Stoikos & Jason Neubauer And The Shark Tank Pitch
Chris Stoikos and Jason Neubauer, the founders of Coolbox, appeared on Shark Tank in Season 7 Episode 23 seeking $500,000 for a 10% equity stake in their company.
Coolbox is a smart toolbox that features a 20V rechargeable battery, Bluetooth speakers, USB ports, LED lighting, an extension cord, device stands, a clock, whiteboard, and a tablet stand.
The entrepreneurs had successfully crowdfunded over $370,000 for Coolbox on Indiegogo prior to appearing on Shark Tank. They claimed to have pre-sold units for $190 each and planned to sell them at retail for $249.
During their Shark Tank pitch, the Sharks expressed concerns about the high cost to make each unit ($110) and the lack of retail orders to support their valuation.
Daymond John initially offered $500,000 for 25% equity, contingent on licensing deals. Lori Greiner later offered $500,000 for 30% equity without the licensing contingency.
Chris and Jason accepted a deal with Lori for a $500,000 loan at 5% interest plus a 15% equity stake. However, the deal with Lori fell through after Shark Tank.
The entrepreneurs went on to design a smaller Coolbox at a lower price point, but struggled to find a major manufacturer to license the product. Coolbox ultimately shut down in 2018.
CoolBox Toolbox Features:
- USB ports: Charge your devices on the go.
- Bluetooth speakers: Enjoy music while you work.
- Clock: Keep track of time.
- Integrated extension cord: Convenient power supply.
- Dual-sided whiteboard: Jot down notes or measurements.
- 20V rechargeable battery: Power tools and appliances.
- Boombox capability: Yes, it’s a toolbox with tunes!
Shark Tank Pitch:
- Ask: $500,000 for 10% equity.
- Result: They secured a $500,000 loan at 5% interest for 15% equity from Lori Greiner.
- Challenges: The sharks questioned their valuation based on pre-sales numbers.
- Lowe’s Order: They had an order from Lowe’s for 8,000 units.
- Interest from Black & Decker: Licensing potential.
Post-Shark Tank:
- Deal with Lori: Unfortunately, the deal with Lori didn’t materialize.
- Business Model Shift: They created a smaller, more affordable Coolbox.
- Availability: Not availabe for purchase Coolbox on their website and Amazon.
Is Coolbox Tool Box Is Still In Business!
No, CoolBox Toolbox is no longer in business. The company shut down in 2018 after struggling to find a major manufacturer to license their product.
Chris Stoikos and Jason Neubauer, the founders of CoolBox, appeared on Shark Tank in Season 7 seeking $500,000 for a 10% equity stake. They had successfully crowdfunded over $370,000 for CoolBox on Indiegogo prior to Shark Tank.
During the pitch, the Sharks expressed concerns about the high cost to make each unit ($110) and the lack of retail orders. Lori Greiner ultimately offered a $500,000 loan at 5% interest plus a 15% equity stake, which Chris and Jason accepted.
However, the deal with Lori fell through after Shark Tank. The entrepreneurs went on to design a smaller CoolBox at a lower price point, but were unable to find a major manufacturer to license the product.
Despite the innovative features of the CoolBox, such as a 20V rechargeable battery, Bluetooth speakers, USB ports, and LED lighting, the company was unable to overcome the challenges of manufacturing and distribution.
CoolBox’s social media pages have been inactive for over a year, confirming that the company is no longer operational.
